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The 8 Latest Trends Of CRM

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There has been greater evolution in the way CRM helps businesses in recent years. From a mere for relationships management to an all-in-one contact management software, CRM has grown to be a vital part of the change to give businesses an edge over the competition. 

Therefore, as an entrepreneur, it is an advantage to learn about some of the CRM trends. But what is CRM? basically, it is a customer relationship management system that helps businesses to properly manage their relationships with customers. In this article, we look at the top ten customer relationship management trends that rock the market.

1.      AI Is Becoming A Key Part Of CRM Systems

Artificial Intelligence continues to disrupt businesses across industries. As a result, we continue to consume more AI daily for business and at home.

According to Gartner’s 2019 CIO Agenda survey, over 14% of global CIOs have already deployed AI. It is now estimated that AI integration with CRM will boost global business revenue by about 1.1 trillion dollars by the close of 2021. Ai is, therefore, the future of CRM for business.

2.      Social CRM Keeps Rising

It is true and clear that more businesses need to integrate social channels into CRM for consolidated customer data and relationship management. 

By looking at CRM and social media together, businesses seem to gain a more powerful overview of what customers post about them on social media. As a result, managers can access first-hand information on their brand sentiments. 

Therefore, organizations integrating CRM with social media will be in a better position to respond to the comments more rapidly and effectively. As a result, they manage to build stronger relationships with prospects and incorporate feedback into their systems. 

3.      Voice And Conversational UI Will Start Integrating With CRM

Voice technology is key for the evolution of SaaS tools. It makes accessibility easier but also supports tech by making it easier and enjoyable to use.

According to Adobe’s research on voice technology, more than 94% of users agree that voice technology is much easier to use. They also say that it helps save time and can help improve the quality of life. It is, therefore, an acceptable and more aggressive trend in CRM markets today. 

CRM will therefore continue the adoption of voice assistant technology to support processes and interfaces. 

4.      CRM Automation

As more customers get tech-savvy, businesses need to up their game and can offer services that meet the demands of such high-tech customers. This is why many organizations are struggling with CRM automation. 

In 2021, automation and CRM are going to be more synonymous. For instance, automated email and the use of chatbots to communicate will be on a steady rise. 

Automation helps businesses to enhance business efficiency by offering high-quality services to customers. Also, it helps to optimize costs making businesses more beneficial to investors. 

5.      CRM Is Interweaving With IoT Technologies

According to TechJury, there is going to be a continued rise in IoT devices worldwide. For instance, the use of cybersecurity scanners, smart home devices, wearable health monitors, etc., continues to grow. 

Besides, according to Fierce Electronics, 93% of enterprises are believed to have adopted IoT technology in 2019. 

The technology helps businesses monitor and serve their clients in better and proactive ways that have been unimaginable for many years. The data that is generated from IoT devices are used to improve customer experience. 

6.      Consumers Expect Companies To Know More About Them

Today, business-to-customer relationships become more and more important, just like any other human relationship. Companies, therefore, need to remember their conversations with clients, understand their expectations, needs, and be able to adjust communications accordingly. 

Therefore, all the available customer data must be made available to the sales teams and managers of an organization. Some of these trends in customer relationship management are therefore driven by consumers. 

7.      CRM Growth Will Come From New Markets

In previous years, over 50% of CRM buyers were from real estate, distribution, consulting, and insurance. However, this market is shifting in 2021, and the growth will be in healthcare, manufacturing, insurance, and finance. 

8.      Mobile CRM On The Rise

With the increasing need to work remotely, the desktop CRM is quickly going under. In the COVID era, for instance, more and more businesses demand CRM solutions that are compatible with mobile UIs. With this CRM trend, sales teams can work beyond office hours and will be able to access customer data even from deep in the field without having to get back to the office.  

Finance

Uzbekistan Continues to Modernize its Tax Administration System

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 The World Bank’s Board of Executive Directors approved today the Tax Administration Reform Project in Uzbekistan, which is designed to improve the operational efficiency and effectiveness of the State Tax Committee (STC) and deliver better services to local taxpayers.

