Tag Archive: implementation

  1. Implementing a CRM: Benefits for a Mid-Sized Company

    Leave a Comment

    The Benefits of Implementing a CRM System for a Mid-Sized Company

    In today’s competitive business landscape, mid-sized companies are constantly seeking ways to enhance their operations, improve customer relationships, and drive growth. One powerful tool that can help achieve these goals is a Customer Relationship Management (CRM) system. Implementing a CRM system offers numerous benefits that can transform the way a mid-sized company operates. Let’s explore some of these advantages.

    Enhanced Customer Relationships

    At the heart of any successful business is strong customer relationships. A CRM system helps mid-sized companies manage and nurture these relationships by providing a centralized database of customer information. This includes contact details, purchase history, preferences, and interactions. With this comprehensive view, businesses can personalize their communications, anticipate customer needs, and provide exceptional service. This leads to increased customer satisfaction and loyalty, which are crucial for long-term success.

    Improved Sales and Marketing Efficiency

    A CRM system streamlines sales and marketing processes, making them more efficient and effective. Sales teams can track leads, opportunities, next steps, and deals in real-time, ensuring that no potential customer falls through the cracks. Automated workflows and reminders help sales representatives stay on top of their tasks and follow-ups. Additionally, CRM systems provide valuable insights into customer behavior and preferences, enabling marketing teams to create targeted campaigns that resonate with their audience and provide tangible reporting of results. This results in higher conversion rates and a better return on investment (ROI) for marketing efforts.

    Better Data Management and Analysis

    Data is a valuable asset for any business, and a CRM system helps mid-sized companies manage and analyze their data effectively. By consolidating customer information into a single platform, businesses can eliminate data silos and improve data accuracy. CRM systems also offer powerful analytics and reporting tools that provide actionable insights into customer trends, sales performance, and marketing effectiveness. These insights enable companies to make informed decisions, identify growth opportunities, and optimize their strategies for better results.

    Increased Collaboration and Productivity

    A CRM system fosters collaboration and productivity within a mid-sized company by providing a shared platform for different departments to access and update customer information. Sales, marketing, customer service, and support teams can work together seamlessly, ensuring that everyone is on the same page. This collaborative approach leads to faster problem resolution, improved customer experiences, and a more cohesive business operation. Moreover, CRM systems often integrate with other business tools, such as email, calendars, and project management software, further enhancing productivity. This also helps with on-boarding new sales execs and decreasing the learning curves.

    Scalability and Flexibility

    As a mid-sized company grows, its needs and requirements evolve. A CRM system offers scalability and flexibility to accommodate this growth. Modern CRM solutions are designed to scale with the business, allowing companies to add new users, features, and functionalities as needed. This ensures that the CRM system remains a valuable asset, regardless of the company’s size or industry. Additionally, many CRM systems offer customization options, enabling businesses to tailor the platform to their specific needs and workflows.

    Enhanced Customer Service

    Providing excellent customer service is essential for retaining customers and building a positive reputation. A CRM system equips customer service teams with the tools and information they need to deliver prompt and effective support. With access to a customer’s complete history, support agents can quickly understand the context of an issue and provide personalized assistance. CRM systems also enable businesses to track and manage customer inquiries, ensuring that no request goes unanswered. This level of service not only resolves issues efficiently but also leaves a lasting positive impression on customers.

    What are the major obstacles to implementing a CRM system?

    There are several obstacles to consider before and during implementation. Here are just a few from our experiences at Core Catalysts.

    The first is the level of business development skills and experiences on your team – older or less experienced sales executives can be very resistant to adopting and using a CRM because their relationships are considered ‘theirs’ and the perception that they can be easily replaced if the company has this info in a repository. Next, if the business development team is not tech savvy (using computers and applications to make their lives easier) then the common response can arise (“I spend all my time on admin and not out selling”). Assessing this obstacle to adoption early on can help with the change management process during implementation.

    Another obstacle is the process of choosing the right CRM and how it can grow with the company. There are many choices in the market that range from ‘free’ versions to enterprise wide, fully integrated versions. A thoughtful approach to defining the company’s needs now and in the future can reduce this obstacle.

