2024 Manufacturing Industry Outlook – CRM Trends and Investment Priorities

In today’s rapidly evolving manufacturing industry, staying ahead of the curve is crucial to thrive and remain competitive. From technological advancements to shifting consumer demands, understanding and adapting to the latest developments is paramount. By keeping a finger on the pulse of industry trends, companies can proactively identify opportunities, mitigate risks, and make informed strategic decisions. In this article, we will explore the significance of knowing and embracing the manufacturing industry trends and how they intersect with implementing and utilizing Customer Relationship Management (CRM) systems such as Salesforce.

Seven CRM trends for the manufacturing industry in 2024

1. Advanced Analytics and AI
   Manufacturing companies will increasingly leverage their CRM systems’ advanced analytics and AI capabilities. These capabilities will enable them to gain deeper insights into customer behavior, preferences, and market trends, allowing for more personalized and targeted marketing and sales strategies.
2. Internet of Things (IoT) Integration
   The integration of IoT devices with CRM systems will become more prevalent. This will equip manufacturers to collect real-time data from connected devices, such as machinery and equipment, to monitor performance, predict maintenance needs, and proactively address customer issues.
3. Enhanced Customer Experience
   Manufacturers will continue to focus on delivering exceptional customer experiences through their CRM systems. This involves streamlining communication channels, providing self-service options, and leveraging automation to ensure prompt and personalized responses to customer inquiries and requests.
4. Supply Chain Integration
   CRM systems will increasingly integrate with supply chain management tools to provide end-to-end visibility and collaboration. This integration will enable manufacturers to optimize inventory management, track orders, and improve overall supply chain efficiency.
5. Sustainability and Ethical Practices
   Manufacturers will prioritize sustainability and ethical practices, and CRM systems will be essential in managing and communicating these initiatives. CRM platforms may include features to track and report on sustainability metrics, manage supplier relationships, and communicate transparently with customers about environmentally friendly practices.
6. Mobile and Remote Access
   With the rise of remote work and mobile technologies, CRM systems must provide seamless access and functionality across various devices and locations. Manufacturers will require CRM platforms that support remote collaboration, field sales, and service operations.
7. Data Security and Privacy
   As data breaches and privacy concerns continue to be significant issues, manufacturing businesses will demand robust security measures in their CRM systems, including encryption, access controls, and compliance with data protection regulations to ensure the safety and privacy of customer information.

CRM Investment priorities for manufacturers in 2024

• Personalized Customer Service: Today’s digital-first consumers expect convenient and effective customer service across various channels. To provide this outcome at scale, manufacturers must leverage customer data as the foundation of their customer service operations. Service agents with a 360-degree view of each customer (via CRM) can provide better service outcomes quickly.
   
• Predictive Field Maintenance: By leveraging real-time data from “smart,” connected devices in the field, manufacturers can unlock predictive field service use cases. In these cases, a service technician can fix an asset before it breaks, avoiding downtime and increasing customer satisfaction. Predictive maintenance use cases also enable new recurring revenue opportunities for manufacturers and help establish sustainable customer loyalty through more frequent service engagements.
   
• Digital Self-Service: The days of person-to-person sales dominating the manufacturing industry are long gone. In fact, in 2024, most buyers prefer to complete the sales process without ever interacting with a salesperson. Manufacturers that provide customers and prospects with robust digital self-service capabilities (such as online knowledge bases, AI-powered chatbots, virtual assistants, account dashboards, and eCommerce platforms) will generate more sales and increase customer satisfaction while decreasing the cost of sales.
   
• Advanced Sales Forecasting: Manufacturers that apply emerging technologies (such as artificial intelligence and machine learning) to sales forecasting will generate a sustainable competitive advantage in 2024. These early adopters will have more accurate revenue projections and be able to pinpoint hidden trends and market opportunities that competitors will miss. Read this blog for more on AI-powered sales forecasting.
   
• Data-driven decision-making: From production output, capacity utilization, and inventory levels to demand planning, lead time, and quality control metrics, manufacturers have many data points that drive their overall business strategy. Those with the systems integration and data visualization capabilities to empower quick and accurate data-driven decision-making will be ahead of their reactive competition.

As a technology consulting partner with hundreds of manufacturing clients, Argano has deep expertise in helping manufacturers implement, integrate, and optimize CRM and other business-critical systems. Let us help your organization unlock any of the use cases discussed above. Contact us today for a complimentary discovery session.