Businesses want collaborative customer relationship management (CRM) software that unifies all resources related to a particular deal and customer, eliminating siloes between different customer-facing teams and departments. Most CRM vendors already offer solutions with collaboration features that can integrate with contact center applications, but they need to continue ironing out the creases that hinder optimal integrations to outperform their competitors.
With tremendous volumes of customer interaction data available, both unstructured and structured, organizations struggle to integrate and streamline it for use from a single place. To help, they will invest in AI-enabled CRM software that can analyze customer records and business data collected across channels. Frost & Sullivan finds that “becoming more data-centric” is one of the top business priorities among enterprise decision-makers. As a result, reliance on AI and data analytics will increase. More customer actions will be captured by artificial intelligence (AI)-driven CRM systems to maximize value. Social media conversations and Internet of Things-connected products will be deeply mined for insights, including for improvements and anticipatory, intent-based, targeted offers.
In the next year, dealing with security and privacy concerns will be among the top challenges IT departments face. Any kind of data mix-up or theft can lead to heavy losses and serious repercussions. CRM vendors will need to offer an advanced level of security for data protection.
CRM tools will continue to integrate data from a variety of sources, including the Internet of Things (IoT). IoT devices can provide data about product issues, maintenance needs, and improper use. With the expansion in data sources, businesses will be able to monitor their end customers and offer services in new and proactive ways.
Competition will intensify in the CRM market with new use cases and industry-specific solutions coming up. Also, smaller vendors will continue to enter and challenge large vendors that offer a suite of solutions, including CRM.
The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles of each of the companies in the Frost Radar based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyses hundreds of companies in the industry and benchmarks them across 10 criteria on the Frost Radar, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.
The Strategic Imperative
The Strategic Imperative (continued)
The Growth Environment
The Growth Environment (continued)
Frost Radar™: Global CRM Software Market
Frost Radar™: Competitive Environment
Adobe
Freshworks
HubSpot
Microsoft
monday.com
Oracle
Pegasystems
Salesforce
SAP
SugarCRM
Zendesk
Zoho
Strategic Insights
Significance of Being on the Frost Radar™
Frost Radar™ Empowers the CEO’s Growth Team
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Frost Radar™: Benchmarking Future Growth Potential
Frost Radar™: Benchmarking Future Growth Potential
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Frost Radar™: Benchmarking Future Growth Potential 2 Major Indices, 10 Analytical Ingredients, 1 Platform
Growth Index
Growth Index (GI) is a measure of a company’s growth performance and track record, along with its ability to develop and execute a fully aligned growth strategy and vision; a robust growth pipeline system; and effective market, competitor, and end-user focused sales and marketing strategies.
- Market Share (previous 3 years)
This is a comparison of a company’s market share relative to its competitors in a given market space for the previous 3 years. - Revenue Growth (previous 3 years)
This is a look at a company’s revenue growth rate for the previous 3 years in the market/industry/category that forms the context for the given Frost Radar™. - Growth Pipeline
This is an evaluation of the strength and leverage of a company’s growth pipeline system to continuously capture, analyze, and prioritize its universe of growth opportunities. - Vision and Strategy
This is an assessment of how well a company’s growth strategy is aligned with its vision. Are the investments that a company is making in new products and markets consistent with the stated vision? - Sales and Marketing
This is a measure of the effectiveness of a company’s sales and marketing efforts in helping it drive demand and achieve its growth objectives.
Innovation Index
Innovation Index (II) is a measure of a company’s ability to develop products/ services/ solutions (with a clear understanding of disruptive Mega Trends) that are globally applicable, are able to evolve and expand to serve multiple markets and are aligned to customers’ changing needs.
- INNOVATION SCALABILITY
This determines whether an organization’s innovations are globally scalable and applicable in both developing and mature markets, and also in adjacent and non-adjacent industry verticals. - RESEARCH AND DEVELOPMENT
This is a measure of the efficacy of a company’s R&D strategy, as determined by the size of its R&D investment and how it feeds the innovation pipeline. - PRODUCT PORTFOLIO
This is a measure of a company’s product portfolio, focusing on the relative contribution of new products to its annual revenue. - MEGATRENDS LEVERAGE
This is an assessment of a company’s proactive leverage of evolving, long-term opportunities and new business models, as the foundation of its innovation pipeline. - CUSTOMER ALIGNMENT
This evaluates the applicability of a company’s products/services/solutions to current and potential customers, as well as how its innovation strategy is influenced by evolving customer needs.
Significance of Being on the Frost Radar™
Companies plotted on the Frost RadarTM are the leaders in the industry for growth, innovation, or both. They are instrumental in advancing the industry into the future.
- GROWTH POTENTIAL
Your organization has significant future growth potential, which makes it a Company to Action. - BEST PRACTICES
Your organization is well positioned to shape Growth Pipeline™ best practices in your industry. - COMPETITIVE INTENSITY
Your organization is one of the key drivers of competitive intensity in the growth environment. - CUSTOMER VALUE
Your organization has demonstrated the ability to significantly enhance its customer value proposition. - PARTNER POTENTIAL
Your organization is top of mind for customers, investors, value chain partners, and future talent as a significant value provider.
Speak directly with our analytics experts for tailored recommendations.
Purchase includes:
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Growth Dialog™
A tailored session with you where we identify the:- Strategic Imperatives
- Growth Opportunities
- Best Practices
- Companies to Action
Impacting your company's future growth potential.
| Deliverable Type | Frost Radar |
|---|---|
| Author | Ankita Singh |
| Industries | Information Technology |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | Customer Relationship Management Software |
| Keyword 2 | Customer Relationship Management Strategy |
| Keyword 3 | CRM software |
| Podcast | No |
| WIP Number | PDDE-01-00-00-00 |
Frost Radar™: Customer Relationship Management Software, 2023
A Benchmarking System to Spark Companies to Action—Innovation that Fuels New Deal Flow and Growth Pipelines
20-Jan-2023
Global
Frost Radar