    There can be an obstacle with integrating the CRM with the current marketing strategy and tools used by the company. Some CRMs have marketing plugins and capabilities that can be pricey over time while other CRMs will need customization and interfacing with existing marketing tools and applications. This obstacle can be minimized by thinking through the overall strategy for the CRM and documenting the strategy and expected results for the implementation before going through any vendor selections.

    Another obstacle to implementation is not having clear metrics and expectations for the use of the CRM. ‘Garbage in, garbage out’ is the common phrase used when there is not clear direction of what should be captured in the CRM over time and how it will be used over time.

    Another obstacle we see is the overall costs for implementation and support are not considered up front and can cause issues over time as the CRM is fully ingrained in the company. This obstacle can be minimized by thinking through who should have access to the tools (i.e. end user licenses for subscription-based CRMs), how integrated the company desires (connection to Marketing tools for example), the technical resources needed to support the CRM over time (admin support for report development, process flow support, and application integration support and development resources).

    Conclusion

    Implementing a CRM system can be a game-changer for mid-sized companies. From enhancing customer relationships and improving sales and marketing efficiency to better data management and increased collaboration, the benefits are substantial. By leveraging the power of a CRM system, mid-sized companies can streamline their operations, drive growth, and stay ahead of the competition. If your company hasn’t yet adopted a CRM system, now is the time to consider making this valuable investment.

    An “eyes wide open” approach to addressing the obstacles up front will pay dividends on the timeline and expense for implementing and supporting a CRM over time. Lessons learned from advisors in this space can be a way to speed up the overall timeline and reduce frustrations within the various stakeholder groups involved.

    –Jim Wadella, Founder

    Sources:

    1. “Top 10 Benefits of a CRM for Mid-Sized Businesses,” Fuelius
    2. “6 Key Benefits Of CRM For Your Business,” Forbes Advisor
    3. Core Catalysts lessons learned from many clients and our internal experiences.

     

     

  2. Leveraging Artificial Intelligence

    Leave a Comment

    Identification and Implementation

    Artificial Intelligence (AI) has emerged as a transformative force across industries, offering the potential to revolutionize processes, enhance decision-making, and drive innovation. However, to fully harness the power of AI, companies must strategically identify its applications and execute its integration effectively.

    Identifying Uses for Artificial Intelligence

    AI can be a powerful tool, but its effectiveness hinges on a thoughtful approach to identifying where and how it can be applied within a company. The following steps outline a strategic methodology for uncovering AI opportunities:

    1. Understanding Core Business Objectives

    Before delving into AI, companies need to define their primary business objectives. Whether it is increasing operational efficiency, enhancing customer experience, or driving revenue growth, having a clear understanding of these goals helps pinpoint areas where AI can provide the most value.

    2. Analyzing Current Processes and Data

    Performing a detailed analysis of existing processes and data is crucial. Identify areas with repetitive tasks, high error rates, or significant time consumption, as these are prime candidates for AI automation. Additionally, assess the quality and volume of available data, as AI solutions rely heavily on robust datasets for training.

    3. Engaging Stakeholders

    Involving key stakeholders from various departments ensures a comprehensive understanding of potential AI applications. Collaborate with department heads, managers, and employees to gather insights on pain points and areas that could benefit from AI intervention.

    4. Exploring Industry Trends and Case Studies

    Research industry trends and review case studies to see how competitors and other companies are leveraging AI. This can inspire innovative ideas and highlight proven applications of AI technology within your industry.

    5. Prioritizing Opportunities

    Once potential areas for AI implementation are identified, prioritize them based on factors such as impact on business objectives, feasibility, and resource availability. A well-prioritized list helps in allocating efforts and resources efficiently.

    Implementing Artificial Intelligence

    After identifying the key areas for AI application, the next step is to implement the technology effectively. The following guidelines provide a structured approach to AI implementation:

    1. Defining Clear Objectives and Metrics

    Set specific, measurable goals for AI initiatives. Define key performance indicators (KPIs) to track progress and measure success. Clear objectives and metrics provide direction and facilitate evaluation of AI projects.

    2. Building or Acquiring Expertise

    AI implementation requires specialized skills. Companies can build in-house expertise by hiring data scientists, machine learning engineers, and AI specialists. Alternatively, partnering with AI vendors or consultants can provide the necessary expertise without the need for extensive internal resources.

