CRM: Growing to be a Billion Dollar Business in MEA
ERP systems have transformed the world of business, making it global while also retaining its potential to manage it like a local operation with real time information on the operations.
Over the past decade, the usage of ERP systems has altered the way people work, streamline and integrate operations and processes to synergize the resources of an organization. This transformation has indeed led to improved productivity, cost savings, and a much better bottom line. Since a large number of organizations have now recognized the power of technology, they are now looking at technology solutions which can bring even higher benefits to further boost their business prospects.
Improved internal efficiency has encouraged organizations to look a little deeper and aim at serving larger number of customers with relatively lower rise in operational costs and time. And they need better customer insights to achieve this. That’s where Customer Relationship Management (CRM) software comes into play. Implementing CRM software enables organizations to get a 360 degree view of the customer in real time.
Businesses have long known that it is 7 times more expensive to make the first sale to a new customer than to make an additional sale to a customer they’ve already got.
Here are some interesting stats around the CRM Market
- CRM Spend will increase to a $36.5B worldwide market by 2017
- IDC estimates CRM to be almost $500MN software in MEA in the next couple of years, growing at almost 12% CAGR
- The total market spend, including services, etc, can easily surpass $1BN
Business Opportunity for Resellers
From a reseller’s perspective, including CRM as part of the portfolio is attractive, because:
- It is the fastest growing segment within the business application software space
- It is relatively easier to justify the ROI to the customer
- Sales cycle for the solution set is smaller
- The complexity of deployment is significantly lower than an ERP project
- The technology infrastructure is also lesser as most of the CRM solutions are available on Cloud with the requisite data security in place
As organizations move on towards adopting CRM, what do you think the future will behold for the market? Post your thoughts in the comments below