It’s well known that companies managing customer relationships the best are more likely to win than those that don’t. This is why adoption of modern CRM systems has skyrocketed in recent years, even amongst SMEs that often lack the resources to adopt enterprise-style technologies.
A well-implemented CRM system can replace manual processes that create significant organisational inefficiencies. But CRM systems don’t just create efficiency by reducing the use of inefficient processes. You also need to bear in mind that CRM systems give companies the ability to move away from tools, like spreadsheets, that appear to be entirely functional but fall short in a variety of areas.
For the majority of companies, data is one of the most valuable strategic assets, and CRM systems house some of the most valuable data. Of course, data in and of itself is often of limited practical use; its real value comes from data analysis and visualisation tools. CRM platforms typically offer a variety of homegrown and third-party tools that enable companies to understand their CRM data and learn things about their customers that wouldn’t be possible otherwise.