Businesses invest more in CRM and customer-facing technology

In these customer-centric times, where consumers are more connected, digitally empowered and channel-agnostic than ever before, a single customer view is of the utmost importance. CRM is important to achieve this and to integrate social and collaborative technologies to offer consistent customer experiences.

According to IDC, the worldwide market of CRM applications will have reached revenues totalling $18.2 Billion in 2011. That’s 11% more than in 2010 and partially due to the mentioned evolutions.

IDC’s Mary Wardley: Movements such as social and mobile are bringing consumer-like experience requirements to all aspects of end customer engagement with the companies with whom they conduct business.”

IDC sees this in a broader context whereby customer-facing technologies, such as CRM, are modernized. Contact center solutions are expected to recover after a decline of 3.6% decline in 2010. However, mainly the other three so-called functional markets have done very well in 2011. IDC says sales, marketing and customer service each will have achieved double-digit growth last year.

The data shows that businesses are investing in better organizational performance and stronger customer insights. However, it is also clearly a sign that the time to improve customer-facing technologies in general is here. A changing, social customer and new forms of communication and collaboration simply demand it.

Providing optimized customer experiences is a must nowadays. Regardless of the final 2011 IDC numbers, it’s likely many businesses will continue to invest in customer-facing technologies, including CRM.

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