Customer relationships and loyalty are of prime importance for organizations to make a mark in the industries. Salesforce has come up with its Industries range of products that are precisely built to cater to the specific needs of customers and businesses operating in several industries, including healthcare, manufacturing, tourism, education, and many more.
This article will provide a better understanding of Salesforce and its Industries product suite. The article will also mention the different products that fall under the Salesforce Industry umbrella and how it helps businesses optimize their work.
Table of Contents
Prerequisites
Introduction to Salesforce
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Salesforce is one of the world’s leading customer relationship management developing companies. It is a San Francisco-based cloud computing firm founded by Marc Benioff, Halsey Minor, and Parker Harris in the year 1999. The services provided by Salesforce helps businesses across the globe to automate their sales, marketing, customer service, and many other vital operations. The tools offered by the company enable its clients to effectively manage and optimize their workflow to increase revenue generation.
According to Salesforce, its multi-platform services help “bring companies and customers together.” Over the past years, the company has brought various cutting-edge innovations that have revolutionized the CRM industry, including the usage of artificial intelligence and machine learning. Many industry-leading companies like L’oreal, Canon, American Express, Toyota, Spotify, NBC Universal use services offered by Salesforce to meet their business needs.
Understanding the Salesforce Industry
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Salesforce Industries is a product range launched by the company early last year that fulfills various operational needs for businesses working in several industries, including finance, healthcare, communications, insurance, and many more. Salesforce Industries was launched soon after the company acquired a cloud-based industry-specific CRM developing startup VIlocity in February 2020 through a $1.33 billion acquisition deal. Salesforce has also appointed the founder and former CEO of VIlocity, David Schmaier, as its new CEO of Salesforce Industries.
All the products under the Salesforce Industries umbrella are built upon one unified, scalable, and flexible platform named Salesforce Customer 360 that increases their accessibility and useability for users. The industry-specific solutions help businesses to accelerate their digital engagement and increase return on investment. Salesforce offers a total of 12 products for various industries to aid companies in effectively running their day-to-day operations.
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Services offered by the Salesforce Industry for Different Sectors
Salesforce Industries offer twelve distinct industry-specific products in their suite. The products help companies to optimize their workflow and increase revenue generation by providing various powerful tools like insightful analytics, forecasting, service automation, and lots more. Salesforce says that businesses should have “products that speak the language of their industry.” Below mentioned are a few products from the Industries range offered by Salesforce.
1. Salesforce Industry: Financial Services Cloud
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Financial Service Cloud (FSC) is a service offered by Salesforce that provides users access to real-time critical customer metrics like previous purchases, customer profile, history, and lots more that enables companies to build impactful relationships with their customers. A better relation ensures increased revenue generation. Availability of relevant insights helps users to adopt need-based selling practices. The service also allows banks to automate and track commercial lending progress. One of the leading banks in the United States, the Lake City Bank, has been using this solution from Salesforce to increase its operational efficiency.
Financial Service Cloud uses artificial intelligence to provide compelling opportunity management features that help bankers and capital markets companies to offer personalized solutions for investment banking, real estate, and many more.
2. Salesforce Industry: Communication Cloud
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Salesforce Communications Cloud is a service that comes with pre-built data models and communication capabilities that allow users to have seamless communications with B2B, B2C, and wholesale service providers. Communications Cloud has highly customizable modular basic service sets (BSS) that meet the telecom industry standards.
The service enables businesses to quickly launch personalized offers for customers, which significantly increases companies’ digital presence and engagement. It uses artificial intelligence to provide features like automated personalized SMS and emails that help increase customer satisfaction. The service also bags powerful predictive analytics tools to allow users to make better strategic decisions.
3. Salesforce Industry: Health Cloud
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Health Cloud is a solution developed by Salesforce that is specifically designed to take care of all the CRM needs for businesses working in the healthcare and life sciences industry. Salesforce Health Cloud is a HIPPA certified platform, which ensures the best possible security for patients’ data.
The platform enables users to seamlessly connect with patients and provide them a personalized healthcare experience. Healthcare providers get easy access to critical patient data like appointment history, ongoing medications, and many more on a single screen that allows them to save a lot of time while communicating with patients. Health Cloud automates several operations, including sales and accounts that not just helps hospitals but also pharmaceutical, MedTech, and medical device manufacturing enterprises.
