Let’s Make Life Sciences CRM Systems Smarter with BI, AI and Machine Learning

As the saying goes, the only constant is change.  Businesses today are in a perpetual state of striving for the most up-to-date and efficient technology systems and tools. One of the most popular tools is a customer relationship management (CRM) system, as it enables a company to better manage and interact with current and potential customers. A CRM system can also enhance collaboration across an organization with its usage from sales, marketing, business development, finance, IT, C-suite and recruiting teams.

CRM technology has been around for quite some time. Most companies within the life sciences industry use some form of CRM technology to connect with and organize their various teams around their customer and prospect efforts. While utilizing a CRM system is extremely beneficial to productivity and increasing visibility, today’s traditional CRM system alone is not enough. The ever-evolving life sciences industry has hit the wall when it comes to traditional CRM systems.

Today, companies must invest in a tool that goes beyond the functionality of the generic CRM system. Tools, such as business intelligence (BI), help companies identify changes within the industry and adapt quickly with a strategic plan. As technology shifts toward an emphasis on machine learning, integrating elements of artificial intelligence (AI) enhances the accuracy of critical information and the efficiency at which companies process data. Many companies are indeed leveraging these advancements, but usually through disparate, discordant systems that force their teams to toggle back and forth between systems, go through technology labyrinths, and manually connect the dots to get the information and analysis they need. The powerful consolidation of business intelligence and CRM into a single easy-to-use application with capacity for AI functions allows companies to have everything they need at their fingertips in real time.

A single system with the strategic capabilities of these integrated tools not only produces more cohesive companies, but also drives smarter business decisions based on real-time, fluid data and analyses. With business intelligence and CRM combined into a single, easy-to-use platform embedded with AI and machine learning components, companies possess the tools to revolutionize the way they operate.

It is often noted that some teams in a company fear the basic CRM platform because they view it as a “big brother” tool that is difficult to use, takes time to thoroughly update, and ultimately doesn’t provide them with any value. If the CRM system doesn’t provide the sales team with any real value, how can we expect them to use it? And if they don’t use it, how can we expect to get the data we need to connect the organization and make better decisions? This current frustrating situation is plaguing the life sciences industry.

This is one of the primary reasons why companies need to invest in a platform that goes beyond basic CRM functionalities and offers benefits to all teams in an organization. If incentives are aligned across the board, maximum productivity and efficiency will be achieved. Companies input immense amounts of data into their CRM system, but the data often sit in the system as static data, not actionable information. While it is important to have all the data in the system, it is even more critical for the system’s users to have in-depth analysis of the information. With an intelligent CRM system that integrates timely and accurate business intelligence, visibility across the organization drastically increases and teams work towards a unified strategy plan.

The combination of these tools will enable companies to leverage data and information for strategic objectives, which, in turn, creates win-win scenarios and drives up corporate revenues. The majority of smart business decisions must be backed up by data and intelligence. Integrating these resources and truly understanding the customers will strengthen productivity amongst all teams in an organization. This is the next step for the Life Sciences industry. Standard CRM technology has become table stakes and too many people are just checking the box. Integrating disparate tools and new technologies into one powerful platform is the clearest way to develop competitive advantage and flourishing in such a highly competitive marketplace.

Please contact info@tikamobile.com to better understand how TikaMobile’s technology combines these concepts into one powerful tool that brings corporate strategy and go-to-market plans to life.