Just like data is being employed in back-end business processes for digitally enriched management, it is also rapidly becoming an asset for value-driven Customer Relationship Management (CRM). In the past few years, the way businesses deal with their customers has faced a digital transformation and data has played a significant role in this shift. Around 74% of businesses have gained enhanced access to customer data due to CRM adoption. Hence, CRM is a widely adopted tool which streamlines customer data for optimized visibility.
However, with the business landscape becoming increasingly volatile and customers becoming increasingly demanding, businesses have been forced to tap into the world of data analytics to leverage intelligent customer insights. These data-driven insights have been revolutionizing customer-facing strategies which are now focused on providing personalized customer experiences. The result is heightened lead conversions, enhanced customer experiences and increased customer retention rates.
This blog explores data analytics and Dynamics 365 CRM’s role in leveraging it for providing businesses with the ability create and expedite fail-safe data-driven strategies.
How Does Dynamics 365 CRM Aid in Data Analytics
Dynamics 365 CRM is a suite of front-facing business applications, namely Dynamics 365 Sales, Dynamics Customer Insights, Dynamics 365 Customer Service, Dynamics 365 Field Service. Each of these applications target specific customer-facing domains and equips organizations with the necessary tools to bolster their operations in an agile manner. Apart from these business applications, Dynamics CRM has multiple tools, ready to be integrated within your Dynamics 365 CRM, that are built for expediting core customer-facing processes and in this blog view those tools through the lens of data analytics.
For insights into how Dynamics 365 business applications can be leveraged for providing unparalleled customer experiences, you can click here.
Sales Accelerator
Sales is an intensive domain where a major chunk of the sellers’ time is spent scouring through customer lists to decide which prospect should be approached, when they should be approached and how they should be approached. All this needs to be carried out in a way that optimizes the possibility of deal closing. Sales Accelerator empowers sellers to focus on high velocity selling by minimizing manual research through data analytics. It analyzes customer data and lists down the prospects with the highest probability to close deals and provides context for each recommendation as well. This is done through intelligent work lists. It efficiently covers the ‘which’ and ‘when’ and lets sellers deal with the ‘how’ to approach a customer.
It leverages AI models for top-notch data analytics and helps sellers:
- Streamline their sales pipelines
- Know their customers better
- Take informed decisions
- Close more deals successfully
- Achieve more in less time.
Sales Copilot
Having an AI-powered sales assistant to carry out tedious tasks is every seller’s dream. Sellers are forced to give up their valuable time by fetching customer data from their CRM to study prospects for a well-rounded sales experience. Sales Copilot surfaces as the answer to sellers’ woes, guiding them through their sales journeys and empowering them to be more efficient and productive.
It automates data enrichment by eliminating manual entry. Sales Copilot enriches customer data by integrating it with customer engagement data to provide sellers with deep customer insights into their customer behavior. It also provides a unified view by aggregating metrics, helping sellers with a comprehensive view of sales metrics.
Relationship Analytics
To improve seller performance, Dynamics 365 CRM provides access to Relationship Analytics, an intelligent feature. It employs data analytics to determine the health of each relationship between a seller and a buyer. It analyzes data like number of email exchanges, response times and actions initiated by buyers.
Relationship Analytics calculates KPIs based on these data points and provides sellers with visual display of each KPI. Sellers can get quick insights into which relationships need to be nurtured and which ones need to be abandoned.
Customer Insights – Data
As a Customer Data Platform, it provides a 360-degree view of customers by combining their demographic, behavioral, identity and transactional data with AI-enabled identity management. It is equipped with machine learning models which enrich customer profiles with various data sources. Customer Insights: Data also empowers sales, marketing, and customer support professionals with quickly generated insights, which helps them transform their processes to be more customer-oriented and carry out one-on-one interactions at scale. It provides data-driven insights into customer pain points and equips professionals to reach customers where they are.
It leverages AI-powered data analytics to:
- Predict future market trends
- Predict customer behavior
- Aid professionals with personalized real-time journeys
- Highlight patterns about consumer market
Power BI Integration
Integrating Power BI, a business intelligence and data visualization tool, with your CRM can help you leverage industry-grade business intelligence and data analytics for an impactful customer experience. Power BI connects multiple data sources to enrich data and allow professionals to explore actionable insights. Its ability to easily integrate with any of the Dynamics 365 CRM applications unearths endless potential for business productivity.
- Dynamics 365 Sales: Creates a single source of truth for sales performance insights and analyzing sales pipeline metrics, for an enhanced seller performance.
- Dynamics 365 Marketing: Brings access to campaign, website, social and email analytics for data-driven high ROI marketing strategies.
- Dynamics 365 Customer Service: Empowers support staff to understand customers with sentiment monitoring and unified customer data to provide personalized support experiences.
Metrics to Get the Most from CRM Data Analytics
Metrics and KPIs are a fail-safe way to determine business performance and CRM metrics are a vital tool to monitor how well the data analytics is being leveraged through your CRM strategies. Listed below are some key metrics, which if tracked properly, can boost the impact of your CRM strategies.
- Customer Turnover
- Net Promoter Score
- Customer Effort Score
- Rate of Renewal
- Retention Cost
- Expansion Revenue
- First Contact Resolution Rate
Boost Your CRM Performance with Dynamics Solution and Technology
The market is filled with scores of tools and functionalities that cater to various CRM-related business objectives, each more lucrative than the previous one. However, too many cooks (tools) will spoil the broth (CRM performance). Therefore, it becomes necessary to be able to decide which of these powerful data analytics tools can cater to your business needs.
Dynamics Solution and Technology emerges as your trusted consultation and implementation partner in this formidable business landscape. As Microsoft’s Gold and Solutions partner, our team of top-rated industry professionals have been expediting data-driven digital transformations for organizations across the Gulf, MENA, and European regions. Our functional and technical consultants are adept at gauging business needs, highlighting the tools that can best cater to them and planning tailor-made implementations for a heightened ROI and business productivity.
Contact us and become a data-driven, customer-oriented organization today.
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