Question

Through research, find an example of a company experiencing success in developing and using their CRM system. Find a company experiencing failure. Compare and contrast the differences in implementation of the two systems.

Answer 1

Wells Fargo has successfully used CRM to integrate information of their to million customers. They are one of the four largest banks of USA. The bank is well aware that its customers use multiple banks. They provide customers a seamless experience and also remain connected with customers through social media. Well, Fargo created an agile work environment by removing layers and having dedicated resources. They provide wholesale banking services in Boston and use CRM to identify the customers to focus on and use digital retargeting to reach them across multiple platforms. Wholesale banking represents 33% of total revenue and 49 % of net income.

CRM helped to schedule a 79% increase in the scheduling of meetings between relationship management and clients. There CRM initiatives helped to serve B2B clients and increase business. CRM helped to create value for customers where required, it helped to initiate changes and become more agile. Lastly, it helped to focus on the diversity of the client and create a business which is inclusive and targets the multicultural clients.

The CRM failure was seen in Woolworth Australia, they transitioned from a 30-year-old in-house SAP program. The biggest crisis they faced was the inability to generate the profit and loss store made for individual stores. The report could not be generated for 18 months which store managers normally received every week. The problem lay in the data collection. The main problem arose because of the managements inability to understand and adapt their in-house processes. The day to day business processes was not properly recorded as team members left and the CRM took 6 years to implement institutional data was lost. They did not have dedicated resources or manpower to implement the system

The key differences in Well Fargo implementation and Woolworth implementation was the inability to adapt to changing requirements. Woolworth did not allocate dedicated resources and manpower for the CRM process. Woolworth assigned it to part-time employees. They did not collect information or focus on the processes as was successfully done by Wells Fargo.

To conclude the success of CRM depends on the dedication and involvement of the top management, ability to adapt and transition in the processes, assigning dedicated manpower and resources for the transition and implementation.