Blockchain is being rapidly integrated into conventional business solutions and offers a great variety of use cases. Through a decentralized system with each computer on the network having a certain control over the infrastructure, blockchain changes the way customer relationship management systems are working for the better.
While blockchain also finds diverse applications in many other domains, Customer Relationship Management (CRM) systems happen to be a core part of any organization which intends to maintain a healthy relationship with its users. In order to effectively analyze and address customer requirements, organizations need to build and maintain a proper CRM that tends to all these needs.
Let us see the benefits of a Blockchain integrated CRM solution:
With businesses directly dealing with customers on their CRMs with no other entity involved, it creates a sense of trust within the organization that their needs are being addressed in real-time. For instance, if you are an E-Commerce organization, you might be able to conduct transactions directly on your own portal without involving a third-party financial organization. Not only does this increase the conversion rate since the time taken for the transaction is reduced but you can redirect the customer to other opportunities as they will be sticking on your portal.
Improved Privacy and Security of Records
The customer information and data which includes the transactions conducted with your organization will be secured due to the decentralized nature of the CRM. Since each computer on the network almost has the same authority, there will be no need to keep a check and balance on the records since no one has complete authority over the system. This ensures proper regulation of any set policy on the CRM as well.
Say Goodbye to Duplications
Blockchain will also eliminate the need for database maintenance as there will be no duplications on the CRM once it is setup. All systems on the network will be assigned a unique ID with control over the network distributed to all entities equally. There will be no tampering or duplications of records in this way since every entity on the network will keep a copy of the records with it. This is essentially the beauty of blockchain and the benefit of a distributed network with no central authority managing the affairs.
By the introduction of blockchain on your CRM, you are being transparent with customers and keeping things in check through a distributed network. Blockchain implementation allows you to keep a close eye on any fake entries and there is a minimum chance of these since each PC has minimal share over the network. The distributed ledger technology can be applied to the simplest of use cases like payments of salaries where the organization and the employee, whose ID is on the network, both maintain the same record of a month’s salary. Hence if there is any discrepancy, both records are available to sort it out.
Organizations should take advantage of blockchain as quickly as possible and implement it to ensure fair and transparent dealings.