Where CRMs fall short

There was a great article in Information Week recently talking about how CIOs Aren’t Getting What They Need From CRM. What’s particularly interesting here is what it cites as the most negative parts of a CRM and why.

One of the lowest scoring areas for a CRM was partner management. Mainly because a CRM doesn’t have the data accuracy needed to perform these functions.

CRM doesn’t have the data accuracy needed to perform these functions.

Only portions of CRM data tend to be correct, usually just about the opportunity. Not about the actual customer, the specifics of the closed deal and other parts that are important to the management of the partnership.

It’s all too often, businesses celebrate the sales win, but don’t focus on what it takes to maintain that partner relationship for years to come.

If you had a system with correct data, it could result in future sales, upsells, prospective customers, etc. “Three quarters of respondents wanted to see improvements made in the quality of the data used in CRM.”

So what do we do about it? There’s a need for a true system of record for all your closed contracts and partnerships. This should not be the CRM. A CRM is a sales tool for your sales team. It is not a management tool. What we need is a contract and partner management tool.

Companies should run their businesses based on the terms they agreed to in an executed contract. This sounds basic, but because these terms are usually in lengthy, hard-to-read contracts, companies tend to revert back to something like a CRM that lists out key terms in an easy-to-read way.

Companies should run their businesses based on the terms they agreed to in an executed contract.

It would be reckless to run a business based on data a salesperson has entered into a CRM–that’s not what you are legally bound to. You should run your business based on the details from a contract that you have signed.

That’s why we built DealSafe. We have legally trained professionals extract terms from your contracts into a structured database. We then develop alerts and reminders at key points in your deal, and then take that data to kickoff the downstream workflows such as payments, invoicing, project management, customer success, reporting, analytics and more. We can even inject the clean data back into your CRM if you’d like.

Give us a ring, we’d love to tell you more.

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