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Last year, companies spent over $35 billion on Customer Relationship Management (CRM) software, but because CRM deployments are often launched detached from the overall business processes and departments, value is often left on the table. Companies typically deploy their CRM systems by business unit or functional department. This approach, unfortunately, leaves islands of sales leads and service requests isolated from the corporate information flow because companies rarely link these different systems.
High-level executive sponsorship of CRM helps avoid department level disconnection which helps maximize ROI.
According to a recent McKinsey report, companies that do invest in CRM company-wide integration reap sizeable rewards with little or no additional costs. A 10 to 20 percent increase in cross channel revenues can be achieved by holistically improving a company’s case management capabilities through processes, technology and organization, while reducing customer churn by 5 to 10 percent. Some examples included:
- One telecommunications company acquired 11 percent of new service sales (representing more than 3 percent of its total revenue) online. Connected case management within its CRM system helped generate an additional 3 percent of its revenue through follow-up sales.
- A financial services institution implemented a case management system that aided 500,000 high-value leads a year across several different sales and services systems helping the company become one of the best in its market.
- One company upgraded its case-management program so that it could track complaints more easily across units. The upgrades, coupled with new training and employee incentives, helped reduce the level of problems requiring more than three touches to less than 5 percent, from more than 30 percent. That improvement cut customer service costs by 24 percent and increased customer retention.
Companies that have investments in CRM should consider taking advantage of connected systems, people and processes, so they too can increase sales revenues while improving customer relations.
For more information about connecting CRM systems, contact O’NEIL Data Systems. Phone 866–659–0824 or sales@oneildata.com.
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