Integrated CRM and Finance Solutions
Is there any real value in implementing an integrated Finance and CRM solution?
Carrying out some form of accounting has been seen as a must by many businesses for manyyears. However, the majority of organisations now use some form of software to record financial transactions, update ledgers, produce invoices and financial reports rather than performing manual book keeping.
In the same way that book keeping has moved from being a manual process to one which uses accounting software, CRM systems have also moved from being a nice to have to being an essential component in ensuring the future success of a company.
But although both CRM and Financial Software solutions add value in their own right, is there any real advantage to having a fully integrated solution?
Why Businesses Use Finance Software
Finance software makes the back office functions quicker, more reliable and more accurate. It also gives organisations a whole raft of new tools which can help them to generate reports and gain a deeper understanding of what is happening within their business. What's more having accurate and timely financial information enables staff to make more informed business decisions.
Why Businesses Use Customer Relationship Management Software
Essentially, CRM systems make the front office functions of a business more efficient and effective. By providing a single source of reliable, accurate and timely data, and combining it with powerful tools and features to manage workflow and automate many day to day tasks, CRM systems reduce duplication of effort, save time and enable detailed analysis of sales, marketing and customer service activity. What's more, they provide a clear, informed insight into what is happening within a company, helping users forecast, adjust and plan strategically for the future.
The Difference between Front and Back-Office Systems
Finance and CRM Systems have traditionally taken a different approach in the way they operate. Financial systems are generally quantitative in nature, with users arguably seeing customers as just a line in the sales ledger. CRM systems on the other hand are more about the customer interactions.
Although both front and back office functions will have knowledge about a customer, the information they have may differ slightly. Essentially, through running two different systems- one controlling front office functions and one controlling back office functions, the organisation will be working from two parallel, separate sets of customer data. This can therefore result in a massive gap between the data held in the finance and CRM systems, which has the potential to cause significant problems within an organisation.
So what are the benefits of a fully integrated solution?
Integrated solutions link the front and back office functions of an organisation, providing a full view of customer and sales value. What's more, procedural hurdles between departments are significantly reduced as staff have a more comprehensive view of the customers from the centralised source of information. In addition the integrated solution reduces duplication of effort and the occurrence of error.
Essentially the integrated solution enables organisations to make informed decisions quickly. What's more, the level of staff knowledge and ultimately the level of customer service delivered will be improved which will impact on the number of loyal customers and ultimately profitability.
Implementing an Integrated solution
Concentrix takes a product agnostic approach to implementing integrated solutions and supply both Microsoft Dynamics NAV and Sage 200 Suite. This approach ensures that you get a solution which matches the precise needs of your company.
For more help, advice or more information about Microsoft Dynamics NAV or Sage 200, contact Concentrix on 01509 410500 or email info@concentrix.co.uk.