5 Advantages of Blockchain for Future CRMs
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CRMs are starting to have access to blockchain technology, and it is changing how business is done. Learn the advantages of blockchain for CRMs here.
If you’ve ever worked in a CRM database you’ve encountered an array of problems, from repetitive, outdated information to inconsistencies across departments.
These issues impede your company’s productivity, security, and retention of clients.
Luckily, a solution is in the near future as the advantages of blockchain show that cloud-based customer relations is safer, faster, and more efficient.
Read on to discover 5 ways that blockchain will change the way CRM functions.
1. Remove Duplicated Data and Consolidate
By placing CRM on a peer-to-peer, decentralized public network, your customer data is uniquely generated. This means that each customer has their own block that is a piece of the blockchain.
Global blockchain technologies make it impossible to have duplicated data and provides a unified view of each customer’s full profile. Anyone looking at the profile sees the same information, so there is no confusion across departments.
2. Personalize and Transparent Marketing
Instead of buying leads from an advertising agency through illegitimate means, businesses will use blockchain as a service to cater to the needs of their customers.
Obtaining customer data is transparent since the information is collected on an open ledger. Anyone giving the access key, including the customer, can view their public data on the blockchain.
The result is a relevant and trustful marketing outreach strategy that is a win-win for both the company and its clients.
3. Process Faster and More Accurate Data
In addition to the elimination of duplicated data, automatic data entry through digital transactions will increase the processing speed.
For blockchain public companies, data is verified by a consensus through a network of nodes. It is then automatically added to the blockchain and cannot be deleted or altered. it becomes a permanent piece of your CRM.
4. Reward-based Loyalty using Crypto and Contracts
CRM for small business can be utilized to create a customer loyalty program using internal tokens. This eliminates any middleman as transactions are completed through the blockchain.
It also encourages direct, incentive-driven feedback that develops into personalized relationships with your customers.
The best CRMs for small business not only store data but assist with customer relations. Smart contracts can also be used to streamline business and maintain records on the blockchain.
5. Data Security and Backup
There are several ways that blockchain secures your data and protects your customers.
Information on a blockchain education network is verified without releasing sensitive data. This makes hacking virtually impossible as only those with the network keys can assess the data.
Users can also manage their own privacy settings. Customers, not vendors, get to decide which information is public and what remains private on their particular block.
Advantages of Blockchain Changing the Way You Do Business
The advantages of blockchain in CRM is just the beginning of how it will improve productivity and change the way businesses function.
Blockchain has the potential to alter standard operations as it removes the need for traditional financial institutions, revolutionizes supply tracking, and personalizes advertising.
Visit the business section of our blog to see more ways that blockchain is improving your industry.