CRM Featured Article
July 11, 2008
'Large Commercial Bank' Standardizes on Salesforce.com
By David Sims
On-demand CRM vendor Salesforce.com (News - Alert) has announced that "one of the ten largest commercial bank holding companies in the U.S." has standardized on Salesforce for Financial Services.
The organization "realized a complete return on its investment in four months," according to Salesforce.com officials, and according to a commissioned TEI study conducted by Forrester (News - Alert) Consulting on behalf of Salesforce.com, "is projected to achieve a 177 percent return on investment over three years."
Before Salesforce, the commercial bank holding company had two legacy systems that were used to capture, store, track, and analyze customer and vendor information. Because information was stored in disparate locations, the company often struggled with duplicate or inaccurate data, gaining access to information was "a manual and time-consuming process," bank officials said.
The bank holding company deployed Salesforce for Financial Services, and then used Force.com to integrate the legacy systems and customize its new product for the company's 1,300 Salesforce users.
According to the Forrester Consulting study, both "the organization's CIO and the senior vice president of the Commercial Banking division ... described the most significant benefit of Salesforce as allowing salespersons, relationship managers, and product specialists to make more effective use of their time spent on routine sales, contact tracking and reporting activities."
Forrester analyzed the time savings as well as other benefits using its Total Economic Impact methodology, and projects the company will reap annual savings of nearly $2.9 million.
Last month, Salesforce.com announced that The Ethisphere Institute named it to Ethisphere's World's Most Ethical Companies list for the second consecutive year.
Ethisphere is a "think-tank" which describes itself as "dedicated to the research and promotion of profitable best practices in global governance, business ethics, compliance and corporate responsibility."
Salesforce.com was honored with the award along with American Express (News - Alert), Google, Kellogg, PepsiCo, Starbucks and others.
David Sims is a contributing editor for TMCnet. To see more of his articles, please visit his columnist page.
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