4. Salesforce Industry: Media Cloud
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Salesforce meticulously designed Media Cloud to cater to the needs of the media and entertainment industry. Media Cloud eliminates the need for coding to carry out various tasks as it has drag and drop capabilities. It comes with media industry-specific data models and UX design to let users optimize their workflow.
Media Cloud also helps businesses to effectively run advertisement campaigns by providing key metrics like target audience demographics, customer history, and several other features that aid businesses to accelerate their sales and increase customer lifecycle value. Companies can achieve higher advertisement revenue by using Media Cloud’s features like automated pricing, discounts, and other media-specific processes. The platform uses artificial intelligence to generate accurate customer predictions and insights.
5. Salesforce Industry: Philanthropy Cloud
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According to Salesforce, Philanthropy Cloud has been designed to create a worldwide network to connect businesses and employees to nonprofits at scale. The cloud service has been specifically designed to manage the corporate social responsibilities of companies effectively. Philanthropy Cloud allows users to display insights regarding their company’s social impact and developmental progress towards sustainable growth goals.
It also helps the human resource and CSR department of companies by enabling employees to smoothly organize and automate fundraising campaigns and volunteering events. The platform is being used by businesses of all sizes to maximize the output of their philanthropic initiatives. Philanthropy Cloud has capabilities that enable users to manage company grants for CSR initiatives. It also generated customized reports to track ongoing philanthropic campaigns.
6. Salesforce Industry: Consumer Goods Cloud
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This unique service offered by Salesforce helps businesses operating in the consumer goods industry to boost their growth rate and return on investment using industry-specific tools and features. Consumer Goods Cloud is currently being used by various enterprises related to food, personal care, beauty, and many other related sectors. Businesses use Consumer Goods Cloud to effectively manage their trade promotions and funds using impactful insights generated by the platform. It is used to plan field team routes and can also display real-time tracking to provide necessary information about new developments.
7. Salesforce Industry: Education Cloud for K-12
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Education Cloud is a service developed by Salesforce that brings all students and teachers’ needs under one platform to help students study in a cloud-based environment and enable schools or colleges to carry out their operations smoothly. Education Cloud stores and analyzes all the students’ data that institutions use in the admission and recruitment process. It enables institutions to link students with every other essential department to ensure smooth communication among teams across campus. According to Salesforce, this platform can improve staff productivity up to 80% and increase student engagement up to 40%.
8. Salesforce Industry: Travel and Hospitality
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Salesforce has developed this service specifically for the tourism industry to enable businesses to provide personalized services to their customers to increase their loyalty and satisfaction. The Salesforce CRM of tourism displays all the details of customers, including travel history, in a single dashboard, allowing users to make impactful conversations with customers. The platform displays a unified view of customer interests and preferences that helps users to bring in new customers. It comes with a loyalty management feature that lets businesses build impactful B2B and B2C programs that are configurable and can be deployed quickly.
Salesforce also provides specific CRM services for industries like automobile, energy, sustainability. The services have omnichannel, digital customer engagement tools that businesses use to digitize the buying process of products and services. Salesforce allows its clients to track their carbon footprints by collecting emission data and generating insights from them that help businesses to provide untampered accurate data to the regulatory agencies regarding their energy usage. The feature also comes with preloaded data models that can be used to accurately assess carbon accounting resulting in a reduced audit time.
Conclusion
The varied needs of different industries make it difficult for a company to develop a single customer relationship management platform, which would fulfill all the requirements. Hence Salesforce has come up with its Industries product suite that caters to all the Salesforce industry-specific requirements to enable businesses to operate more tactfully. Customer satisfaction is of prime importance in every business.
With Salesforce Industries, firms across the globe get the opportunity to increase customer satisfaction and loyalty by leveraging the features provided by Salesforce. The integration of artificial intelligence in Salesforce products has skyrocketed their capabilities by providing accurate forecasts regarding customer actions and business trends that help companies to plan better business strategies. Using Salesforce Industries, businesses can effectively increase their market share and develop a loyal customer base.
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