See What CRM Holds in Store for the Construction Industry
FREMONT, CA: The construction business is a competitive market. Conventionally, the industry has traditionally invested in software systems for estimating, job costing, and project management. But the industry has not historically been a significant adopter of Customer Relationship Management (CRM) software, which is changing slowly. In retaliation to the challenges of obtaining new business, the industry is now reviewing and investing in better software tools to manage their process. When used correctly, CRM offers visibility to management of operations so that resources and effort can be focused on winning projects. By standardizing the process, and tracking vital information and history, CRM can impact the chances of winning a project.
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CRM enables a company to input all the vital information on a prospective customer in one location. More significantly, each of these customers can be classified according to the nature of their relationship with the company. CRM is never only for tracking customers but can be extended to all business processes of a company. Subcontractors, architects and all can enter into CRM so that employees can quickly find the details on a particular company or contract. By having all the information about business partners in a single software system, it can be helpful during the sales process.
For each Account, several numbers of contacts will be added so that all the players at a company are identified. This idea reduces the islands of information within a company when estimating connections, when project managers have other communications, and when business development has their own set of contacts. CRM bridges the gaps so that all the information is combined and accessible
• Sales Stage
CRM standardizes the sales process and methodology. Creating sales stages allows for a consistent approach to bidding and winning work. CRM software use workflow to automatically create these tasks when an opportunity is generated, thereby reducing the burden on the sales team. The advantage of standardizing sales process and gaining insight into the bidding process can provide a real and immediate return on investment.
A survey of Grand View Research reports CRM as the fastest growing software market, which was a $14 billion industry in 2010 and is expected to reach $80 billion by 2025. It represents a new way for the construction industry to manage getting work done and tracking customers. Companies hoping to increase their success in bidding and winning works should seriously review CRM software as one of the strategic element of the company’s overall IT strategy.