Why Firms Should Get Everyone (Or At Least Most) Team Members On The CRM

Choosing the right technology to meet your firm’s immediate needs and long-term goals will not only streamline operations today but will position your firm to take on future challenges and flourish in an ever more competitive environment.

Your firm is like no other and your technology should be flexible enough to accommodate and improve your unique business processes. In the long run, technology will make new levels of efficiency and transparency available, and provide a way to differentiate your firm from the competition.

With executive sponsorship, company-wide buy-in, a strategic approach, and a collaborative round of testing and optimizing, you can be up and running with more transparency and efficiency than ever before.

Firm-Wide Effort

A data transformation takes firm-wide effort and a well-thought-out strategy. But once you are underway, you’ll quickly see your investment pay off.

  1. Drive the Implementation in the Right Direction

Software implementations of any type require planning, technical setup, training, and change management. None of this can be done effectively without proper buy-in from all levels of the organization.

Without the right people backing your decisions and driving the implementation in the right direction, even an ideal software solution can fall flat and wind up being a waste of time and money.

Having executive sponsorship is critical to a successful software implementation.

Executive sponsorship means a senior-level executive is responsible for the business success of a project. Usually, there is a small team of people in charge of making the decisions on whether or not to purchase a new technology solution. This can be troubling since implementing new software, like a CRM, will have lasting impacts on almost everyone in the business.

An executive sponsor on the software implementation team significantly increases a project’s likelihood of success. It helps ensure that the software is being set up in a way that will support business needs at a higher level of the organization. Plus, the sponsor should prove to be a valuable technology advocate for the rest of the firm.

  1. Increased Transparency & Visibility with LPs

Sharing information with Limited Partners often involves multiple phone calls and emails. Not only are these traditional communication methods slow, but they also don’t offer the kind of transparency Limited Partners require. Today’s solutions often include an investor portal that empowers Limited Partners to find the information they need quickly, easily, and efficiently. A robust investor portal will allow firms issuing documents in a secure platform to request signatures, track and manage documents, and see who has already viewed the document.

  1. Quicker Knowledge Exchange

Many firms have the information they need to be stored in siloed systems. Logging into and transferring information from various locations slows productivity and even increases human error if not checked properly. 

Today’s solutions are designed to work with one another—either within one solution or through a third-party integration that connects to other solutions. Private Equity firms can enjoy a faster, more efficient process when connected to important systems such as data and analytics reporting, financial accounting, investor relations, customer relationship management, and portfolio management.