While many businesses believe their IT department can handle CRM transformations, there are better choices than this. Relying solely on an internal IT team can present several challenges. 

Despite undergoing digital transformation, studies show that around 70 percent of CRM projects fail due to a combination of factors, including poor planning, lack of clear objectives, insufficient user adoption, and inadequate change management. They may also be stretched thin with multiple responsibilities, leading to potential delays and oversight in the CRM transformation process. 

IT teams might also approach implementation from a purely technical standpoint, which increases the risk of missing the opportunity to align the CRM with broader business objectives and customer experience strategies. 

Fortunately, expert advisory services, such as Business Transformation Services at Simplus, can navigate this sometimes complicated process with resources and specialized knowledge and offer a holistic approach that includes comprehensive planning, risk management, optimized customization, and future scalability. 

But you need the correct information to get the advisory support you need. You need to understand the services available to your financial services organization to ensure you acquire the transformative innovation your business needs. 

Here are six of the most common myths some financial services organizations may believe about advisory services such as BTS. 

 

“Our industry is too unique for external advisors to understand.”

Reality: Although your teams are experts at the company’s operations, reputable consulting services provide expertise in several industries, including finance. By working closely with stakeholders and management teams, they can customize CRM solutions to match the particular demands and regulatory constraints of financial institutions and bring a wealth of industry-specific experience. 

 

“Advisory services will disrupt our current operations.”

Reality: Hey, we’re not going to lie–digital transformation impacts teams in various ways. “When you consider that nearly every employee depends on customer information to perform their jobs correctly, the true impact becomes apparent,” said Salesforce.org experts. 

Now add in the double whammy of new digital and social features that made you select this product in the first place. You’ll need the buy-in and participation of everyone who interacts with customers directly and those who use customer data during their work.

Advisors try to cause as little interruption as possible by collaborating closely with internal teams, scheduling deployments around business cycles, and guaranteeing a seamless transition. They intend to include the CRM system in a way that facilitates continuous operations instead of impeding them. 

 

“We can achieve the same results with in-house resources.”

Reality: Although in-house teams could possess insightful knowledge, they might not have the particular knowledge and experience that consulting services provide. Advisors can use cutting-edge techniques and best practices to accomplish projects more quickly and effectively. 

 

“Using advisory services means a one-size-fits-all approach.”

Reality: Well-designed consulting services tailor their strategy to the particular requirements of the financial institution. Since every company has different demands, they customize the CRM installation to meet those needs. 

 

“CRMs are only about managing customer information.”

Reality: Modern CRMs offer much more, including advanced analytics, automated workflows, and integration with other financial tools and systems. Our BTS advisors can help leverage these features to improve overall business processes and customer engagement.

 

“Once the CRM is implemented, our relationship with the advisors ends.”

Reality: The Simplus BTS advisory services team provides flexible, ongoing support to ensure CRM functionality, change management, and other project management tasks continue to meet evolving business needs. They can assist with training, updates, and adjustments to maximize the CRM’s long-term value.

Don’t fall for the myths surrounding CRM implementation. The truth is, Simplus BTS advisory services are an intelligent choice for financial services CRM projects. By overcoming common challenges such as poor planning and inadequate user adoption, Simplus’s unique BTS advisory services significantly increase the likelihood of a successful CRM implementation. 

Trusting proven methodologies ensures that financial institutions can achieve their CRM goals efficiently and effectively for sustained growth and improved customer satisfaction.