The Crm Market. Main Vendors

The CRM Market. Main vendors

“CRM software is now the biggest software market in the world and the growth isn’t slowing down. In fact, CRM is now expected to reach more than $80 billion in revenues by 2025.”

Data is created every second, as I am writing this and as you are reading this, thousands of bytes of data are being stored and analyzed in order to provide and improve old and new services. Competing for the same customers, companies have to figure out something to make themselves stand out and more attractive to be chosen. Customer Relationship Management provides one on one relationships with consumers, in order to compete effectively and efficiently while improving customers buying experience; this is why the market has grown drastically in the last few years.

 The main components that need to integrate in order for a CRM software to work and deliver value to the customer are: business processes, people and technology. CRM software works without customization, despite of this, every organization has unique customer relationship needs which must be integrated with the organization’s culture and business philosophy. (Motiwalla & Thompson, 2012).

        In order to have a successful CRM, companies should be integrated with ERP and transaction systems, company database, data warehouse, data mining software, knowledge management, contact management, e-mail, Web, and telephony, among other systems.  (Motiwalla & Thompson, 2012). Organizations must carefully evaluate their CRM needs before deciding on which option is best for them, taking into account size, budget, needs, whether or not they are willing to give all the information required, and other factors. (Taylor, 2018)

        The need for CRM has grown year by year as well as the CRM market, which has many competitors, looking to satisfy companies by improving customer satisfaction and service. We live in an interconnected world and CRM software optimizes connections not only with customers, but also vendors, employees and partners. We have gone from face to face services to online experiences, but still, customers are the reason why businesses survive, therefore, today, the big market has created flexible and customizable CRMs for every type of business. (SalesForce, 2018)

As businesses compete for customers, CRM software companies compete for businesses. (SalesForce, 2018)For the last few years, the leading company has been Salesforce which initiated the revolutionary idea of replacing the old desktop CRM software with cloud-based CRM, making it accessible anytime from anywhere, its platform is user friendly and have many gadgets that companies can implement to manage its customers as opportunity and pipeline management, partner relationship management, task/ activity management. (SalesForce, 2018).

Following Salesforce, there is Pegasystems, which also provides a BPM system, after them, there are Microsoft and Oracle fighting for the third place. The special thing about Microsoft is that through the United Service Desk, organizations can integrate and automate across Microsoft Dynamics 365, and third-party data applications (Microsoft, 2018), also they focus in small and medium-sized enterprises, and departments and divisions of large organizations, making it more efficient for certain companies. On the other hand, Oracle’s main value is its name due to its history in technology and fame in big companies, they focus on giving new functionalities as video chat integration, IoT-enabled services, and Automated conversational agents. (Oracle, 2018). Lastly from the top CRM software’s, there is SAP, whose ERP system has been implemented by many companies, making it easier to get already existing clients and supports multiple delivery models, such as hybrid on-premises and cloud, public cloud (SaaS or PaaS), and private cloud.