The project will be supported by a $60 million concessional credit from the International Development Association (IDA), with financing provided to the Government at a very low-interest rate and a repayment period of 30 years.

“The Government of Uzbekistan has prioritized reforms in the tax administration system to create a better business and investment environment. The new project will help the STC improve its work in the interest of taxpayers,” said Marco Mantovanelli, World Bank Country Manager for Uzbekistan. “In particular, the project will allow to broaden the tax base, leading to a reduction in the informal sector of the economy, which is estimated to be around 50% of GDP; to increase tax revenues; and to help firms and companies create new jobs, benefiting from a more efficient tax administration system.”

The project includes three key components directed at improving the STC’s operational, institutional, technological and human resource capacities, and promoting voluntary compliance across Uzbekistan.

Component 1 will invest in automating the STC’s core tax administration business processes. This includes developing the STC’s new tax management information system to reduce paperwork and simplify the process of paying taxes by businesses and individuals countrywide; upgrading hardware and technological infrastructure; creating a new data center for the STC; and improving governance and the planning capacity of the STC’s IT department.

Component 2 will assist with designing and implementing measures to reduce the informal sector of the economy. This includes improving the STC’s enforcement capabilities to detect and discourage tax evasion; encouraging businesses to stay out of the shadows, including through the use of non-tax incentives; and developing cooperative relationships with the private sector, including through designing new or simplified tax policies and procedures and building partnerships to change taxpayers’ behavior.

Component 3 aims to strengthen the STC’s human resource and institutional capacities to attract, develop, and retain skilled and knowledgeable tax officials. This includes improving STC’s human resources management policies and building capacity through the continuous professional development of tax officials. 

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Finance

Top 5 Examples of Best Nonprofit Grant Proposals

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Introduction

Compiling a grant proposal is a complicated task. Nonprofits have to conduct ample amounts of research, create multiple drafts and compile everything to fit the criteria of the grant foundation. The odds of getting your proposal accepted are already stacked against you and the best way to ensure success is by staying prepared. One way you can make your grant proposal air-tight is by reviewing successful grant proposals. You can add points from previously successful documents to strengthen your case. 

Preparation is key

Drafting a grant proposal can be a lengthy process. It is a good idea to start gathering data and reviewing it beforehand. Reviewing successful grant proposals can help you get new ideas and perhaps, inspiration even. You can find a list of effective examples on the internet and we have compiled a few here to make things easy for you.

5 Examples of effective grant proposals

To ease the understanding, the examples are divided as per the sectors for which nonprofits often work.

Education

Education is a key foundation for society and if you are looking to seek a grant to support an educational initiative, this particular example might be conveniently helpful.

Salem Education Foundation: This particular grant was submitted by a school that sought to receive funding for enriched learning opportunities that lay beyond the scope of a conventional classroom. This particular grant proposal was written for history students of the school.

Youth

Children can be the most at-risk group of society and there are a multitude of nonprofits that aim to help them. Consequently, there are a huge number of grants that aim to help children fulfill their potential and lead happy lives. The following example is how a grant proposal should look like when the focus of their goal is improving the lives of children.

William T. Grant Foundation: This grant is given to those groups that actively conduct research that is solely focused on improving the lives of young people in the United States. The foundation often publishes accepted grant proposals to help guide those looking to apply. Review their proposals for a better idea on how to craft yours.

Individual and family support

If your nonprofit is actively seeking to serve the disadvantaged population of society, then you will need to submit a proposal that highlights their plight. The following proposal is an example that will help you decide the inclusions for your proposal.

Kennett Area Senior Center: This particular grant was submitted by the Kennett Area Senior Center to the community grant foundation. The grant proposal was a request for funds to provide assistance and necessary services for senior citizens.

Arts

If your nonprofit is aiming to raise funds for an arts program or a project, the following example demonstrates what your grant proposal should look like. Upon review you will be clear on what to include in your documentation:

University of Minnesota’s Imagine Fund: Take a look at various successful proposals that were submitted to the Imagine Fund program. This program is known for supporting arts-related projects.

