Monday, December 26, 2011

Benefits of Cloud CRM in a Slowing Economy

The world of business thrives on new and fresh ideas and concepts. It is the constant innovation which keeps the markets excited and the consumer in anticipation. With the ultimate objective of achieving sustained growth, every business looks at all available options which can directly or indirectly assist in the same. Customer Relationship management or CRM has been a brilliant tool aiding the same objective. A wholesome integration of various business factions designed to promote growth and look at sales as a continuous engagement process rather than a one shot dealing.

CRM software, like all other tools and products has gone through tremendous changes and advancements. Starting off primarily as a database management system, it now is a powerful mechanism that organizes, synchronizes and manages information, giving unprecedented insight into client details and profile. Along with the utility, what has also matured is the way CRM solutions are being implemented and delivered. 

Technological advancement for any product focuses on ease-of-use and incorporation of features that bring in efficiency. Where once, a CRM solution needed to be installed on a desktop and required an IT professional to run and manage it, Cloud CRM now is offered over the internet, wherein, applications can be accessed as and when required through a browser. A third party service provider allows access to multiple users through a per seat subscription model for the service/application used, rather than licensing the software on their own. Two key benefits of Cloud CRM -

  • Ease of access as authorized users can use the application from anywhere.
  • Cuts down the tangible infrastructure and personnel cost and the intangible cost of saving time and effort of deploying and managing the systems.

The way a business is performing is intrinsically related to the economic conditions. Market sentiment plays a big role and affects every business, in a big or a small way. Markets are volatile in nature - they go through their bullish and bearish phases. During the buoyant phase, companies tend to look at more expansion ideas, implement their pending projects and have an overall confident approach. When sustainability is not really a matter of concern, achieving growth becomes the predominant factor.

However, it is during a slowing economy that corners are cut and concerns arise. Monitoring every deal and keeping a tight leash on expenses becomes increasingly important. Projects that require allocation of budget are classified according to requirement and importance and their implementation is time lined. But what still cannot be ignored is the need to grow and what becomes inexcusable is missing out on opportunities.

Cloud CRM along with being a technological advancement over conventional CRM models is a boon during a recession. When the economy is slowing down, cost management becomes extremely important for all businesses. With the evident deduction of various costs involved, Cloud CRM presents a perfect solution for companies who still wish to hold and maintain their market position. Since all the required applications can be rented out, reports can be generated and a close watch can be maintained over market and competition.

Small and medium businesses, freshly established endeavors are quite fragile and get affected by market conditions almost instantly. A dip in market will probably immediately reflect on their balance sheets. They on one hand cannot afford any extra expense, but on the other need to survive and be extra alert with competition. Cloud CRM saves them the cost and gives them the required information which enables them to hold on during difficult times.

When times are tough, the power of information becomes paramount. As opportunities get fewer, one cannot afford not having the required details, reports at the right time. Every meeting is crucial and lack of information is unaffordable. With the kind of accessibility to information that cloud CRM provides, this critical aspect can be taken care of. Since the applications can be accessed from anywhere through internet and do not require a dedicated set up, the authorized personnel can get the required details even if they come up as a last minute requirement.

Overall if we take a macro view of the economy, redundancy is unaffordable during recession times. Optimum utilization of resources and using the right information at the right time becomes critical. In Cloud CRM, with a third party implementation, only a single source needs maintenance and upkeep. The multiple users benefit out of the applications provided and can meet their requirements. This makes it an ideal resource utilization platform.

The utility of CRM solutions is unquestionable in today’s business environment. As the benefits keep rolling in, so will the advancements in technology. Cloud CRM, like all other concepts has been evolving and developing with increasing adoption. This evolution is assisted by understanding what becomes critical when markets fluctuate. In a slowing economy, CRM solutions can act as a market watchdog, alerting the organization about every possible available opportunity and strengthening systems within to keep a tighter control. Organizations can realize its full potential by exploiting the available resources to the maximum. This can help them sail through turbulent times; stabilize, and eventually strengthen their position in the market.