CRM Technology is Here to Stay
According to the Merkle Group, 63% of new CRM projects fail.
However to harness the full power of today’s CRM technology you need to pair it with a plan and well-orchestrated program management:
- Stakeholder de-briefs,
- Comprehensive business requirements gathering,
- Iterative program re-designs,
- Thorough technology due diligence,
- and the advice and input of marketing and technology experts.
Among the industries spending significantly on and beginning to do it well are: high-tech, banking, insurance, securities, telecommunications, pharmaceutical, consumer goods, IT manufacturing, and IT services vertical industries. Probably not coincidentally, these are the same industries that are also ranked relatively higher in customer experience rankings, which suggests that those “who manage and measure,” tend to do well for: their organizations and customers.
As per Gartner, http://www.ababj.com/component/k2/item/4420-crm-at-the-heart-of-digital-strategies CRM software revenue is forecast to reach $23.9 billion in 2014, with cloud revenue accounting for 49%. SaaS- or cloud-based CRM deployments currently represent more than 40% of all CRM deployments, and look set to reach 50% during 2015.
“CRM will be at the heart of digital initiatives in coming years. This is one technology area that will definitely get funding as digital business is crucial to remaining competitive,” says Joanne Correia, research vice president at Gartner. “Hot areas for CRM investment include mobility, social media and technologies, web analytics, and ecommerce.
Organizations are realizing that customers control the conversation around their products, and their business and the sooner they can tap into and support these conversations, effectively, the more value they can offer their constituents
With so many legacy systems to integrate and vast universe and dearth of social applications to tap into it’s no wonder some companies get discouraged. Having a CRM strategy that is well designed and communicated with an iterative road map, are critical to organizational success.