SigmaWay Blog

SigmaWay Blog tries to aggregate original and third party content for the site users. It caters to articles on Process Improvement, Lean Six Sigma, Analytics, Market Intelligence, Training ,IT Services and industries which SigmaWay caters to

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Blockchain Technology and Its Importance

These days, the cryptocurrency market is gathering attention not because of the rise in the value of Bitcoin, Ethereum, Ripple, Litecoin, and other digital tokens. But, the primary technology that makes cryptocurrency transaction has seen important development which means that the future of the blockchain has arrived. Blockchain solutions have already entered real estate and healthcare industry. The blockchain and distributed ledger technology is upcoming  in the field of financial technology. Read more at: http://it.toolbox.com/blogs/understanding-crm/the-importance-of-blockchain-technology-in-the-modern-enterprise-79183

 

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All About User Experience and Customer Experience

Proper call centers must have an efficient balance between customer experience (CX) and user experience (UX). UX is the experience with the product, while CX is the review of the interaction with the brand. UX is a subset of CX. CX envelopes a wider scope of experiences. A bad UX with a good CX can be seen as a good experience overall, but a bad CX and a good UX is seen as a bad experience. Despite covering wider area, CX has some dependence on UX as well. Firms should aim at optimum CX, involving best UX via its services. Read more at: https://www.ameyo.com/blog/building-a-modern-day-contact-center-where-ux-meets-cx

 

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Chat bots and CRM

Recent reports tell us that artificial intelligence will change business, and chat bots might be one of the first rollers of this game-changing technology that will make its way to consumers. According to a research, it was found that the global bot services market is expected to grow from 458.4 million today to 1,783.9 million by 2022. Here are five ways that bots will affect CRM soon. They are: Bots as sales staff, Automatic social media interaction, CRM access across more channels, routing and directly handling customer interactions, improved efficiency. Read more at: http://it.toolbox.com/blogs/insidecrm/how-chatbots-will-change-crm-78997

 

 

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CRM and User Engagement

You can improve user engagement by using your customer relationship management (CRM) platform. It should become an ongoing process as new features are available, and your business thereby can improve your sales and marketing practices. Here are some ways to improve user engagement with your CRM solution: Involve Stakeholders at All Levels in the Design of the CRM Solution, Roll Out Features Incrementally, develop a CRM Journey for Users, Provide CRM Training Support, reward your CRM Advocates and Power Users and Promote Information Sharing Within the CRM User Base. Read more at: http://it.toolbox.com/blogs/insidecrm/improve-crm-user-engagement-78815

 

 

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Build Repeat Customer Sales With The Help of CRM

It is reported that 61% of small and mid-sized businesses found that more than half of their revenue comes from repeat customers rather than new business. You should not ignore the future revenue potential of an existing customer. There are some distinct advantages in strengthening relationships with current customers. A 5% increase in customer retention can increase a company’s profitability by 75%. The advantages of existing customers are: Important for up-selling and cross-selling opportunities; Less focused on price than new customers; Already confident and trusting in your ability to solve their problems; and often willing to become brand ambassadors. Customer relationship management (CRM) systems can help you to move prospects from lead to close by a simple dashboard adjustment. Read more at: http://it.toolbox.com/blogs/insidecrm/use-your-crm-application-to-build-repeat-customer-sales-78814

 

 

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Advantages of Social Customer Relationship Management

As per a survey, it was found that 39% say that social networks provide the main inspiration for their purchases. Customers are already there actively engaged in conversations about your brand and your competitors. You should notice whether they are complaining or recommending or asking questions about you. You have to find the answers, solutions, and resolutions they need on their chosen platforms. Social customer relationship management helps you to integrate traditional CRM tools with real-time updates so that you can gather data and find solutions with your customers and prospects. Read more at: http://it.toolbox.com/blogs/insidecrm/moving-from-social-media-to-social-crm-78781

 

 

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Importance of Real Time Data

Business Intelligence or BI is all about the data. The ability to consume data in a systematic format empowers any team to understand their business better. New insights acquired through a BI tool can be used as a spotlight on challenges that was previously difficult to pinpoint. Businesses using BI technology nowadays also understand how to make changes to inefficient processes that result in significant positive impacts to their company’s bottom line. Many projects require additional requirements. One common request is the need for real time data. This is crucial when you are making important business decisions based on the data you are pulling. Read more at: http://www.business2community.com/business-intelligence/real-time-data-2015-anytime-data-counts-01937693#GmjO9761ycdido3d.97

