Do you still think that blockchain begins and ends with bitcoin? If so, you haven’t been paying attention. Blockchain technology is rapidly gaining traction in the IT industry and it will likely get even bigger in the coming years. Why? Because it has opened up a new range of possibilities and revolutionized how current business processes and technologies work. In fact, it has the potential to be one of the most technologically advanced constructive tools for securing and uniting the customer relationship management systems in the coming years. Find out how blockchain and CRM may be just what your business needs to take it to the next level.
Blockchain and CRM means improved security measures
As the name suggests, a blockchain system is nothing but a chain of blocks. Each of these blocks holds transactional data and remains connected to the blocks both preceding it and following it. Normally, these blocks remain cryptographically secured in a way that users are able to gain access only if they’ve been assigned network keys. This eliminates the possibility of unauthorized entry.
Also, considering how most of the CRM databases get hosted on cloud servers, cloud-security issues remain a prevalent concern. Of course, cloud safety protocols have come a long way, but CRMs have an inherent single point of failure by virtue of being primarily centralized, and it would be wrong for a company to take unnecessary risks. This is where fusing blockchain and CRM is a solution.
Unlike the cloud systems, blockchains are decentralized and distributed throughout normally synchronized P2P networks. As a result, tampering is virtually impossible since it would take huge amounts of computing power to access the whole blockchain. What’s more, the chances of repudiation and fraud are also minimized considerably.
Put an end to data tracking
Blockchain and CRM can work together to keep your databases clean and useful. Right now, users of customer relationship management systems across the world contend with the problem of duplication or corruption of customer information. Blockchain offers a unique solution to this problem by enabling customers to own a single block. This offers an accurate and unified picture of a user’s personal details, transactional records, and other vital data. So, blockchain ultimately ends up benefitting both the customers and the organizations.
The inherent structure of blockchain prevents the duplication of data or corrupted information from causing problems with the database. What’s more, once you eradicate all the inaccurate data, you will notice an immediate increase in the speed of your CRM processes along with improvements in customer understanding.
Get the advantage of greater transparency
Being decentralized, blockchain enables companies to deal with their customer base in a transparent and secure manner without relying on a financial institution such as a third-party broker or bank to facilitate the entire process. Once you manage to eliminate all these middlemen, it is evident that your dealings will speed up and you can go about your work with more efficiency. At the same time, your private data will change hands less frequently and you will not have to worry about the information falling into the wrong hands.
Avail the benefit of enhanced user privacy control
Personal data security has become a key issue in the IT industry with more cases of malware attacks, viruses, and breaches being recorded than ever before. So, it’s not surprising that modern customer relationship management systems are expected to address them by modifying the way they deal with private data of their clients. Thanks to its secure and decentralized nature, blockchain enables you to implement the concept of self-sovereign identity within the organization.
Now, users are able to store and encrypt their personal data and verify the same upon inquiry without having to share any details with parties concerned. Thanks to this, users are granted improved control as far as their identity is concerned.
Escape the hassle of lead generation
Users can harness the power of machine learning and blockchain to figure out which businesses are the most reliable in a particular area of interest. Right now, the existing ad space has its share of flaws, and blockchain can alter the way people connect with brands they love. How? Well, for starters, a single company can no longer dominate numerous retail categories as companies will have to select their search categories.
This means targeted marketing will no longer be the central focus and this will impact CRM-based lead generation. Moreover, companies will no longer be forced to advertise for leads and purchase data without knowing where it came from. Smaller companies will also be at an advantage under the new system as they can capture consumer attention by earning trust.
Get rid of obsolete information with data cleansing
CRM users across the globe must deal with obsolete data at some point. Usually, this happens because of human negligence or the wrong kind of data import tools. But once you have established a blockchain system in place, you get to enjoy your very own block that offers an accurate and unified picture of your personal details, subscriptions, earlier transactions, and other information. So leveraging blockchain and CRM together basically lets you circumvent the problem of obsolete data records that you no longer need and that only take up space. Cleaning out the old, useless information provides a more comprehensive and updated database — one that yields improved insights into your clients and allows businesses to engage them in a more effective manner.
Realize the full potential of loyalty programs
The main purpose of loyalty programs is to boost the profits of a company by adding value to the overall customer experience. Unfortunately, owing to their variable mileage, privacy concerns, and volatile value, they tend to be quite cumbersome for clients and yield a reduced ROI. But in a way similar to the different cryptocurrencies, brands can utilize the blockchain systems to revitalize and reimage the entire loyalty programs.
Implementing blockchain and CRM greatly benefits consumers as it provides a single decentralized wallet compatible with various brands. This means they no longer remain confined by the limitations of personal brands. Effectively, the customer takes charge of the experience and brands must contend with one another by providing better deals so they can access their wallets.
Featured image: Shutterstock