Real-Time Data Analytics – A Contemporary Approach Toward Customer Relationship Management

Abstract

A paradigm shift is observed in the last decade where transactional marketing is taken over by relationship marketing. Customer relationship management (CRM) has been an integral part of a business strategy in the current era. CRM integrates product sales, product marketing and, most importantly, customer service in a seamless manner to generate value for the organization as well as for its customers in short a win-win situation. Profoundly, CRM needs to be a part of the top management agenda and driven top-down instead of an IT initiative. Industrial revolution 4.0 is characterized by cyber-physical systems. Internet of Things (IoT) is the digital technology for the present and future. IoT primarily aids in gathering real-time data and transmitting the same over the internet to a central repository for consuming the same in business models. Real-time customer data analytics can be performed by customer-centric organizations to enhance CRM.

Citation

Yerpude, S. (2020), "Real-Time Data Analytics – A Contemporary Approach Toward Customer Relationship Management", Kumari, S., Tripathy, K.K. and Kumbhar, V. (Ed.) Data Science and Analytics, Emerald Publishing Limited, Leeds, pp. 103-116. https://doi.org/10.1108/978-1-80043-876-720211007