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Four Ways to Accelerate Cash Flow with Mobile CRM

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Mobile CRM helps to shorten the sales cycle, gives staff members the tools they need to research ordering history,  generate contracts, and prevent work orders from getting lost or misinterpreted. Automatic scheduling speeds service and sales calls and allows technicians to spend more time solving problems instead of dealing with paperwork. One of the greatest benefits of using mobile devices is that businesses enjoy better cash flow.

Cash Flow Generates Multiple Business Benefits
Companies work hard to generate business, but cash flow problems affect everyone due to economic slowdowns, bureaucratic difficulties, and customer complaints. Mobile devices give salespeople and staff the tools to make better decisions when extending credit and help to automate the financial side of business. For example, benefits of using an iPad and software like Microsoft Dynamics CRM generate the following cash flow advantages:

  • Increase number of service calls by 15 percent or more.
  • Decrease payment delays by 30 percent.
  • Reduce expenses of making sales, generating contracts and researching products and solutions.
  • Remove obstacles to sales conversions.
  • Solve customer emergencies.
  • Minimize time between service delivery and invoicing.

Better cash flow offers these benefits for all types of businesses:

  • Ability to borrow money
  • Impress potential buyers and investors
  • Reduce interest charges and slow-payment fees and penalties
  • Take advantage of business investment opportunities
  • Capability of expanding inventory or services

Among the most important benefits of mobile customer relationship management are the following four advantages for better cash flow:

  1. Speeding Invoice Generation and Customer Payments
    Mobile software solutions give staff the tools to generate invoices as soon as work is completed. Many customers pay on the spot when they have an accurate record of services and can challenge any perceived inaccuracies. Generate faster payments to maximize working capital.
  2. Satisfying Clients to Generate New Opportunities
    Satisfied clients are more likely to order accessories and related services from salespeople in the field. Customers who know that they can rely on comprehensive customer service are more likely to buy additional products and services or upgrade other equipment. Field service is critical for many technology applications, and mobile software facilitates finding solutions and information quickly.
  3. Providing Flexibility and Agility in the Field to Reduce Costs
    Salespeople can use CRM software to get answers to questions, research customer buying histories and get permission for waivers and variances that help staff close deals. In fields like medical technology, working vendor partnerships for tracking parts, monitoring equipment and scheduling preventative maintenance are critical to decision makers.
  4. Simplifying Credit Checks
    Effective CRM management of credit applications speeds opening new accounts, and salespeople can request larger down payments or additional credit information on-site to make better credit decisions. Mobile devices enable staff to run credit checks, capture photos, download copies of documentation and signatures and prevent attrition from customers who don't complete the application process. According to Javelin Research and Strategy, nearly 25 percent of new account applicants abandon the process of applying for credit.

Experts predict even greater reliance on mobile CRM applications to facilitate solving customer service issues, generating faster payments, contacting sales prospects during spare time between appointments, and connecting with clients through social media forums. Speeding sales conversions, maximizing staff time management, optimizing billing and payment options, and appearing more knowledgeable and efficient to customers generate better cash flow, the lifeblood of business.

For more ways that Mobile CRM can boost your business performance, check out this eBook:  Why Go Mobile?  Six Strategic Objectives You Can Conquer with Mobile CRM

By Socius, a Mobile CRM partner in Ohio and Kansas (http://www.socius1.com/)

References:

- Nucleus Research: Market Focus Report—The Value of Mobile and Social for CRM
https://www.microsoft.com/presspass/itanalyst/docs/03-01-12CRM.PDF

- Socius: Why Go Mobile? Six Strategic Objectives You Can Conquer with Mobile CRM
http://www.socius1.com/mobilecrm/

- MyBankTracker.com: Mitek to Simplify Account Opening on Mobile Devices
http://www.mybanktracker.com/news/2013/09/13/mitek-launches-mobile-photo-account-opening/

One Response to “Four Ways to Accelerate Cash Flow with Mobile CRM”

  1. Regardless of what type of business you run, you always need to stay ahead of your competitors. Being updated in business and technology can give a big support to your business. If Dynamics CRM deployed in the right way, you are going to have several advantages than your competitors. CRM lets you access all your information in easy to access place and helps you draw accurate conclusions with minimal effort that decrease the response time of your employees. Response time inversely proportional to customer satisfaction.

 

 
 
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