“The best customer relationship management software for private equity firms is one that works for everyone – from the investor relations team, to the information technology department, to the deal origination group. It has to work across all of a firm’s offices, from the US to Europe to Asia,” says Chelsea Stevenson, in her article “Need for CRM Speed” within PEI’s Fund Administration and Technology Special Supplement 2014.
We agree. The ideal scenario for CRM is when everyone in the firm uses it.
However, the ideal scenario isn’t always achievable. Private equity folks are often too busy to worry about getting trained on a CRM system. Larger firms have teams across continents, making it challenging to get everyone to be enthusiastic about a certain technology. In situations like these, the CRM decision inevitably gets postponed.
It shouldn’t be an all or nothing approach. Firms are competing for investors or for investments, and the cost of a single lost opportunity, due to inefficient processes, can be high. There should be more than one way to skin the cat, if everyone in the firm isn’t enthusiastic about a CRM.