It comes as no surprise that CRM is now at the heart of many growing businesses, and this is reflected in how the CRM industry continues to grow at an impressive rate. For example, did you know that the CRM market is expected to reach $113.46 billion by 2027 (Fortune Business Insights, 2020)? What’s more, 87% of CRM systems are expected to be deployed in the cloud in 2021 compared to 12% in 2020 (Market Research Future, 2020)!
Whilst we know that CRM is fundamentally designed to help you manage your customer, prospect and supplier relationships, understanding the ins and outs as well as the trends in the CRM industry can help you leverage these factors when embarking on your digitalisation journey. But remember – not all CRM software is created equal or has all the answers. What works for one company may not necessarily work for yours. The key is understanding what your business goals and challenges are, how technology can help improve your business operations and be aware of any potential obstacles along your decision making process. Only then can you decide which CRM – and indeed technology solution – is best for your business. And even after that, your CRM tool will only be effective if it is used properly and you have a high user buy-in rate.
We’ve highlighted some interesting statistics that may help you understand how CRM has benefited businesses as well as what the challenges are. Being aware of both sides of the coin – the benefits as well as the challenges – will help you decide what’s best for you, including choice of software, customisation options, deployment methods and ongoing support.