CRM’s are a vital part of doing business across almost every sector.
However, despite the importance of these systems, they’re also prone to high
failure rates, as high as 90% according to an article by Harvard
Business Review. The question is “Why?”
The easiest way to begin understanding why CRM systems fail is to
study some of the most prominent examples and take lessons from them.
Dow Chemicals: A lack of clarity
Dow Chemicals, one of the three largest chemical companies in the
world, released a CRM in 1996. A seemingly smart business move, the project
soon collapsed. The autopsy revealed that the company’s internal procedures
were ill-defined and therefore confusing to many staff, additionally, the
company failed to support remote workers as they grappled with the problem. Dow
addressed the issues by scaling down its CRM, creating a smaller system, with
fewer projects under management, allowing for tighter control and monitoring.
British Airways: Poorly designed and over budget
Where to start? British Airways has long been plagued by problematic
systems. In 2001, the company launched the Oracle-based Ocean Wave CRM; the
launch dragged out over two years due to technical issues. The data structure
was not designed with analytical purposes in mind and extracting useful
insights was incredibly challenging. The structural problems slowed down
analytical work and the staff required long training periods to overcome the
system’s shortcomings. The system was renowned for being slow and cumbersome.
Finally, the data itself was of low quality, resulting in the analytical teams
questioning the very utility of their work.
Blackberry: Collapsing communications and system outages
One of the most public tech collapses in history was Blackberry’s
fall from grace. In 2011, the company’s bad decisions and management regarding
their CRM systems led to consumers losing email and Blackberry Messenger
services. This huge issue was compounded by the lack of a response to their
customers and social media was flooded with complaints and high-level
executives seeking answers. The company failed to respond via the CRM and their
reputation tanked, further exacerbating the pressures they were facing from
Apple at the time. The rest is history.
FX Back Office’s powerful tools
Contemporary CRMs offer countless possibilities for companies that
can embrace their full potential. It’s vital to work with a specialist CRM
developer to avoid costly mistakes and overruns in terms of time and budget,
these are complex, powerful systems. A modern CRM is an incredible tool, but
only dedicated designers can create a CRM that will leverage the full power of
a fully-integrated system. FX
Back Office can provide bespoke solutions designed to address exactly what forex
brokers need.
Modular, bespoke systems
Because CRMs offer so many options and serve multiple departments
and their needs, there is a risk that they become bloated and impossible to
manage. FX Back Office’s team is experienced in creating tailored solutions,
the system is also modular, allowing companies to directly control and specify
what their forex CRM will do, and how. As a result, individual parts of an
organization can request systems designed to directly address their needs. Sales
teams can target potential clients through marketing campaigns, KYC and other
registration documents can be securely stored and managed with notifications
automatically sent when documents are nearing their expiration date. IB commissions
can be tailored to your company’s needs and deposits, withdrawals and transfers
can all take place within the CRM. Whatever it is your company needs, we can
deliver.
Benefit from best-in-class software integrations
With the ever-increasing demands customers are placing on their
CRMs, there’s no way one company can create every solution. Many of the
problems faced by CRM designers and the companies they’re working for is that
they’re being asked to create systems that aren’t their specialty. Our approach
was to design a system that is able to integrate with third-party software
created by expert companies around the world. From VoIP platforms to specialist
KYC software, FX Back Office’s CRM takes specialist or niche software from
leading companies and integrates into our systems, allowing forex companies to
benefit from industry-leading software and solutions across a wide range of
applications alongside our own industry-leading systems.
Boost your revenue
A CRM is nothing more than a tool to make money. It’s that simple.
Thanks to our modular, integrated approach, we can offer you
solutions to a wide range of challenges. We can help marketing teams deliver
their messages to targeted clients, or conduct mass campaigns, and we can then
assist sales teams in contacting prospects and present them with a simple,
safe, and clear process by which they can come on board all backed up by
bespoke messaging and client management systems.
At every stage of development FX Back Office’s mission is clear: We
create systems that either directly support companies’ efforts at finding new
business, or that allow companies to manage existing clients and their
requirements quickly and efficiently, thereby saving you time and money.
There’s no bloat, there are no overly complex procedures. It’s
simple, clean and straight to the point.
We’re creating the future of Forex CRM systems, request a demo today
to take your next step.