In 2015, the number of Millennial employees (those born between 1982 and 2004) will exceed that of Baby Boomers and by 2030, Millenials will represent 75% of the workforce, according to the US Bureau of Labor Statistics.1As the most technologically adept generation in history, the impact Millennials will have on the business world is expected to be significant:
- As employees, Millennials value collaboration, rapid advancement, and innovation.
- As customers, Millennials value choice, flexibility, and the ability to do business using the technology they prefer. Many Millennials research products online, share reviews on social media, order online, and interact with customer service through online chat and social media.
- As suppliers, Millennials prefer partners who can share data streams easily with their own technology, so they can analyze trends and monitor real-time activity.
Yes - this information is true and becoming ever increasingly important for business success. I have 6 grandchildren in that Millennial group and several CRM clients who have employees and customers from the Millennial group with these same values and needs.
In a world driven by Millennials, a growing business today will need to focus on 3 key technology drivers.
#1 Use a CRM system to strengthen relationships with customers and suppliers.
A CRM system provides the benefits of building customer contact relationships that facilitate repeat business and earn new customers. Nothing is more important than maintaining strong relationships with customers and partners. The "relationship' can be a defining reason customers do business with your company. An adaptable CRM system like Infor CRM can manage those relationships with the Millennial preferences in mind. Because Millennials expect technology to work for them, not the other way around, a CRM system should adapt easily to individual working preferences. For example, it should have customizable dashboards to reflect individual preferences.
The primary job of a customer relationship management (CRM) system is to keep the business connected to customers, so employees can deliver an exceptional customer experience. The CRM system records customer preferences, opportunities, and purchase histories for the benefit of the company and all customer-facing employees.
"Our CRM system is the one version of the 'truth'" and it tells us things about People such as who is doing what, Who's succeeding, what are key customer issues, who are our best customers, etc.
#2 Embrace mobility to get the right information to the right people.
A well-used CRM system will deliver relevant, up-to-date information to salespeople and customers on any device. Mobile CRM systems help to more effectively manage your day, capture information as it has occurred and quickly share new insights.
Eight out of ten Millennials reach for their smart phones first thing in the morning, and 87% report that the phone :never leaves my side, day or night."2 With these statistics, it's easy to understand why Millennials are such enthusiastic adopters of mobile devices and applications in their work lives.
Many Millennial employees prefer to use mobile devices over a PC or laptop. By providing mobile access to CRM, ERP, CPQ (configure/price/quoting), Inventory management, and similar business applications, your business can give field sales professionals the ability look up customer and product information, past purchase history, logistical information, configure, price and quote -anytime from anywhere.
It's also important to remember that Millennial customers prefer mobile devices for using the Internet and often making purchases. But there is still way too many websites that don't offer good mobile functionality. To gain loyal customers, today's smart businesses should invest in mobile apps and mobile-friendly websites that make purchasing easier.
#3 Consider cloud-based applications for new technology.
Cloud-based applications allow your business to deploy new technology faster and at a lower cost, with anywhere access. A Software-as-a-service or SaaS technology model puts the burden of software development, maintenance, and updates on the software vendor who hosts the application.
SaaS makes it possible to deploy new applications more quickly, and can empower your business to focus more on your customers and core competencies, while moving away from complex IT infrastructure.
Cloud models shift what was one a capital expenditure (software/hardware) to an operating expenditure (service) by spreading the costs over time using a subscription-pricing model
Millennial employees see the value of the cloud because it allows them to access applications securely, from anywhere with an Internet connection. This gives them the flexibility to share information in real-time between multiple-offices, to telecommute, and to stay connected to work while traveling.
Infor provide a wide variety of Purpose Built Cloud based solutions.
Remember that our business is focused on helping guide you through every step of business success with CRM. Like Millennials, we can help your business build relationships more effectively with CRM...
Download: Infor PDF: 5 ways wholesale distributors can succeed with the Millennial generation which provides more useful information and resources about this topic.
1 Alastair Mitchel, "The Rise of the Millennial Workforce," Wired, Aug 5, 2013
2 Mitek and Zogby Analytics survey results reported in "Smartphone- Toting Millennials Fuel Demand for Mobile - Optimized Sites", emarketer.com, October 23, 2014