Frost Radar™: Customer Relationship Management, 2024

Information Technology Frost Radar™: Customer Relationship Management, 2024

A Benchmarking System to Spark Companies to Action - Innovation that Fuels New Deal Flow and Growth Pipelines


RELEASE DATE
11-Apr-2024
REGION
North America
DELIVERABLE TYPE
Frost Radar

RESEARCH CODE
PF14-01-00-00-00
SKU
IT_2024_648
Yes
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Frost Radar™: Customer Relationship Management, 2024
Published on: 11-Apr-2024 | SKU: IT_2024_648

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Businesses want customer relationship management (CRM) software that unifies all data related to customers and deals, and provides advanced integrations with business applications and advanced security.

The CRM industry is in the growth phase, with solution providers consolidating. Some providers offer combined CRM suites while others offer stand-alone solutions for specific applications such as marketing automation, sales, and service.

Leading vendors offer CRM functionalities that leverage AI to boost automation and workflow management. Generative AI is the latest enhancement that CRM vendors are offering to enhance the productivity and performance of sales, marketing, and service departments.

To beat competition, vendors will continue to invest in AI innovation and offer advanced security, tiered pricing, advisory and consultancy services, a simple user experience, quick implementation, and interoperability to satisfy existing customers and add new ones.

Frost & Sullivan analyzes numerous companies in an industry. Those selected for further analysis based on their leadership or other distinctions are benchmarked across 10 Growth and Innovation criteria to reveal their position on the Frost Radar™. The publication presents competitive profiles of each company on the Frost Radar™ considering their strengths and the opportunities that best fit those strengths.

Customer Relationship Management 2024

  • Customer Relationship Management

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.

Have questions about this research or need deeper insights?
Speak directly with our analytics experts for tailored recommendations.

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Impacting your company's future growth potential.

Businesses want customer relationship management (CRM) software that unifies all data related to customers and deals, and provides advanced integrations with business applications and advanced security. The CRM industry is in the growth phase, with solution providers consolidating. Some providers offer combined CRM suites while others offer stand-alone solutions for specific applications such as marketing automation, sales, and service. Leading vendors offer CRM functionalities that leverage AI to boost automation and workflow management. Generative AI is the latest enhancement that CRM vendors are offering to enhance the productivity and performance of sales, marketing, and service departments. To beat competition, vendors will continue to invest in AI innovation and offer advanced security, tiered pricing, advisory and consultancy services, a simple user experience, quick implementation, and interoperability to satisfy existing customers and add new ones. Frost & Sullivan analyzes numerous companies in an industry. Those selected for further analysis based on their leadership or other distinctions are benchmarked across 10 Growth and Innovation criteria to reveal their position on the Frost Radar . The publication presents competitive profiles of each company on the Frost Radar considering their strengths and the opportunities that best fit those strengths.
More Information
Deliverable Type Frost Radar
Author Ankita Singh
Industries Information Technology
No Index No
Is Prebook No
Keyword 1 Crm Market Analysis
Keyword 2 Crm Industry Insights
Keyword 3 Customer Relationship Management Market
Podcast No
WIP Number PF14-01-00-00-00