6 reasons why CRM is Important in Manufacturing Industry
Customer Relationship Management (CRM) is just as important for B2B sector as for B2C.
Manufacturing industry is a little different from other industries. The sheer volume of produced goods, machinery, storage and investment is beyond any other industry. This specific industry has faced many drastic changes over the years. With global competition rising, Manufacturing companies to remain relevant were forced to revolutionize their approach towards innovation, operations and level of customer understanding. There was a time when consumers had no choice but to buy what they could get their hands on. Now, things have just turned upside down. Manufacturing companies of today must intelligently forecast market demand and understand the intricacies of it fully. The continuous challenge lurking is producing the most related and definite services or product before customers actually express their needs.
Here are six major reasons why CRM is important to manufacturing industry.
1- 360 degree customer view
Having the ability to gain complete insight into consumer data is no less than a desire for a manufacturing company than for a retail company. CRM takes this head on. It is quite obvious that a 360-degree view provides a better understanding of the customer, hence enabling innovation and market insight.
2- Improved Consumer service
Gaining consumer satisfaction is the ultimate goal for manufacturing companies and that can only be achieved by giving best of customer experiences. Customer satisfaction then leads to brand loyalty. Salesforce data from 2018 shows that customer satisfaction plays an important role in revenue earning. It is very obvious that customer happily pay more when they receive a positive experience from the brand behind the product.
CRM systems help with case management as well, allowing manufacturers to have in place integrated ticketing systems for tracking, updating and resolving product issues in time. In this way, the large consumer base of manufacturers feel attended to by same people who built the product. There is no limit with AI, NLP now when it comes to customer service ensuring no annoying call holds and consumer frustration while the agents goes on wild goose hunts.
3- Better Sales Projection
Predicting future accurately is one difficult job of decision makers. The good news for the manufacturing companies is that CRMs do such work out-of-the-box. CRM systems can track every order from the distributors or consumers. This invaluable data helps with business analytics across the spectrum of products and services. A CRM uses the buying patterns of every customer to indicate the peak and down times. In the same way, it also find out the long-term trends. After analyzing this kind of data, CRM generates the accurate sales projections that can use for future planning.
See how Salesforce Einstein is helping you to understand your customers in whole new way.
Moreover SugarCRM Discover is also making a big different in analyzing the customer data and discovering the future trends to increase sales.
4- Intelligent Production planning
You can only sell what you produce before the right time. With customer buying behavior at the heart of this challenge, what matters is intelligent production planning. Production planning would be a random decision in a world where customers are not kept track of which can create a lot of losses in near future. Thankfully, CRM systems works with accuracy and forecast the capacity required by using reference historical data.
Knowing the amount of each product ordered in the past and when it was ordered helps understand the production required. Manufacturing CRM software works to make a production plan as well as give you a support in budgeting as well.
5- Efficient Supply Chain
Complex business processes can lead to costly, inefficient implementations which can result in drastic effect on company’s desired ROI. Implementing and utilizing CRM system properly allows manufacturers to have every piece of information about the supply chain including, inventory, order processing, warehousing, vehicle fleets and distribution chains. Intelligent supply chain can deliver phenomenal results by empowering firms to maintain material supply, manage production schedules and move products quickly from the site of production to the market.
Check it out how Dynamics 365 Supply Chain Management is transforming your manufacturing and supply chain operations.
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6- Increased Business Won
Forecasting of sales pipeline and Opportunities is a basic part of every CRM. Sales forecasting means better sales success, better sales means more customers and ultimately more customers lead to higher revenues. Using spreadsheets, Google sheets are methods as inefficient as it can get. Identifying where leads stand in sales cycle is critical for manufacturing companies. It allows for optimizing production capacity to match the expected sales. In short CRMs for manufacturing companies makes the process streamlined and simplified when it comes to selling the products.