Selecting a CRM system is a major IT strategy decision for most companies, and as such, it can be pressure-filled. Finding the right system to fit the company’s needs, implementation timeline, and budget can be difficult. and sometimes, even when a company thinks it has found the right solution, outside factors intervene that prevent full project success.
Calamos Investments C a s e A Sound Investment s t u d y Customer Details selecting a CRM system is a major It strategy decision for most Calamos Investments www.calamos.com companies, and as such, it can be pressure-filled. Finding the right system to fit the company’s needs, implementation timeline, and Country or Region Primarily North America budget can be difficult. and sometimes, even when a company Industry thinks it has found the right solution, outside factors intervene that Financial Services/Investment Management prevent full project success. Customer Profile This was the situation Calamos Investments Close alignment to the Calamos Investments is a diversified global found itself in 2000 when, just eight months Company’s Needs investment manager with a proven record after purchasing the Janna customer After closely evaluating eight vendors, the of delivering top-tier results across a range relationship management (CRM) system— Calamos Investments team selected Pivotal of strategies. Through individually managed before Calamos had even implemented the CRM for Financial Services. Pivotal CRM accounts and mutual funds, Calamos system—Janna was acquired by Siebel. Investments provides investment management came out ahead because of its technology The company opted to go ahead with its services to institutions and individuals around fit (the company operates a Microsoft® implementation, launching Janna in April of the world. .NET environment), the financial stability of 2001. In 2003, Siebel announced that Janna the company, and its close out-of-the-box Business Situation would be “sunset,” or gradually retired, and in alignment to Calamos Investments’ needs. After Siebel purchased and sunset Janna, 2005, it ended all support for the product. Calamos Investments’ former CRM system, A turning point in the evaluation process The team at Calamos Investments recognized Calamos sought a CRM system that could be occurred when Stuart attended a Pivotal quickly implemented with minimal customization, that an unsupported product with no prospect Financial Services User Group meeting in New on time and on budget, while also offering long- of patches or upgrades could not serve its York in September 2005. As she watched a term flexibility. needs for long. However, they saw a switch succession of financial services companies to Siebel as costly, time consuming, and Solution present their Pivotal CRM success stories, too complex in terms of the company’s Calamos Investments selected Pivotal CRM Stuart noted vast differences between the customization needs. Wary of the stability of for Financial Services based on its technology ways in which each company was using the smaller vendors after their experience with fit, vendor stability, close alignment to the system. This was live, real-world evidence Janna, the IT team began extensively piloting an business, and customizability. that Pivotal CRM was what it claimed to be: open-source solution, feeling that building out a robust system that could be easily customized Benefits their own features on an open-source platform to meet individual companies’ distinct • Offers a 360-degree view of the client that was the only way to get the custom, flexible business requirements. promotes more knowledgeable interactions features the company required. and uncovers new opportunities “At that point in time I knew that this was the It was then that Carolyn Stuart, Calamos • Allows cross-functional account servicing and right CRM solution for us,” Stuart said. “I knew Investments’ Vice President of IT and Head broader collaboration between departments that with Pivotal CRM, we were going to be able of Business Analysis, first heard about Pivotal to be customized and flexible, and that they • Optimizes efficiency and enhances CRM for Financial Services. Learning of its customer service were going to continue to bring the financial industry-tailored features, Stuart decided to give services products forward and enhance them in • Enables the firm to support the varied CRM vendors another chance, embarking with the future.” needs of multiple products and diverse her team on a full-scale RFP-based evaluation lines of business process to make sure all options were explored. “We evaluated a wide variety of CRM • Gives executive management the insight they This time, though, the company had very alternatives, including open source and need to drive the business effectively stringent expectations—there had to be little to on-demand,” said Stuart. “In the end, we no chance of the vendor being acquired, and chose Pivotal CRM because of its focus in the Calamos Investments had to be certain the financial services industry and its reputation project would come in on time and on budget, for success earned with many of our peer or there was a strong possibility that the project companies. Through this extensive review would be called off altogether. process, we determined that the other CRM solutions could not effectively