Account Management Software – Competitive Advantage
An Account Management Software for key accounts is undoubtedly the cornerstone in building long-lasting relationships with the most critical clients of any organization that opts for Key Account Management enablement (KAM software). The critical clients, or the ‘Key Accounts’, are the ones which matter the most as they bring in the maximum share of revenue (up to 80%). The process of winning with these Key Accounts becomes simple with a reliable Key Account Management Software.
Like other characters of digitally inspired change, the transformation to digital innovation is difficult. It needs execution and big changes in strategy, operations, and management, which affect the entire enterprise. The digital innovation divide is huge—and threatens to widen—between leaders and laggards. A growing number of Sales ops and key account managers have said that they have properly digitized their processes. A few leaders said that digitized processes were getting hard to adopt—a sign that they haven’t yet found a way to adapt to the new possibilities.
To establish and maintain any kind of systematic process at scale, software for Account Management is the keystone. Managing data, delivering the analytical insights needed for decision making, and automating a lot of tasks that would otherwise take up valuable managerial time, becomes uncomplicated with account management tools and techniques. In a hyper-competitive world, it is unquestionably a reliable Account Management Software, which can aid in harnessing the power of KAM technology, thus giving sales teams the competitive advantage they need!
Providing key insights – A Key Account Management software helps extract knowledge from data, providing Account Managers with valuable insights thus aiding in realizing the optimal potential of the highly critical and complex Accounts. Data in Silos – This technology also plays a significant role in handling the Data in silos which means Data distributed across multiple systems.
Collaboration – With integration and collaboration being top of the key account manager’s agenda, the challenge for those managers is the management of all of the accounts on their roster – it takes time and money. For the key accounts – who love the idea of collaboration but hate the executing it– account management becomes critical and can be a major success driver within the client’s eco-system of key accounts. Clients often still work in quite separate ‘departments’ or silos and this can add to the headache of managing several key accounts.
An account management software has the right tools that can help keep the key accounts organized and up-to-date, leaving no confusion or lack of collaboration between the managers and the accounts.
Integration of tools – Account management model can be really complex. It helps solve the complexity of working on multiple tools and systems, by directly integrating these tools (like Word, PowerPoint etc.) with existing CRM and providing insights and analysis from existing data.
What makes Account Management Software truly reliable?
Here the customer is the king!
Account Management software helps keep the needs of your customers at the core of your business. It must function as a tool to help your Account Management Teams communicate with your accounts to strengthen relationships and help retain your customers.
It should also allow you to capture data on customer expectations, on their initiatives and also how to make such efforts yield results. This helps in aligning your value proposition to their requirements and challenges.
Helping in building relationships
It must also be able to establish a relationship between the Key Account Managers and the Accounts that matter most. Mutual agreement on demands and expectations bring in trust and drives customer growth.
Improved Opportunities For Growth
Companies embracing key account management software achieve higher growth, profitability and client loyalty according to company reports. The powerful relationships with key accounts help firms develop solid revenue streams because key clients typically place long-term contracts rather than ad-hoc purchases. All this can be tracked to see the bigger picture through key account analytics.
A partnership that takes genuine interests in your client and the business should be much more successful than one that focuses exclusively on your business’ requirements. One of the prime reason a firm implements a strategic account management approach is to ensure that a successful client, or one with such potential, does not ever feel the need to transfer to a competitor. Account management software facilitates to see the health of the account helping in distributing your efforts correctly and wisely.
How can Account Management Software help?
KAM enablement is done to help you grow your business from existing accounts. With its potent insightful key account management tools and technology an ideal software for must help in:
- Mapping Key Stakeholder relationships.
- Analyzing, tracking, and governing multiple Key Accounts.
- Building deeper and more revenue generating engagements.
- Nurture, farm, mine, and harvest the relationship with a system that gives meaningful insights.
- Identifying opportunities for growth with enabling tools and insights.
- Bringing spotlight on Key Accounts providing a deeper analysis, better planning, and reliable governance.
- Building annual plans inside your CRM, leveraging existing data, leading to specific goals.
- Institutionalize Key Account Management processes and methodology quickly and sustainably.
- Work seamlessly with CRM, without needing further integration.
This software must provide a visual representation to aid strategic decision making, help you in data consolidation, management and analysis, and tracking, and giving insights on organizational hierarchy.
The Added Advantage
It’s easier to manage complex, global matrix Clients with systematic and standardized processes. It must get everyone on the same page so that you can shift the focus from management to grow more efficiently. There must be reduced dependency on individuals; and increased focus on harnessing latent intel. Steadfast Key Account Management technology can help transform your business completely. KAM enablement helps in reducing people cost significantly. Key insights are given by a Key Account Management Software to also help in making optimal use of upcoming opportunities by leveraging the data. These insights are hidden in data silos and are difficult to discover without the right Key Account Management tool. KAM technology also impacts the Business Cost remarkably, as time spent in creating reports, collating data and tracking down people reduces to a great extent.
The Cutting Edge!
To empower your Key Account Management, you need an Account Management Software, which will help you move from complexity to clarity, from value delivery to value creation, and from account management to account farming
You can make use of account management programs and webinars to better understand your key accounts. Only then you can focus on Key Accounts with deeper analysis, better planning, and reliable governance. This is why B2Bs across verticals are adding DemandFarm to their CRM. To add, DemandFarm has recently been rated as the ‘Best KAM Enablement Software’ by MarTech Advisor. After all, when the best Account Management Software gives you the cutting edge, who would take the risk to be left behind!