    3. Developing a Data Strategy

    A robust data strategy is the backbone of any AI initiative. Ensure data is collected, stored, and managed efficiently. Clean, high-quality data is essential for training accurate and reliable AI models. Implement data governance policies to maintain data integrity and security.

    4. Starting with Pilot Projects

    Begin with pilot projects to test AI applications on a smaller scale. This allows for experimentation and learning without significant risks. Pilot projects provide valuable insights and help refine AI models before full-scale deployment.

    5. Integrating AI with Existing Systems

    Ensure seamless integration of AI solutions with existing systems and processes. Compatibility with current infrastructure is crucial for smooth operations. Collaborate with IT teams to address technical challenges and ensure interoperability.

    6. Fostering a Culture of Innovation

    Promote a culture that embraces innovation and continuous learning. Encourage employees to explore AI applications and provide training to enhance their understanding of AI technologies. An innovative culture drives adoption and maximizes the benefits of AI.

    7. Monitoring and Iterating

    Continuous monitoring and iteration are essential for the success of AI initiatives. Regularly assess AI performance against defined metrics and make necessary adjustments. Feedback loops and iterative improvements ensure AI solutions remain effective and aligned with business objectives.

    Conclusion

    The strategic identification and implementation of AI can significantly enhance a company’s capabilities and drive competitive advantage. By following a structured approach to uncover AI opportunities and executing implementation with clear objectives, companies can unlock the transformative potential of AI. This journey requires collaboration, expertise, and a commitment to innovation, but the rewards of a well-executed AI strategy are well worth the effort.

    –Matt Craig, Senior Director

  3. Project Management in Banking

    Leave a Comment

    Project Management in Banking and How to Implement It

    In the dynamic world of banking, project management stands as a cornerstone for achieving strategic goals and operational excellence. The banking sector, characterized by its complexity and regulatory demands, requires meticulous planning, execution, and monitoring of projects to stay competitive and compliant. Project management provides that framework to navigate these challenges efficiently.

    The Need

    Enhancing Operational Efficiency

    Banks operate under immense pressure to optimize their processes and reduce costs. Effective project management ensures that projects are executed within the stipulated timeframes and budgets, leading to significant enhancements in operational efficiencies. By utilizing proven methodologies, banks can streamline their processes, eliminate waste, and improve service delivery.

    Regulatory Compliance

    The banking industry is heavily regulated, with frequent updates to compliance requirements. Project management plays a critical role in ensuring that banks adhere to these regulations by systematically managing compliance projects. This includes the implementation of new regulatory requirements, regular audits, and updates to internal policies and procedures.

    Risk Management

    Risk Management is integral to the banking sector. Project management methodologies offer structured approaches to identify, assess, and mitigate risks. Through thorough risk analysis and management plans, banks can foresee potential issues and implement strategies to minimize their impact, ensuring the stability and security of their operations.

    Strategic Alignment

    Project management ensures that all projects are aligned with the bank’s strategic objectives. By maintaining a clear focus on the bank’s goals, project managers can prioritize projects that drive the most value and support long-term success. This alignment fosters cohesion and ensures that resources are allocated efficiently.

    Customer Satisfaction

    In an industry where customer experience is paramount, project management helps banks deliver superior services. By managing projects that focus on customer-centric improvements, such as digital banking solutions and personalized services, banks can enhance customer satisfaction and loyalty.

    Ease of Implementation

    Establishing a Project Management Office (PMO)

    The first step in implementing project management within a bank is to establish a Project Management Office (PMO). The PMO acts as a centralized body that defines and maintains project management standards across the organization. It provides governance, oversight, and support to ensure that all projects align with the bank’s strategic objectives. While the PMO is a formal and centralized body we often recommend that a bank start small and grow the PMO as the bank grows.

    Standardized Methodology

    Choosing and adopting a standardized project management methodology, such as Agile or PMI’s PMBOK, provides a structured approach to managing projects. This standardization ensures consistency and provides a common language for project stakeholders, facilitating better communication and collaboration. The PMO, mentioned above, will be critical in establishing this methodology.

    Training and Development

    Investing in training and development for project managers and team members is crucial. Comprehensive training projects should cover project management leading practices, tools, and techniques. Continuous professional development helps build a skilled workforce capable of handling complex project efficiently and effectively.

