Artificial Intelligence, Blockchain, Big Data Analytics, Machine Learning and Data Mining in Traditional CRM and Social CRM: A Critical Review
Γεώργιος Λαμπρόπουλος, Kerstin Siakas, Julio Viana, Olaf Reinhold
Abstract
In the ever-increasing competitive and customer-centered global market, the role of Customer Relationship Management (CRM) is essential to the performance, longevity, competitiveness and profitability of enterprises. The study aims to provide an overview of the impact of emerging technologies on traditional CRM and Social CRM. Therefore, through a critical review, this study explores the use of Artificial Intelligence (AI), Blockchain, Big Data Analytics (BDA), Data Mining and Machine Learning (ML) technologies in CRM. Based on the results, the above-mentioned technologies can significantly improve CRM. More specifically, their successful implementation enables enterprises to stay ahead of competition, to get to know their customers, improve their overall performance, Quality of Experience (QoE) and Quality of Service (QoS), increase profits, and reduce time consumption, risks and costs. Finally, by integrating these technologies, enterprises will offer more personalized and customized products and services and greatly improve customers' satisfaction, acquisition, relationships, loyalty, experience and retention.