In a new article for Information Week’s Wallstreet & Technology section, Alok Misra of the Navatar Group explores the advantages of a vertical cloud CRM solution for registered investment advisers.
This is an interesting article and I recommend reading it.
This is Why:
Vertical Cloud is the Solution the CRM Woes of RIAs
Misra says that on-premises CRM providers offer their product at a large cost upfront and leave RIAs to act as makeshift CRM mechanics, having to sort through many of the issues themselves. Horizontal cloud providers eliminate a lot of these issues, but their generalized approach isn’t always suitable. Misra’s article suggests that the vertical cloud is the solution to the CRM woes of RIAs.
Vertical cloud CRM differs from the more traditional horizontal cloud solution in terms of its specialization. The horizontal cloud model offers a one-size-fits-all solution for CRM. The advantage of the horizontal cloud is that it is widely applicable and appeals to a large audience.
Vertical Cloud Responds to the Needs of Specific Markets
In contrast, the vertical cloud is designed to respond to the needs of a certain niche market. While vertical CRM may not appeal to as many potential customers, its advantage lies in the specialized service it provides, responding to the specific needs of businesses in a niche field.
The article details how a vertical cloud solution finally provides RIAs, who have struggled to find the right CRM solution in the past, with feasible and efficient CRM that meets their needs. However, Misra’s insights about vertical cloud CRM are applicable to a lot more than just RIAs.
Trends Indicate that Vertical Cloud is the CRM Solution, Looking Forward
Misra’s article identifies a larger trend that is pointing toward the vertical cloud as the CRM solution of the future. Already 15% of businesses have replaced on-premises providers with cloud or SaaS solutions, and 24% use SaaS to supplement their solutions. These numbers will only increase in the future.
The on-premises model fails to meet the needs of the business it is supposed to be helping, as more often than not the customer is left to do the majority of CRM work after paying a large fee upfront. As an alternative, the vertical cloud responds to the specific needs of the niche business, providing a level of service that cannot be matched by other outdated methods.
It is Integral to Find a CRM Vendor, Whose Interests Align with Your Business
Misra also identifies the need for the aims of CRM solutions to be aligned with those of the business they are supposed to be helping. While this does tie in to the earlier point about the trending shift toward the vertical cloud, it’s important to think about choosing the best option for your business. Misra urges the importance for businesses of finding a “CRM vendor whose interests are aligned with their own — a.k.a. a vertical cloud CRM provider.”
Studies over the last ten years have shown that 25-60% of CRM projects don’t meet expectations. Outdated methods just aren’t working. The vertical cloud is a great way to start seeing the results you want from CRM.
Even after recognizing the CRM benefits that vertical cloud providers can offer, making the switch can seem daunting. This article by Sarah Lahav of SysAid is a great tool to help guide you through the process of transitioning to the cloud.
I really enjoyed this insightful article, which explains that making the switch to a vertical cloud provider is a great way to get the most out of your CRM.