Industry-Specific CRM: Does It Play a Critical Role?
Nowadays companies of different sizes try to enhance their productivity by reducing cost, improving employee efficiency, and increasing profits. In most cases, Customer Relationship Management solution is an answer to this challenge. As CRM platforms become more simplified, and competition among them is rather intense, the only way the product can be differentiated is to go vertical.
Between the diversity of platforms, each consists of distinct benefits that are specific to your company. For example, in real estate business, you require CRM to track not only client contact information but also an additional data: properties, stacking plans, leases, etc. So how to determine which solution fits your company needs? Let’s outline the main advantages why do you need an industry-specific CRM, which one to choose in today’s market and how it may better serve your business.
When you decide to go for a new CRM solution, you should also think about its adaptation period within the company. You might have to think to organize some meetings and online training for your employees to drive into the process faster. You can even invite a pro-techs and have some classes face-to-face. But all of these require some additional costs. When you get industry-specific CRM platform, the process of adaptation might be easier, because your employees are more familiar with the systems, so it should take less time of implementation the software into working process.
Standardization of Business Processes
Nowadays, you can find vertical platforms in different types of industries. Sometimes, those solutions might be more expensive, but usually include built-in workflow processes, rules, and best practices for the particular needs of your company. These systems are full of functionality specific to your industry, and you are not required of wide customization. If you are business-oriented, want to improve your sales effectiveness, manage contacts efficiently and satisfy your customers, then going vertical is a great option for you.
Strict Regulatory Compliance
Today there are many businesses, which hold a sensitive amount of customer data. If you fall into this category, then it is time to think about industry-specific CRM. It can help you to handle the security concerns and trade information under your industry’s regulations due to the distinctive design, that identify how you can store and access data and business information.
Banking business and healthcare, for example, incur unique controls concerning content and client communications as well, as the security of customers’ data due to the restricted employees’ access to the database. Utilizing an industry-specific CRM into banking will help you to reduce sales turnaround processes.With healthcare, you can easily manage more patients, while improving administration. The workflow engine controls the work of your staff, as well as sends out the appointment notifications, birthdays cards and bills for services to your clients.
Integration with Industry-Specific platforms
CRM solutions are mostly customizable, but you can win from choosing software that was developed for your business. Logistics, Banking, Government, Engineering, Media, Travel, Insurance industries, etc., all of them can find their salvation of improvement among the variety of CRM platforms.
For example, financial companies prefer implementation and migration to the following platforms as Salesforce, SugarCRM or Zoho. In logistics, you may take advantage of Bitrix24 or Insightly. Instead of maintaining two sets of data for each application, industry-specific CRM will provide you with better visibility for the sales department as well, as save time.
Vertical CRM products are great options for the companies with a high level of industry specificity. You can consider it if you are thinking about increasing your productivity, functionality, and profitability. It may help to automate special internal processes and open up more opportunities. If you need a CRM solution that is built from the ground up according to the way you do business, then going vertical is a good choice.
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