Customer relationship management (CRM) systems have been designed to help companies improve relationships with existing customers, identify prospective customers, and reestablish connections with former customers. The features and capabilities of CRM systems are specifically designed in order to make relationship management seamless and easy, so why would a company choose not to utilize the features specifically designed to make their life easier and improve their business?
Within highly regulated industries such as Healthcare, Life Sciences, and Financial Services compliance is always a huge concern. Companies within these industries can face fines and legal repercussions for something that is said on their internal CRM, which is why many companies are apprehensive about allowing their employees to collaborate freely. However, investing time and money to implement a CRM system and then choosing not to utilize the features isn’t the best way to get the most out of your CRM investment or to build lasting relationships with customers.
The concern around enabling the rich elements of a CRM system is a result of the human element. It is impossible to predict what employees and customers are going to say which can be very concerning. Instead of cutting back or completely eliminating the capabilities provided by a CRM system, consider adjusting the human element part of the equation instead. Internal CRM compliance solutions are designed to allow a free flow of collaboration to take place while simultaneously monitoring all interactions to ensure a violation will be caught and remediated before it leads to legal repercussions. Here are a three ways your company will be able to improve their CRM by safeguarding the human element instead of limiting the features of their CRM system:
1. Free text notes within a logged call: When engaging with customers, it is very common to include details about the conversation within a CRM system via call notes. Call notes can contain information about company buying cycle, key stakeholders, and other pertinent information discovered during a conversation with a customer. By eliminating free text and limiting call notes to a pre-determined pick list, your company loses a lot of the value that the call note functionality provides. Using a pick list method causes the call note to lack any real detail and could read something like "Change in management. Follow up again in Q3." Allowing a compliance solution to empower the use of free text, this call note could contain a lot more information about the call such as specific names and comments made on the call. The more details captured within a CRM, the more likely a company is to be able to use the valuable knowledge gained during a call to make a sale and develop a lasting relationship.
2. Communities: Communities is a feature within CRM systems where company personnel can engage with internal and external stakeholders including employees, customers, and partners. Communities allow companies to share information and collaborate as well as provide a central location for customers to ask questions and get answers. It is not uncommon for companies to completely turn off this feature due to concerns about what will be said on such a widely available and public platform. With a compliance solution monitoring the human element of a community, companies can focus on the benefits such as reduced costs associated with product support, instead of being concerned about what is being said through these interactions.
3. Intercompany Communication Tools such as Chatter: Intercompany communication tools such as Chatter can be extremely beneficial for companies to share news, events, and resources. It provides the opportunity for employees to connect with colleagues across departments and geographical regions. Internal communication platforms encourage employee collaboration and the sharing of information which is usually a goal for companies, so why does it make sense to turn this feature off? A CRM monitoring solution can run transparently in the background which will allow employees to collaborate without interference, but will also allow your company to ensure the exchanges are compliant.
A customer relationship management system is an extremely powerful tool for any company regardless of the industry. It is important to take the time to learn how to utilize all the capabilities your CRM provides and gain an understanding of how it can improve your business. Just because compliance is a hurdle doesn’t mean there aren’t ways to overcome it. Don’t wait, unlock the power of your CRM.
If you would like more information on internal CRM compliance, take a look at how we integrate with Salesforce and Veeva.