    Project Management Tools

    Leveraging technology is vital for effective project management. Implementing project management tools such as Microsoft Project, Jira, or Smartsheet can enhance project planning, tracking, and reporting. These tools provide real-time insights into project progress, resource allocation, and potential bottlenecks.

    The Project Management Culture

    Creating a culture that values and supports project management is essential for its successful implementation. This involves promoting the importance of project management across all levels of the bank, encouraging collaboration, and recognizing the contributions of project teams. A culture that embraces project management will drive better performance and outcomes.

    Conclusion

    Project management is indispensable for banks aiming to thrive in a competitive and regulated environment. By enhancing operational efficiency, ensuring regulatory compliance, managing risks, aligning with strategic goals, and improving customer satisfaction, project management provides a comprehensive framework for success. Implementing project management involves establishing a PMO, adopting a standardized methodology, investing in training and tools, and fostering a supportive culture. Through these steps, banks can harness the full potential of project management to achieve their objectives and deliver exceptional value to their stakeholders.

  4. ERP Trouble: Four Reasons You Have It

    Leave a Comment

    ERP Trouble Stems from Complexity

    Enterprise Resource Planning (ERP) systems are the backbone of modern business operations, integrating functions across finance, supply chain, human resources, and more. However, implementing or upgrading an ERP system is no small feat. It’s a complex project that can involve significant time, resources, and change management. While many ERP vendors and systems integrators promise streamlined processes and improved efficiency, the road to a successful ERP implementation is often fraught with challenges. In fact, many ERP projects experience delays, cost overruns, or fail to deliver the expected benefits.

    So why do these projects face problems? In this post, we’ll explore the top four reasons ERP projects struggle, and how businesses can avoid these common pitfalls.

    Reason 1 | Too big a change

    Upgrading an ERP system is seldom as simple as just swapping systems. Typically, an ERP upgrade or implementation requires significant changes in culture, competencies, and processes.

    If the scale of change needed in these areas in order to be successful is too large, or change management has been underestimated and / or under resourced, then it is likely the ERP project will see trouble.

    Reason 2 | Digital immaturity

    Some organizations do not have the basic technological infrastructure and supporting resources to be ready to adopt new ERP systems. If an organization’s underlying IT is not sufficiently developed, this may hinder an overhanging ERP project.

    Reason 3 | Lack of project governance

    It takes a village: for an ERP system to serve an organization well, it needs to account for requirements across all business functions and stakeholders.

    Therefore, during planning and implementation, there needs to be strong project governance mechanisms in place to manage cross-functional interplay, and provide clear leadership, well defined roles, and oversight on tracking risks and deliverables, with key sponsors and decision makers involved throughout the process.

    Without this, ERP projects typically suffer, delivering late, over budget, and not to requirements, if at all.

    Reason 4 | Over-customization

    An insistence on replicating a highly customized legacy ERP within a new ERP system is often a large red flag. Either there is not enough organizational buy-in to be truly ready to embark on the change, or the level of complexity and risk is multiplied, often by an order of magnitude.

    Either way, such insistence typically negates much of the financial and business benefit logic of upgrading to a new system (but the vendors and systems integrators will not tell you this, as they make more money when a client customizes / over customizes). This also means that the client may miss out on the best out-of-the-box and configurable features of the modern ERP system they chose to move to (as they are replicating a less modern system).

    Want to avoid these mistakes?

    Core Catalysts has a wealth of experience and expertise in helping clients assess their current readiness for ERP projects, prepare for change, align stakeholders, and select the right ERP vendors and systems integrators to ensure success.

    Likewise, we are skilled in guiding clients through the complex choices of customization versus out-of-the-box functionality and configuration, and in assisting clients with ERP project management and governance so that their projects are delivered on time, on-budget, to specification, with business disruption minimized, in order to realize the business benefits that underwrote the original ERP implementation / upgrade decision.

    Find out more

    Are you considering implementing a new ERP system? Do you want to make sure you avoid these potential pitfalls and are set up for success?

    If so, reach out to schedule an initial call or meeting with our ERP project subject matter experts, where you can tell us about your situation, we’ll ask questions and listen until we understand, and then offer suggestions on next steps.