Science

Whether it is scientific research, conservation, or any form of scientific endeavor, the following proposals can provide you with ideas for your grant proposal. You can review them and figure out what to include and how you can solidify the strength of your proposal.

NIAID: The National Allergy and Infectious Diseases grants various funds to institutes and nonprofits looking to drive advancement in the field of science and scientific research. You can peruse through various types of successful grants and figure out what made each one stand out.

Final thoughts

These examples are just some of many grant proposals that have achieved success. By studying them and reviewing the literature, your nonprofit can take away ideas and insights which can be useful in drafting your proposal.

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Finance

Global value chains in the aftermath of the pandemic: What role for the G20?

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Can embedding inclusive and sustainable transformation at the core of multilateral efforts help ensure that countries benefit from integration in global value chains (GVCs)? This was the question addressed by a stellar line-up of speakers brought together for a webinar organized by the United Nations Industrial Development Organization (UNIDO), together with the International Affairs Institute (IAI) and in cooperation with the Kiel Institute for the World Economy and the German Institute for Global Area Studies.

In the framework of the T20 Spring Roundtables, the virtual event brought together more than 200 participants worldwide. The discussion focused on inclusiveness and sustainability in global value chains in the aftermath of the coronavirus disruptions, and served as a platform to develop ideas and recommendations for the G20.

UNIDO’s Director General, LI Yong, said that to build back better, “we can stimulate inclusiveness by focusing our policy efforts on building state-of-the-art capabilities in small and medium-sized enterprises (…) and sustainability through smart regulation, including a new generation of trade and investment agreements.” Moreover, he stressed the need “to increase our joint efforts towards strengthening multilateral approaches to policymaking.

Pier Carlo Padoan, the Vice President of the IAI and T20 Italy Lead Co-Chair of Task Force 3: Trade, Investment and Growth, echoed the sentiment and brought the focus onto how we can strengthen the backbone of global value chains, and reaffirmed that “the G20 must retain its leadership in building up a new paradigm of sustainable growth,” despite the deep flaws and scars created by the coronavirus crisis in the current system.

“Making global supply chains fair and sustainable is a task in which policymakers and private enterprises have to engage,” said Norbert Barthle, Parliamentary State Secretary in Germany’s Federal Ministry for Economic Cooperation and Development. He said Germany’s Due Diligence Act is looking to address these challenges holistically by ensuring higher social standards in global value chains, leveling the playing field, and enhancing transparency in supply chains.

When looking at the playing field, buyers and suppliers find themselves in uneven positions, depending on the governance landscape. In this context, Beata Javorcik, Chief Economist of the European Bank for Reconstruction and Development (EBRD), underlined that “we need clear messaging about commitments to sustainability, we need to reduce information asymmetries,” as this will enhance the inclusiveness of global value chains, allowing for firms of all sizes to engage with and participate in global trade.

Diving deeper into global trade, Pamela Coke-Hamilton, the Executive Director of the International Trade Centre, highlighted the importance of ensuring transparency and predictability for greater participation of small and medium sized enterprises (SMEs) in global value chains. Coke-Hamilton said this can be achieved by mainstreaming and facilitating compliance with international standards, supporting innovation and digital technologies, and promoting sustainability.

Marco Felisati, Business 20 Sherpa and Confindustria’s Deputy Director of Internationalization and Trade Policy, echoed the panel’s view that “there is no trade-off between competitiveness and sustainability.” He highlighted that “on the contrary, complying with high sustainability factors is a competitiveness factor, and being competitive is a prerequisite for GVCs to be sustainable and inclusive.”

Mario Cimoli, Deputy to the Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), reaffirmed that “manufacturing continues to be crucial.” He said in Latin America the pandemic has highlighted that manufacturing remains a key issue, as it is the only way “to expand industry, create diversification, and to sustain wages.”

 As many countries are opening up again after a year of restrictions, speakers agreed that the time is now to look beyond the pandemic and focus on ensuring that global value chains become more inclusive and sustainable. The panel agreed that international coordination through multilateral bodies such as the G20 will be vital in moving forward.   

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