The client, which manages assets for some of the world’s largest institutional investors, has client portfolios that include investment-grade fixed income, derivative overlay, and index-like equity investments.
The client had been using Salesforce, but wanted to get more value out of its CRM. The manager engaged Cutter Associates to evaluate its current usage of Salesforce for both core and non-core functions and to provide recommendations on how it could optimize its use of its system and improve data quality. Cutter deliverables included the following:
The client places a high priority on nurturing existing relationships and used its CRM system predominantly for managing service activities rather than sales activities.
We first benchmarked the client’s use of core CRM functions in Salesforce versus its peers, including Client and Contact Management, Interaction Management, Marketing Automation, Prospecting and Sales, Employee Assignments, and Reports/Dashboards. We suggested using more of the core CRM functionality as one way of increasing value of Salesforce, including the following:
Next, we evaluated the non-core CRM functions that were more oriented toward client servicing and maintenance, including Account Onboarding and Maintenance, Benchmark Assignments, Client Reporting, Invoicing, Cash Flow Notifications, Task Management, Vendor Management, and Portfolio Management functions. We assessed the fit of the function within Salesforce and interviewed business users and IT to determine the level of satisfaction users had with the functionality. We also provided information on how peers were using Salesforce for these non-core CRM functions, noting that the client was leveraging Salesforce and other systems for the entry, storage, mastering, and consumption of client, account, product, employee, and benchmark data. Some of Cutter’s key recommendations for non-core use included the following:
By following Cutter’s suggestions, the client was able to improve its client meeting preparation process, draw additional insights about potential leads, and improve decision-making around IT solutions. The client increased the value of its Salesforce usage and transitioned non-core functions not suited to Salesforce to more appropriate solutions, all while improving data quality of the client, account, product, employee, and benchmark data domains.