MyCRM Weekly News Round up

Hi and we are back, with the latest rollup of CRM news articles that has been doing the rounds this week
Our first article this week is from Dynamics Business gives the 7 points of why you need a CRM system and covers some very good points, see below
We then follow on with a compelling article about Software subscriptions from Search CRM which being a provider of subscription based software made interesting reading, and finally this time we are looking at an article from Tech Radar.
When a company really needs CRM
When a business first starts operating time and money can be short and all hands really do need to be on deck. In those early days, things often get done any way they can, but how long can that effectively last?
A Customer Relationship Management (CRM) application can really make a difference in managing critical customer information and streamlining everything.  
Here are a few signs that a company really needs to consider CRM.
·         Multiple information sources. Having information in multiple systems and a general air of disorganisation can impact customer service and employee productivity. Everyone should have the same single view of customer history.
·         Tedious reporting. Getting business data and pulling reports is never fun, but it shouldn’t be painful. With CRM, it becomes a lot easier to see sales forecasts, business data and performance reports
·         Data loss. If there isn’t a single source of information, then there is no question that data is being lost.  This can cost time and money. Make sure that data is kept safe and secure, no matter who is working.
·         One-size-fits-all approach to customers. Not all customers are created equal. Targeted marketing and savvy sales approaches can drastically improve the bottom line. A good CRM platform can help to ensure this happens. 
·         Hardly any visibility. As the company grows, it can become more difficult to gain insight into customer interactions and outcomes. It is important to understand exactly how the team is performing.
A good CRM application really is necessary for any growing business. It helps to maintain critical customer information and provides a more detailed and insightful look at the business as a whole.
Source:
http://www.dynamicbusiness.com.au/sponsored/seven-signs-you-really-need-crm-18032014.html
Do CRM software subscriptions make sense?
In recent news, several CRM companies are reporting significant revenue coming from subscription models, but do these really make sense for the average small- to medium-sized business?
In short, the answer is yes.  Lots of companies can benefit from the CRM subscription model because it is a cost-effective way to deliver solutions to their customers.
Using a subscription model allows companies to gather customer use, billing information, and feedback data, to name a few, all of which can be used to identify trends and patterns, ultimately resulting in happier customers.  Everyone knows that happy customers lead to money in the bank.
The secret to succeeding with the CRM subscription model is to make sure that the business also develops metrics to gauge progress and performance.  Essentially, these can be used in analytics to determine negative situations that could potentially affect the revenue stream.  Such metrics allow managers to see how staff is performing, which customers might need help, and can ultimately prevent customers from becoming frustrated.  
Thanks in part to technology, instant gratification is a huge factor in today’s society, which means that subscriptions have begun to permeate the CRM culture.  Consumers now expect a certain level of service, and the flexibility and accessibility of a subscription model definitely affords that.  Many vendors who do not offer subscription-based CRM solutions may find that they are at a disadvantage.
As the CRM subscription model becomes even more prevalent, the business world will likely see big players such as Microsoft making a more aggressive push into this new arena.
Sources:
http://searchcrm.techtarget.com/podcast/CRM-software-subscription-models-Do-they-make-sense
http://cdn.ttgtmedia.com/rms/editorial/sCRM-Subscriptions-Pombriant-031014.mp3
http://searchexchange.techtarget.com/news/2240178709/Microsoft-continues-subscription-push-with-new-Office-365-versions
MDM essential to CRM optimisation
According to a recent study by research firm Gartner, master data management (MDM) plays an integral role in the success or failure of customer relationship management (CRM).
In order to successfully interact and serve customers, businesses need to know their customers. CRM has been an effective tool for doing accomplishing this task.  However, before switching to a CRM platform, many organisations store their data in several different places.  MDM helps to check for duplicated information during integration.  It is only after the possibility of duplicates has been eradicated that businesses can truly understand their clients.
MDM is basically a large-scale approach, and it will likely become critical to businesses in the very near future.  In conjunction with a CRM platform, MDM will provide a multichannel view of customer activity and employee performance, and it will open a whole new realm of possibilities for improved marketing, sales, e-commerce and customer service.
The research also suggests that any company operating without MDM between now and 2017 will likely get misleading results that could aggravate customers, resulting in a reduction of 25 per cent in potential gains.  In essence, not having MDM means a very low bottom line.
In the last few years, overall IT spending has been overshadowed by CRM software sales, which means CRM leaders must start to consider the importance of MDM and its benefits and make it part of their strategy.
Source: http://www.techradar.com/us/news/world-of-tech/management/master-data-management-vital-to-crm-optimisation-1226759
 
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