CRM ARTICLE
The Role of CRM for Accountants – What’s Changing and What Will Stay the Same ?
SmallBizCRM Staff – February 2nd 2024
Prepare for a transformative journey in the realm of Customer Relationship Management (CRM) as it gears up for a paradigm shift. CRM is on the brink of significant changes, solidifying its role as an indispensable cornerstone in business operations. Fueled by the dynamic expectations of customers and an escalating focus on cutting-edge digital and mobile technologies, CRM is poised for unprecedented growth. In the following discussion, we delve into the unfolding landscape, unraveling the constants that accountants, navigating this evolving CRM terrain, can expect to encounter. Brace yourselves for a narrative that explores the compelling evolution of CRM and its unwavering importance in the business landscape.
The Winds of Change:
- Cloud-Based CRM Surge: The trajectory of CRM growth points to an upswing in the adoption of cloud-based systems. Major CRM providers such as Salesforce, Base, Box, and Freshsales are heavily investing in cloud technologies, promising a surge in the adoption of cloud-based CRM systems. Notably, the focus on marketing automation sets these providers apart.
- Digital and Mobile Focus: The digital era demands a greater emphasis on consumer-centric technologies within the CRM domain. Anticipate investments in predictive analytics, chatbots, and seamless integration with emerging technologies like blockchain. A paradigm shift towards ‘pull’ communication, enabling automated processes such as payments and invoicing, is on the horizon.
- Revolutionizing Interaction with CRM Systems: As technology evolves, expect CRM systems to move beyond traditional ‘push’ communication. A rise in ‘pull’ communication will see CRM systems triggering automated processes like payments and invoicing. Additionally, CRMs will play a crucial role in syncing various platforms, fostering collaboration between accounting, finance, and other key functions.
Technological Pioneers of Change:
The CRM industry, now valued at $1.1 trillion, is witnessing substantial investments from leading providers in groundbreaking technologies. Artificial intelligence, machine learning, and computer vision are taking center stage, empowering CRM systems to respond rapidly to customer interactions. This technological infusion aims to create more personalized customer experiences, fostering greater loyalty.
Moreover, CRM technologies are reshaping financial landscapes, aiding businesses in better budget management. Machine learning and analytics within CRM systems are generating actionable recommendations for optimal cost and expense management, consequently offering insights on revenue enhancement strategies.
Crystal Ball Gazing for Accounting with CRM:
As CRM systems ascend to greater indispensability, the focus will shift towards heightened adoption and meticulous management. While CRM providers invest in technologies streamlining costs, the adoption rate is projected to remain steady. However, a discernible shift from basic CRM use to more nuanced CRM management and cost savings strategies is expected.
With the increasing need for broader CRM adoption and cost-effectiveness, CRM providers are gearing up with technologies that facilitate seamless integration and budget management. Tools enabling businesses to monitor CRM usage and costs will play a pivotal role in shaping the future of CRM implementation strategies.
What Remains Unchanged?
In the midst of CRM’s exponential growth, projections indicate a continued upward trajectory. Research firm Gartner predicts a compound annual growth rate of 9.8% for CRM revenue through 2021. Simultaneously, CRM adoption is anticipated to maintain a steady course, with a projected CAGR of 7.5%. Currently, about 70% of businesses manage their CRM systems, affirming CRM’s status as a potent business driver and an integral facet of digital strategies.
The Final Verdict:
The role of CRM is destined to burgeon, fueled by evolving customer expectations, substantial investments in CRM technologies, and the embrace of innovative CRM solutions. While CRM adoption maintains its steady pace, the role of CRM will remain a constant force in the digital evolution of organizations. As CRM continues to be a linchpin in digital strategies, accountants are urged to stay abreast of emerging trends and actively implement CRM solutions to enhance overall business efficiency. The future is CRM-centric, and those who adapt stand poised for success in the ever-evolving digital landscape.