    You won’t regret it!

  5. A Deeper Dive Into Core Catalysts Implementation Recovery Services

    Leave a Comment

    Our Background in Implementation Recovery

    At Core Catalysts we have a leadership team with over 200 years of project implementation experience and expertise.

    Having “been around the block” (more than a few times), this means that, in terms of implementation, we have pretty much seen it all: the good, the bad, and the downright ugly.

    Because of our backgrounds, on many occasions, both existing and new clients have brought us in to help them when ongoing implementation projects and programs they are working on are going awry.

    Symptoms of a Failing Project

    While the specific situations and details differ, once we have “landed” at the client, the symptoms of a failing project that present themselves to us are often similar or the same, including:

    • Missed deadlines
    • Project budgets “bleeding” cash (i.e., significant overspends predicted)
    • Concerns that core business requirements will not be satisfied
    • Potential that the project will “launch” very late, or maybe not at all
    • Stressed out stakeholders and exhausted delivery teams

    Typically, the client teams “on the ground” can describe the issues they are experiencing and the concerns that they have, but no one is quite sure or can tell you exactly (with certainty) what the root causes are, which is obviously very frustrating to client leadership and executive teams, especially if the client has paid a big system integrator who promised that implementation would go smoothly.

    Our Approach to get Implementations Back On Track

    Fortunately, with experience gained over literally 1000’s of projects, our implementation recovery teams have developed keen senses for “pattern recognition” (because, while the situations are different, root causes typically fit into common “buckets” that we can run through like checklists, almost from memory) that allow us to swiftly identify the exact reasons that the implementation is failing.

    Sometimes, once we have diagnosed the symptoms and key drivers of the implementation problems, clients are able to fix them on their own. Unfortunately, even with these key pieces of information, more often than not, client teams are overwhelmed and, with the implementation issues continuing to mount, we are asked to step in and help.

    With our experience across multiple implementation recovery engagements, Core Catalysts have developed proven methodologies to both identify and quickly begin to fix what is wrong with failing implementation, getting them back on track fast, and assisting clients to complete implementations successfully (on time, on budget, to scope and requirements).

    Results

    Typically, within two weeks we will be able to:

    • Identify key implementation issues, and the major roadblocks currently preventing client teams addressing them.
    • Develop initial “game-plans” to fix them, in logical and pragmatic ways, adopting easy to follow, sequential, step-by-step methods and approaches.
    • Begin to execute these proposed solutions, gently but firmly, working with client teams and within existing implementation structures and resources.

    Clients usually see close to immediate reductions in “pain,” with implementation quickly moving back in the right direction, followed soon after by meaningful improvement in results and outcomes over the medium to long term, as our teams help work through and alleviate the issues identified and implement the required fixes.

    Equally, our teams do not use a “scorched earth policy” of placing blame on the client team members while taking all the credit – rather, we assess the people related issues that may be discovered and discreetly recommend changes and improvements where needed for the benefit of all involved.

    Benefits

    Benefits of engaging Core Catalysts assistance in implementation recovery efforts include:

    • Saving your team (from burnout, turnover, and taking eye off “day to day” priorities)
    • Saving money (reduction in budget overruns, using what you already have and have spent money on)
    • Saving time and effort (getting implementations back on schedule for go live, with minimal fallout or “taking eyes off the ball” of day-to-day operations)
    • Teaching client team members what “good” looks like, so that future projects can be sustained and successful, even when we are long gone

    Our key focus in implementation recovery is enabling our clients to take back control of their implementations, and the achievement of the original projected end outcomes and deliverables.

    What’s more, we have a 100% success rate in these types of projects, a long history of third-party collaboration (including with “Big 4” consulting firms), and are platform agnostic … plus, our goal is to just find out why there is pain, fix the problems quickly and cheaply, help take the project over the finish line fast, and then step back / away.

    If You Are Experiencing Implementation Issues

    Are you experiencing implementation issues or any of the symptoms of a failing project implementation?

    Do you want to stop hoping things will get better and start getting your implementation project back on track?

    If so, reach out to schedule an initial call or meeting with our implementation recovery team, where you can tell us about your situation, we’ll ask questions and listen until we understand, and then offer suggestions on next steps.

    You won’t regret it!

