India can Emerge as Hub of CRM Solutions for Asia-Pacific Region
At a crucial juncture when the business vertical of Customer Relationship Management (CRM) is poised to take a giant leap forward globally, India can grab a lion's share in the international markets particularly the Asia-Pacific and Afro-Asian regions.
When we look into the current global business scenario, we find that the Asia-Pacific and Afro-Asian regions have become the focal points of all sorts of business verticals including those of CRM. In other words, the factor of “competition” has turned vitally important more than ever. Besides, the number of start-ups and the Small and Medium Enterprises (SMEs) are also growing at a rapid pace in the Asia-Pacific and Afro-Asian regions. Hence, all entrepreneurs need to focus on right customers for right deals at right time. The sales force, subsequently, needs to be streamlined with the help of IT-solution packages. And CRM is the best possible alternative as it can do the automatic follow up on the sales and other business fronts which combining together, can yield optimum results.
CRM is fast becoming an essential management tool for all business establishments be it large or a SME. What is most interesting, CRM is such a system that melts into any business set up. Whatever may be the nature of the business, CRM its into it and also facilitates its growth.
CRM provides indirect benefits to salespersons and CRM based software offers a built-in data ware to give insights into historical trends of customers. As far as taking crucial marketing decisions are concerned, CRM software helps the corporate management to a great extent. It is very useful in product development also.
It may be quite a heartening fact for those companies in India related to this particular field that though big players into the CRM domain in USA, France, Germany, UK and other European nations are trying to grab the growing Asia-Pacific markets, the countries like New Zealand, Australia, UAE and South East Asian countries are mainly looking upon our country (India) for software solution due to cost benefit.
Leveraging on Skills
There is no dearth of skills in India. This puts India in a very advantageous position as the skill manpower factor can help the country emerge as the main hub of CRM solutions in the Asia-Pacific region. We can leverage on highest level of skills inducting skills from IITs and leveraging cost advantage to offer services at much competitive price which other countries in Asia-Pacific or Afro-Asian regions may not be able to.
Currently, Malaysia, China, Hong Kong and Singapore are known as fastest growing CRM markets in the world. Indian entrepreneurs can reap much business benefits from these growing markets. In fact, India can even look forward to taking a giant leap in the Asia Pacific and Afro-Asian regions with its next generation IT solution software. It is this backdrop that a large numbers of small and medium enterprises (SMEs) have come up in this region. The presence of a large numbers of SMEs brightens the prospect of India emerging as the main hub of CRM and also a market leader in this IT driven area.
In India too, SMEs, currently producing 8000 different products with 40% share in overall industrial output, are growingly using CRM software. In fact, the application of CRM has also helped them to streamline their business model and achieve higher business growth. Besides, CRM is also helping them compete with large organization.
The CAGR of CRM market globally has been projected at a robust 10.7% (2016). Naturally, CRM is an extreme focus area in the corporate world. As per Gartner's latest report, the CRM market size would touch a hefty $36.5 billion mark by 2017 thereby making it as one of the fast growing sectors globally. Gartner also forecasts that the CRM software market will grow at 14.8 percent CAGR through 2017.
The business structure is fast changing and it has become a prerequisite for the companies to retain their original or old customers. Hence, the corporate entities are required to structure their management information system in a scientific way with the flow of information going from downstream to upstream. In this particular area, CRM's help just cannot be questioned. Besides keeping a large database, the CRM software also helps the sales support staff and continuously maintaining and developing the relationship with customer.
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Cubastion is among a very small number of specialized Siebel CRM Oracle Gold Partners in SME.