Fig: CRM systems by figures
Customer demographics are changing and aligning business processes in compliance has become the need of the hour. Businesses that are volatile and possess a nanoscopic view of the customer journey in real-time, withstand the success dimensions. The expansion of this scope has led to a fundamental shift in the adoption of CRM systems from traditional CRMs to AI-centric modern CRMs.
Undoubtedly, traditional CRMs improve the operational effectiveness of a business, however, if something is unable to withstand the real-time advancements, it is perceived as a dead investment. According to a recent study, approx. 37% of organizations stop using their CRM systems because they find it outdated & non-useful.
Limitations of Traditional CRM Systems
1. Partial Automation Affecting the Integrity of Data
Unorganized businesses don’t make profits. On the organization level, if there is an absence of a single source of truth (SSOT), then it might become the potential reason for swaying away positive customer experience from a customer’s journey. In short, traditional CRM systems excel in binding a process together, however, fall short in maintaining a single copy of customer data across all business processes (Sales, Marketing, Customer Service, etc.)
2. Misleading Marketing ROI
The calculation of marketing ROI involves a discrete calculation of ROI versus the marketing budget spent on each campaign. If not done precisely, the final figures would be misleading.
3. Indeterminate Plot for Strategy Building
Without a monitoring system in place, the business processes are at the risk of addressing potential problems which might, in turn, affect the overall customer experience. For example, non-availability of sentiment or behavioral analysis poses hindrance to ‘predict then strategize’ procedure.
4. Inefficient Process Flow & Unproductive Efforts
Partially comprehensive automation affects the productivity and the revenue of the organization.
5. Absence of Meticulous Reports & Dashboards
The purpose of reports & dashboards is to offer a base for decision making. Incomplete analytics affect the decision-making process in the top tier of the organization.
Advantages of a Contemporary CRM System Tailored to Custom Needs
A contemporary CRM enables users to harness the information related to customers/ prospects along with broader patterns of their behavior. At its core, it is a multifaceted management strategy that augments the revenue of the business by attaining an optimal balance between business processes and customer experience. A modern CRM solution is intelligent and versatile, and has the following advantages:
1. Comprehensive & Scalable
2. Aligns Multiple Business Processes Under a Single View
- Integration of discrete modules ensembled to provide tangible results
- Unified data infused with intelligence through a cloud-based ecosystem
- Solution extensibility through third-party integrations
3. Enables Smarter Decisions
- Integrated platform (Marketing Tool, Customer Service, Call Center, Sales Automation, Configure Price Quote, Analytics, etc.)
- Seamless information sharing related to contacts, leads and customers to deliver consistent results across the buyer’s journey
- The collaboration of Sales and Marketing data to automate follow-ups and tracking
4. Improves Social Engagement
- Out of the box dashboards aids in analyzing the performance optimally
- Real-time insights project the impact of each step in the buyer’s journey
5. Renders Omnichannel Solutions
- Enable competitive insights, measure and manage brand reputation on social media channels
6. Prioritizes Customer Experience
- Encompass the omnichannel from calls and SMS to email, live chat, social media, instant messaging (nowadays increasingly using third-party message systems), and potentially the internet of things
7. Automates Data Capture and Automated Action Items
- Adaptability to individual apps at the time of need, and flexibility of integrating
8. Embedded Machine Learning
- Scope of integration with SIRI, Amazon Echo, Google Home
- Call recordings from customers that can be directly pushed as data into CRM systems
- AI – Predictive lead scoring, Forecasting, recommendations, NLP, Geolocation
- Configured for Lead generation, lead cleansing, automated follow-ups with unresponsive leads, sales forecasting, sales content optimization, quote generation & order processing
The Success & Failure of CRM Systems
CRM is NO MAGIC WAND! Your CRM won’t work for you unless YOU work for it!
In majority of the cases, the failure of such a system manifests loopholes in understanding its competence relative to the business domain. To relish its absolute power, ensure all stakeholders are onboard. Management, executive, and CRM champions need to be all on the same plane, to assert common org-wide CRM agenda and drive its implementation. End-user adoption of a CRM is critical, and hence should be the key focus of your CRM implementation. Lastly, ensure all stakeholders know ‘what’s in the CRM implementation for them’. Work for YOUR CRM and see the magic it weaves for YOU!
Written by Nikhil Mehta, Director, Global Delivery at Eternus Solutions