The big buzz around Big Data has highlighted the value of harnessing customer data for businesses. A growing number of businesses are moving away from managing client information and activities through Microsoft Outlook and implementing a customer relationship management system that offers a more robust overview.
CRM solutions are beneficial for all businesses, regardless of the industry and size of the company, as they help to created better relationships by an exchanging of information. By being able to correlate important information business can help to predict the clients' needs.
As more elements of business are commoditized, more businesses will look to implementing a CRM system to process and harness client information. For financial advisors this means being able to access client data alongside financial data, opening up the possibility for more investment opportunities that generates innovation and adds growth to the business whilst minimizing mistakes and risks.
Hedge fund investment firms looking to implement a CRM solution should look at the flexibility of the system and its capabilities as wealth management software. Having a bespoke a CRM that allows you to process, analyze and distribute your data across a number of devices allows hedge fund investment firms to be more transparent in their dealings with their clients, a highly desirable trait in a post GFC investment market.
Furthermore, CRM software for hedge funds enables investment firms to provide clients with current, accurate and reliable data that allows hedge fund managers to create a greater level of trust and accountability.
A centralized CRM system that is tailored to hedge fund investment firms is able to streamline business practices. Bespoke hedge fund CRM software allows investment firms to access client reporting and communication, document management and investor transaction tracking from one centralized application.
Most hedge fund CRM solutions also allow clients to access secure sites to download financial reports adding a level of transparency and trust.
To achieve the best results with a CRM system, which means using more than the basic functions, and to ensure strong adoption of the software across the board on-going training of employees is required to teach them how to use and understand the data that is being recorded and stored on your CRM solution.
Good investment management software for hedge funds ensures client investments are properly managed and reported, creating an open relationship between the client and the hedge fund manager.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.