According to CEB research, most investment firms say CRM is their most used system, yet it ranks among the lowest in perceived effectiveness. Why? Because they tend to stick to traditional functions—contact management and capturing sales data. They don’t see CRM for what it can be: a multi-faceted platform supporting multiple lines of business, supporting operations across the organization.
If you think the only job of CRM software is to manage your sales pipeline, you’re going to be very surprised. Across all industries—including investment management — CRM is propelling companies to a new level of performance and service.
xRM: Thinking Beyond CRM
The most successful financial services firms are leveraging the power and potential of CRM. How do these organizations do it? With extended CRM—or xRM. As xRM, CRM becomes an operational platform that:
- Allows you to quickly customize and extend it to address new opportunities throughout the business
- Facilitates innovation, which allows you to rapidly build out other line of business solutions, enabling you to manage operations more holistically
- Provides a 360-degree view of the client, with all data, history, and analytics in one place to drive better, more efficient, and more profitable interactions
- Enables you to provide personalized client experiences delivered through pinpoint targeting, offers that are customized to meet identified needs, and highly relevant client service
- Delivers operational efficiency improvements achieved through familiar tools like Microsoft Outlook and workflow that streamlines processes across the organization.
In fact, CRM has been put into practice by some of the world’s most recognized brands:
Tap into the power of CRM as a Platform
The common thread in all the definitions of xRM and methods of extending it is that your applications will use CRM as a platform, leveraging its capabilities to deliver business value to your users—and by extension, your clients. CRM as an extended platform can help you:
- Keep on top of complex and changing compliance requirements
- Stay ahead of growing client demands
- Put the right data in the hands of the right employees with powerful analytics
- Manage events and track commissions more effectively
by AKA Green Beacon