    -Core Catalysts Team

  6. Inside the Mind of a Consultant

    Leave a Comment

    Once you understand what is going on in the mind of a Consultant, it becomes a lot easier to make sense of what they are doing and why. So why not take a moment and come step inside a Consultants brain (don’t worry, it’s a bright and fun place to spend some time).

    Editor’s Note: The definition of a consultant used here is more clearly explained in a past blog, Consulting as a Profession, as there are many people claiming to be ‘consultants’ in today’s gig world.

    A Consultant’s mind is always focused on the why they are there

    Consultants work with client companies to solve specific business challenges. This is their “value-add” and their entire reason for “being”.

    Typically, companies hire Consultants for three main reasons:

    • For specialized expertise

    A company may hire consultants to provide a skill-set, that they don’t have internally.

    • To fill resource gaps

    A company may have the expertise to create a solution but could be lacking the person-power to finish the work within a required timeframe.

    • For an outside opinion

    A company may also hire consultants, in order to bring-in an objective third-party opinion or experience, ideas, and insights from outside the organization. Bringing in an outside opinion can provide valuable perspective on the business and empower leadership to make better decisions.

    This often means their projects fits into one of two “buckets”:

    • Advisory

    This is when a Consultant is hired to advise their client on things such as company strategy, market conditions, or operational dynamics within specific industries.

    • Implementation

    An implementation project can be an add-on to an advisory project. For example, after analyzing data, a Consultant may recommend some specific actions. If their client doesn’t have the resources or capabilities required to do this, they may hire the same or different Consultants to implement these recommendations.

    Knowing this helps explain why Consultants consistently focus on what the specific challenge or challenges are they have been brought in to look at, what they have been asked to do (advise, implement, etc.) or “bring to the table” (resources, expertise, experience, etc.), what the client wants, and the budget and deadlines involved with successful project delivery: they want to ensure they are always adding value!

    A Consultant’s mind feeds on data

    One of the first thing a Consultant typically does when starting a project is create a ‘data-request’ (a long, long, long, list of documents, reports, numbers, and other relevant information) for the client. They also ask A LOT of questions.

    Why do they do this and why are they like this?

    Well, one of the worst things a Consultant can do is “shoot from the hip” … they respect that many of the people within their client’s organization have a significant amount of knowledge and experience built over many years, and understand that people from the outside who don’t take the time to analyze and understand the situation and organization have the tendency to say and do stupid things!

    This is why they hate to assume anything (they want to build trust with the client in both themselves and the process) and why Consultants are typically curious people, why they love to consume all that data, and why they consistently want your input … their brains crave information so they can build a strong fact-base, quickly, and be as informed as possible, so that they can effectively collaborate with all their client’s people, to help answer the questions and issues they’ve been asked to look at!

    A Consultant’s mind is organized and analytical

    With all that data and information sloshing around, a Consultants mind needs to be organized: that’s why they love building and applying structures and frameworks!

    Consultant’s often “think in pictures”

    After reaching their findings and forming recommendations, Consultants typically have to present them to their clients.

    It’s important to them that they make their presentations as clear, interesting, and insightful as possible, so they live by the old adage that “a picture paints a thousand words”.

    This explains why Consultants are often “PowerPoint Ninja’s” (they want you to get the full benefit of their work), are constantly drawing pictures, and can have strong attachments to their flip-charts, whiteboards, and colored markers!

    Consultants mind’s think “long-term”

    Consultants live to make a difference: permanently improving organizational effectiveness and performance over the long-term is why they get up in the morning.

    In the mind of a Consultant, the worst thing that can possibly happen is that all their hard work goes to waste and is not implemented.

    This is why they spend a lot of time building relationships, why they focus on building consensus and commitment around their recommendations, and why they love to facilitate client learning (that is, teaching clients how to resolve similar problems in the future) … they want their work to be used and implemented, and they want their clients to be able to do what is needed for them and their company to be successful!

    Now that you understand what goes on inside the mind of a Consultant, and what makes them tick, do you think you might benefit from the help one of them could bring to your company? If so, why not give Core Catalysts a call!

    –Core Catalysts Team

Thank you for Visiting Core Catalysts!

To continue reading this content, please provide the following information.

Get Our Latest Content