 

 

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New Trends in ERP

Nowadays, Enterprise Resource Planning has become an integral part of the business and ERP vendors are also continuously coming up with less complex and more inexpensive options. The author here explores how the new trends of ERP that can help organizations extract the maximum mileage out of their ERP solutions. They trends are: Cloud ERP, user friendly experience, mobile ERP, flexibility, security, business intelligence and social ERP. Read more at: http://it.toolbox.com/blogs/inside-erp/7-emerging-erp-trends-78717

 

 

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Local CRM versus Cloud Based CRM

While choosing a CRM system, it is important to decide whether you want it to be hosted locally or in the cloud. Both the approaches have their advantages and disadvantages but both offer you with lot of choices. Local CRM can give you more control about everything and offer capital-based payment system. In local CRM, you are responsible for all the maintenance and takes time, effort and expenses. On the other hand, Cloud-based CRM can take most of the administrative load off your organization and tends toward an operating expense method of payment. It can offload most of the administrative effort and maintenance on to the service provider and the overall effort is much less. Read more at: http://it.toolbox.com/blogs/insidecrm/cloud-or-local-choosing-your-crm-system-78708

 

 

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ERP and Blockchain Technology

We are moving towards a new enterprise resource planning (ERP) digital transformation with the introduction of blockchain technology, also known as a digital ledger i.e. distributed database behind cryptocurrency. Several businesses are nowadays adopting blockchain as a trusted system through which to share records with partners. This is where the blockchain enter the enterprise. Read more at: http://it.toolbox.com/blogs/inside-erp/when-erp-meets-blockchain-78538

 

 

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Insurance agencies and the role of CRM

Small, independent insurance agencies must stay competitive by investing in technologies including CRM systems.  Smaller insurance agents are not in a good place due to their lack of leverage to negotiate with large carriers, thereby missing the financial resources to invest in IT upgrades. So, agencies are focusing on their connections with carriers, accounting procedures and the generation of new business. CRM is playing a big role in helping to automate this. Read more at: http://it.toolbox.com/blogs/insidecrm/crm-delivering-a-competitive-edge-for-insurance-agencies-78529

 

 

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Choosing the right CRM project

You should select the right projects for your CRM so that you have a positive return on your investment. It is found that many of the things CRM will let you do won’t show a positive payoff. Others will show long-term benefits that is worth doing. You should choose the projects as a lot of CRM projects are started because they sound like a good idea, without a careful consideration of costs and benefits. Therefore, the projects fail wasting efforts and time. The most important question you should to ask before starting a CRM or any other kind project is “Is it worth doing the project?” Usually a lot of people skip this step and end up wasting time and resources on projects that never pays off. Read more at: http://it.toolbox.com/blogs/insidecrm/is-it-worth-it-selecting-the-right-projects-78498

 

 

 

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Artificial Intelligence Applications in Business

Artificial Intelligence technology usually uses algorithms to analyze data and then uses this data to spot trends and irregularities. It can also analyze huge data sets much faster than any data analyst, thus, proving an efficient tool for businesses. This article explores the ways that A.I. applications can be applied in multiple areas of your business today. Read more at: http://www.sage.com/za/business-resources/essential-reading/5-practical-artificial-intelligence-applications-to-support-your-business

 

 

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Tips for Getting More Benefits Out of CRM

Nowadays, CRM is surrounding marketing, customer service, business intelligence and several other functions. Some CRM systems can also be transformed into enterprise resource planning solutions with the use of apps and third-party add-ons. CRM has come a long way and now can include artificial intelligence, automation, data enrichment through aggregation of contact information from other sources. This article explores some tips for getting more from CRM. They are:

1.       Automate processes and data entry

2.       Clear the clutter of unnecessary data fields

3.       Integrate customer behavior

4.       Use activity management within the CRM

5.       Revisit integrations frequently

6.       Implement automation

 

Read more at: http://it.toolbox.com/blogs/insidecrm/6-tips-for-getting-the-most-from-your-crm-78266

 

 

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Trends of CRM in 2018

In today’s business, buzzwords such as artificial intelligence and IoT are common. But, these technologies will soon invade CRM as most businesses won’t be mixing their customer data with such technologies in the next few months. These technologies are certainly on the way, but today’s CRM evolution is the result of the delivery of good customer experience. Today’s, better customer experience is where CRM is heading right now. CRM is now embracing CX in a variety of ways. They are: Managing CX through CRM, The Reemergence of Social Data, Deeper Data Intelligence, Reduced Data Silos and More Third Party Data. Read more at: http://it.toolbox.com/blogs/insidecrm/where-crm-is-heading-in-2018-78364

