CRM’s in 2011 – What the Market needs?
CRM applications have traditionally helped in issue tracking, tasks management, accounts management and have all their product feature appreciations over the decade. All such enhancements have addressed feature extensions and few rare cases of interops with other applications. In today’s scenario the CRM features are being looked at from multiple perspectives with the advent of newer engagement models and transaction channels. The market does have its share of feature packed systems but features have only looked at addressing the legacy use cases and have not looked at widening the visions over next generation market needs and emerging solution areas. With a late awakening we now see an activity spree in the market that does signal that product companies are trying to make the most, by way of new pursuits and with a load of investments.
Here we take a look at ‘What the market needs today?’, the product stacks prescribed by analysts and how they hold good against the needs.
Gartner in its MQ for 2010 lists the following set of product companies.
Leaders & Challengers per GMQ 2010
Lets see what are the overall Gaps that are abound in these products with regards to the realities and engagements of today and tomorrow.
1. Integrated E-Support:
With high levels of adoption over self service modules and real-time on-line support systems growing in demand, many CRM’s in the market have not the ability to provide an integrated E-Support Module. E-Support will be the set of functions or features that will help in rendering real time support that will be part of the CRM, i.e., an extension. The functionalities does not end with ‘Incident Tracking’, ‘Data Captures’ and ‘Account details’ but goes on to provide a real time engagement console with the transactions being recorded. Features like ‘Create my Case’, ‘Chat now’, ‘Click to Call’, etc are opportunities to be pursued by CRM companies. There however has been few market leaders who have built capabilities on these lines but much of the market needs here remains to be addressed.
2. Process Automations & Management:
Every Product TAC, Sales & Marketing Teams, Engineering & Design Teams, and almost all the functional arms of any product company plays host to a wide variety of processes and procedures around the tracked CRM entries. There are numerous processes that are covered manually with the reports that are extracted from the CRM databases. CRM here typically functions as a storehouse of data and performs case captures, beyond that all processes are manually managed by the varied functional units within and organization. They have Excel based macros that process data outside CRM, they have audit screens done over third party applications, they utilize web based tools to automate other process and work-flows complimenting the data capture done by the ‘expensive’ CRM.
Here is an opportunity to fill the Gap and make available process / work-flow management functionality as part of the CRM to position product as a market differentiator.
3. Social Web Interoperability:
The last couple of years have seen the emergence of Social media, with direct identification of the individual profiles and engagements globally, this new medium demanded immediate attention from all of the enterprises and corporations. In the wake of Facebook, Twitter, third party forums & wikis, Collaboration platforms, there was an immediate need to listen, manage, engage, analyze these data streams that are out there. The negative impact that can be caused due to mis-management of this medium with its virality over comments and posts posed a very high risk proposition. Many CRM’s today fall absolutely short of capabilities to address this widening gap, however there are a few market leaders who have in the past months frantically went on an Acquisition spree or a partnership spree to add this strength. Salesforce & Raidan over Service Cloud 3, Lithium acquisition of Scoutlabs are few of the attempts made to address this gap.
4. Social Analytics:
With much said and more done over Social media on providing tools capable of listening, capturing, monitoring, engaging of conversation over the Social Web and third party portals and forums, there emerges the strong need to analyze these in line with the few key business cases and identify, get insight, pursue opportunities, [Social Media Analytics features]. This key feature set is not offered by many in the market. There are only a few product based solutions that currently have tried to build capability here, this area is yet to evolve and the critical aspect of providing Business Intelligence over Social Media is an open opportunity for all the CRM’s out there. With the complexities and lack of analytical cases to pursue and render value there is whole lot of ideation and product features that sprout here with no comprehensive solutions. Again a very strong opportunity for CRM product manufacturers to set their pursuit on.
5. Data Reporting & Analytics:
Much of the CRM’s data reporting revolves around volume driven reporting and rule engine based reporting. Across all the CRM’s that are being adopted there exists a huge gap over data analytics and advanced reporting. We have modules on CRM today that provide the advanced users the ability to query the backend data stacks to procure reports and a very low level slice and dice capability. This gap here to run Analytics and Engineer Insightful details is a Grey area. Although the reporting capabilities have matured, the gaps are huge and every CRM user community over all the product pursue a separate MIS and Data analyst functions outside the CRM process. The market will lap up opportunities here and this can be a huge market differentiator for CRM product companies if they address this glaring gap.
6. Integrated Knowledge Solutions:
Based on an analysis performed over enterprise technical support customers, I could see exponentially at least 15% of customers demanding DIY kits – Self help systems for them to drill down into the solutions. There is also the tremendous gap between the product and its relative documentation that can be ‘called upon’ even by agents who work on incidents and tickets. Both for the customer to assist in better adoption of service or product and for the engagement teams to arrive at a solution to help in better and quicker closure the backend process of Knowledge creation, management, references, knowledge pushing, archiving, etc., remains much to be desired even with the market leaders and the challengers. Solutions over this can be a tremendous value.
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