support our financial services industry requirements, nor could they be easily tailored to match our unique business practices.” Pivotal CRM | Case Study And Calamos Investments’ needs were indeed unique. love the software,” said Stuart. “He told me he’d never before Ranked by Crain’s in 2005 as the second-fastest-growing trained people and had them say, ‘This is fabulous. This is firm in the Chicago area based on compound annual growth fantastic. I just love this system.’” rate, Calamos Investments provides professional money management services to major corporations, public and Pivotal CRM has offered the flexibility to accommodate the private institutions, pension funds, insurance companies, and company’s diverse user needs in ways that increase user- individuals and is an investment advisor to open-end and friendliness. For example, Calamos Investments was able to closed-end funds. This diversity of offerings has demanding easily set up Pivotal CRM with custom “SmartPortal” interfaces implications for the company’s CRM system: it needs to that feature specialized data and configurations for each be able to support a wide range of products and clients of its different sales groups: wholesalers, client relationship with different relationship dynamics—from high-net-worth management, the private client group, and institutional individuals to institutional investors to financial advisors services. In this way, users are only shown the data and themselves. With Calamos’ multiple channels of distribution, features that are most relevant to their role. the CRM system needed to be able to manage both company- and client-centric contacts, and it needed to be a single system with a Multitude of uses able to track activities and opportunities related to a contact Calamos Investments has thus far rolled out the Pivotal CRM separately to avoid conflicts between the different channels, system to more than 150 internal users as well as 20 remote whose advisors work both independently and collaboratively, users who access the system via laptop and BlackBerry.® depending on the business arrangement. Furthermore, the The variety of users working with the CRM solution points system had to be able to integrate data from multiple systems, to its value and versatility; users include employees across including the company’s portfolio accounting system, mutual executive management, wholesalers, client relationship fund database, and fulfillment system. Pivotal CRM met all management, institutional services, the private client group, of these needs. client services, and marketing. And the company has plans to expand the number of users accessing Pivotal CRM over “ I knew that with Pivotal CRM, we were going to be able to be customized and flexible, and that they coming months. Calamos Investments’ 199 users don’t just represent a wide cross-section of the company’s departments and business were going to continue to bring the financial services lines; they also represent the diverse utility of the Pivotal products forward and enhance them in the future. ” CRM system. All of the users input contact information to the system on a daily basis, but beyond that, their uses of the Carolyn Stuart system branch out in a number of different directions: Vice President of IT and Head of Business Analysis Calamos Investments • The company’s wholesalers are using Pivotal CRM to inform, schedule, and record their conversations with financial advisors at multiple firms. Rapid Implementation and High user adoption Calamos Investments also required a system that could be • The private-client group is using Pivotal CRM to provide implemented quickly. The company began its Pivotal CRM service to their high-net-worth clients and easily look up implementation project in April of 2006, and despite complex their clients’ portfolios, interests, and past interactions with customization requirements and multiple integration points, the firm. the company was able to complete the implementation rapidly • The institutional services group is using Pivotal CRM to and launch in August 2006—with no hitches. track and manage their contacts, activities, opportunities, and the RFP process. “Pivotal CRM is now a core system for us that has been quickly tailored to model the business practices that make • The client relationship management team is using Pivotal us unique in the industry,” said Stuart. “We have seen CRM to manage their interactions with clients and firms, tremendous user adoption and are very pleased with the as well as strategic partners within these firms. results to date.” • The marketing group is using Pivotal CRM for The quick uptake from users is attributable to Pivotal CRM’s campaign management. intuitive, user-friendly interface. In fact, user-friendliness and • The client services team is using the system to quickly familiarity of features were other important criteria for Calamos access and update client information in response to Investments; they wanted to ensure users could make the incoming calls, enabling them to log the call and to answer switch from the old system with minimal impact. Effective a wide variety of inquiries knowledgeably. user training has also contributed to user adoption. Calamos started with on-site training from Pivotal CRM trainers, With Pivotal CRM, tools and data models tailored to