 

 

 

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New Innovations in CRM

Nowadays, business is moving faster and getting more demanding due to the increased competition and consumer expectations that come from online and mobile-centered economy. Now, meeting these demands requires managing customer experience at every touch point, and that is in turn putting added importance on automation, artificial intelligence, big data and analytics. CRM is also coming up with some innovations. Here are five of the CRM innovations which are coming up and will help your business to handle today’s market demands. They are:

1.       Automatic Workflow Adjustment

2.       Chatbots and Conversational Interfaces

3.       Automatic Data Entry

4.       IoT Integration

5.       Customization

 

Read more at: : http://it.toolbox.com/blogs/insidecrm/five-crm-innovations-youll-see-in-2018-78395

 

 

 

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Robotic process automation and its reach

In today’s business world, robotic process automation or RPA is everywhere. Nowadays, you can automate any business function with a software robot you wish to. It is found that the emergence of RPA in the enterprise is like an arbitrage of software i.e.  you can use the price differences between business process outsourcing and RPA as an advantage in a business. It is also predicted that the RPA market would grow to $2.9 billion by 2021 from a base of $250 million in 2016. The basic advantage of  RPA is that it can unite with existing business process management (BPM) and workflow tools. Read more at: http://www.cmswire.com/digital-workplace/robotic-process-automations-reach-expands-in-the-enterprise/?utm_source=cmswire.com&utm_medium=email&utm_campaign=cm&utm_content=nl-daily-170823&mkt_tok=eyJpIjoiTW1SbE16ZzRPVE0wT1dZeCIsInQiOiJ5WXd3XC9Ybm45d3FvUnRwZjIxcGdzcENSK0ZPNCtjNlAraTZ2c2NZMjUyMythMlwvbjJ5dXpVSDJtVXFDWnNVYnRKM2ZcLzB4eGxhbTNia0hwaWlmRWxIMmlJWlhDclhYMTl5bVlVZUdBVklZVFwvQUxTM1NYNVdEamIzTmV5Tmk2YVgifQ%3D%3D

 

 

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Predictive analytics helping healthcare industry

Many executives in the healthcare industry suggest that predictive analytics will cut cost in their organization. A survey conducted in February 2017 forecasted that predictive analytics processes will reduce 15% of the cost for more than five years. A majority of healthcare industries already use them. Lack of budget is a biggest challenge for the implementation of predictive analytics. Lack of skilled employees, too much data, lack of confidence in the accuracy of data and lack of support of technology and executives are some of the important challenges healthcare industry faces of implementing predictive analytics. Read more at :

https://www.information-management.com/news/predictive-analytics-seen-as-cost-cutter-by-healthcare-execs?feed=0000015a-13e1-deb4-ab5e-9bfd65d50000

 

 

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Ways to hold existing customers

There are many ways in which a first-time customer will feel enticed to be a full-time customer and maintain a long relationship with the company. One should understand the profile of the typical customer of the company and segment the group both geographically and demographically. Giving customer's a positive experience by accurately replying to their queries goes a long way. Companies should understand that customer retention is much more than the cost incurred in the advertising campaigns. While offering subscription information, companies should keep in mind not to cost their customers anything. Rather, moving subscriptions to social media can reach thousands customers within minutes. Hence social media posts should be updated according to the customers interests. Read more at :

https://www.smartdatacollective.com/customer-feedback-data-analysis-keys-good-customer-retention-rate/

 

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Why BI is crucial in decision making process

Data is an important aspect of decision making and for valuable insights over the data, BI has emerged crucial in organizations. Some useful ways to manage your data and team are : 1.Invest in a robust BI service like Google Analytics or CoolaData so as to get better insights on behavioral analytics and better collaboration. 2.Break down silos - when organizations go through silo effect and information stops flowing, BI can prevent this through transparency. 3.Teams should acquire data analysis skills and grow as they work. 4.One should relate to the context, not depend solely on the numbers but on the why, how. 5.Decide on how to decide for better data implementation. 6.Drive action through insights, study how trends correlate and act accordingly. Read more at :

http://www.networkworld.com/article/3197753/big-data-business-intelligence/6-ways-to-manage-your-data-and-team.html

 

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