CRM software is becoming one of the most popular additions to small and medium businesses today. Most people today know that CRM stands for Customer Relationship Management. But what does that really mean? Managing customers?
Unstructured data
Most companies have systems in place to manage structured data. Accounting, Time and Billing, Job Costing and Manufacturing are examples of systems designed around specific processes with structured inputs and outputs. But Merrill Lynch and IBM Research have estimated that over 80% of all business information exists in Unstructured data. This is everything from personal spreadsheets to hand written notebooks to what’s in your head. Unstructured information by its nature is hard to share, search or analyze since there is no map telling us what and where the data is.
My interpretation of a CRM system is a repository for unstructured data related to customers. All those notes, spreadsheets, and Word docs have a home. Tools that bring in industry information from news sources, mine public databases for staffing and integrate social media around your customer exist to enhance your company’s own knowledge. They can all be brought into a single place and organized around a single relationship: the customer.
But many CRM systems go beyond just the customer, Microsoft has coined the term xRM for their CRM platform; the X meaning Any Relationship Management. So now we have a place to store any type of knowledge as long as we can make at least one relationship to a common element. This could be Employee Relationship Management, or Vendor Relationship Management, Building Relationship Management. The list can be as creative as you want.
Connecting all data
So for me a true CRM system is a knowledge center for unstructured information around a single common element. The fun begins when we connect both structured and unstructured data together. Connect Accounting to CRM; now we know everything about a customer. How much they owe and industry data on a downturn in their segment. Time to tighten your credit policy? This can be extremely powerful when you can properly analyze the data. Wouldn’t it be a great surprise if you had a discussion with a customer about a new product they had just announced and at the same time tell them you can supply the raw materials they need before they even ask?
Gravity Software® (Gravity) is the only accounting application written on the Microsoft Power Platform (aka Dynamics 365 CRM). Structured and Unstructured knowledge in one place, empowering your organization. Learn more and schedule your online demo today. In the meantime, enjoy Gravity Software and Microsoft CRM's Integration video below. My business is connected. Is yours?
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