Whether your organization spans the globe or just hopes to someday, the top priorities of any business tend to look something like this: Grow revenue and market share, turn up the efficiency and productivity dials, and shrink risk as much as possible.
Organizations that faithfully execute on the above goals tend to thrive. But, especially when you are global or on that trajectory, there are also growing pains to consider. The bigger your organization gets, the more disconnected your people (and tools and processes) become.
Luckily for you, you’re doing business during the digital age, when new tech, like enterprise relationship management, can not only ease this pain, but help your business grow even faster.
Commonly referred to as ERMs, enterprise relationship management platforms analyze data (and automate it, in Introhive’s case) to give organizations a better understanding of their business relationships.
A good ERM platform works in tandem with your existing, and potentially divergent, tech stack. So, not only is it a balm for global business growing pains, but it also supports growth, cost reduction and risk management.
The way I see it, there are a whole host of ERM benefits, but these top four are what really make this new technology a must-have for global organizations looking to stay ahead of the competition.
Related Reading: Relationship Intelligence is the Digital Age Competitive Advantage
1. Enhance account planning and relationship prioritization
When it comes to identifying which industries and accounts it makes the most sense to pursue at any given time or in any given region, or which current clients your teams to put more focus on, ERM is a massive help.
Introhive, for example, uses relationship intelligence and relationship mapping for global business to instantly deliver a bird’s eye view of your organization’s network, which helps you gain referrals and introductions, open doors, cross-sell, upsell and strategize.
In fact, armed with an ERM tool like Introhive, organizations of all types and sizes are uncovering hundreds of thousands of undocumented relationships and adding thousands of contact records to their customer relationship management (CRM) systems. Plus, because it’s all automatic, they’re saving hundreds of data-entry man-hours at the same time.
Alternatively, you could wade through multiple spreadsheets and email chains. But I think being able to pull up relationship trend and contact information instantly is not only much simpler and faster, but a better use of professionals’ valuable time.
With visual relationship intelligence and insights, you can identify who knows who, keep tabs on customer retention and traction, and spot more cross-sell and upsell opportunities.
2. Get accurate measurements for goals
Enhanced customer experiences not only lead to more loyal customers, they also lead to more revenue for your organization.
But if your goal is to deliver a superior customer experience, you’ve got to first start with gaining a true understanding of that experience. Your relationship with your customers goes beyond improving product or service ratings—and so should your measurement. You need to understand their challenges and goals, as well as every step of their journey with you.
Tracking and measuring all of this information accurately requires more than a net promoter score or even regular surveys can give you. But getting a handle on so many disparate data points, particularly in a widespread global organization, can be a truly painstaking experience for those who try to tackle it manually. Enter ERM, and relationship mapping for global business, once again.
An ERM platform like Introhive not only gives you relationship mapping for each customer for the bird’s eye view mentioned above, it can also securely integrate with your existing business intelligence, marketing and sales tech stack. That means you get a truly holistic picture.
Related Reading: Helping Businesses Understand Their Relationship Capital
3. Bust silos for internal alignment
As I mentioned in the previous sections, ERMs like Introhive work across a global organization’s entire digital footprint—from CRM tools to marketing systems to business intelligence software, and beyond.
Because they can pull from and feed into so many different systems they help global organizations break down silos to finally realize the promise of the digital age: becoming a truly connected company.
And that’s important because, in today’s marketplace, this is how buyers expect you to operate.
“The complexity comes when you go deeper and understand that companies are often organized in silos for multiple customer journeys,” Harald Fandlar noted on McKinsey’s podcast. “Therefore, this cross-functional collaboration is crucial for putting the customer need in the center and then working together in multiple areas of the company, be it the more sales-driven guys, the marketing guys, the operational guys, and even support areas like IT and finance, to then jointly work and improve this customer journey along the various touchpoints.”
Related Reading: Demand more from Your ERM
4. Automate tech adoption for improved ROI
CRM software pays back $8.71 for every dollar an organization spend on it. But only if your people use it. In fact, although CRM is now the biggest software market in the world, less than half of business development and sales teams report actually using the tool.
But ERM can help here, too. With Introhive specifically, because the platform allows professionals to instantly sync contacts and client activity to their CRM right from their email, without interrupting their workflow, our clients see their CRM adoption and productivity grow quickly, and automatically.
Automate growth, unlock the power of relationships with relationship mapping for global business
A well-implemented enterprise relationship management (ERM) platform harnesses a global organization’s entire digital footprint turning it into a truly connected company—and resulting in a host of benefits.
With an ERM tool like Introhive, leading global organizations are revealing practical account insights, attracting new customers, improving customer service, breaking down marketing and sales data silos, revealing cross-sell and upsell opportunities, and more.