each and the company’s in-house trainer has continued the of these lines of business and user groups are all available process internally. through a single, centrally administered CRM infrastructure. “Our trainer, who has worked on a lot of different system Thanks to the integration to the company’s portfolio implementations, told me that it’s been the easiest accounting system, users can check on the size or value of implementation and the easiest thing to train and support clients’ assets or the value of assets under management that because of the fact that people truly do love the system and a particular partner or advisor has brought in. They can also see specifically, for example, the mutual fund contributions and redemptions that have been brought in by a partner or a true understanding of the Industry advisor. They can use the fulfillment center to follow up on Ease of customization wasn’t the only facet of Pivotal CRM client or partner requests and automatically send out any reporting that impressed Stuart. “One of the things that type of marketing or follow-up materials using Pivotal CRM. amazes me about Pivotal CRM is the ability to take the Partners and employees can log in to access information information at, for example, a financial advisor level and roll it through the company website; they are authenticated up to the branch, regional, and even firm level. It shows that against the Pivotal CRM system to ensure that they have the Pivotal CRM team really understands how, for example, a authorized access. wirehouse is structured,” she said. “It means you can provide executive management with summary information that lets “ We chose Pivotal CRM because of its focus in the financial services industry and its reputation for them really understand where they’re deriving business, where there are gains, and where there is the potential for up-selling and cross-selling, so that they can really drive the business.” success earned with many of our peer companies. ” Carolyn Stuart Vice President of IT and Head of Business Analysis In the end, it’s that deep understanding of the financial services industry and its processes that truly sets Pivotal CRM and its team apart and has enabled Calamos Investments to Calamos Investments derive real value. “When we looked at other CRM packages on the market, none of them were truly tailored to financial At the company’s upper levels, the executive management services the way Pivotal CRM is,” said Stuart. “If you’re on the team is using Pivotal CRM to roll up information about all of institutional side, Pivotal CRM has a tailored solution. If you’re these disparate activities and get a company-wide view of on the retail side, they have another tailored solution. And the opportunities, sales force activities, and what is happening specialized tools and data models for all of these different across the firm’s diverse lines of business. lines of business are provided on a single CRM platform with centralized administration and reporting. a 360-degree View of every Individual The ability to collaborate effectively when working as teams “With some vendors, you spend a lot of time teaching them has also been a major benefit of using Pivotal CRM for your business,” Stuart concludes. “With Pivotal CRM, it’s clear Calamos Investments. For example, using Pivotal CRM, the they already know it.” institutional services group can see at all times where the company stands in the RFP process, which other people have to get involved, and what each person has to do next. They use the system to assign each other tasks, so that everyone is aware of their responsibilities, what they should be doing, and who they should be contacting. “Among the greatest benefits that we have received from Pivotal CRM is that everyone truly has all the information they need at their fingertips; they’ve got full knowledge,” said Stuart. “They don’t have to look at multiple systems. They know when they talked to this person last, what activities they’ve had going on with them, if they owe them anything, what they talked about in the past, any type of business that they potentially have going, and what’s in the pipeline. They also understand the relationship structure: they know whether the person works alone or as part of the team, team members, and what activities have taken place with the individual or the team. So literally they’ve got a 360-degree view of every individual, which is tremendously beneficial. They’re never walking into any situation without the knowledge they need. It’s made them smarter, and it’s allowed them to talk to people more intelligently, knowing more about what their needs are.” Pivotal CRM’s reporting functionality has also been very beneficial to Calamos Investments. “Reporting has been so easy and flexible,” said Stuart. “On one occasion a salesperson needed to do a custom report that wasn’t supported by the system. Within a couple of hours, a programmer had added some logic and built it in. They couldn’t believe that it was that easy for a developer to provide such a benefit so quickly.” take the Pivotal step with Pivotal CRM for Financial services To learn more about how Pivotal CRM for Financial Services can help your organization grow existing business, attract new clients, and improve client service, call us today at +1 877-PIVOTAL (+1 877-748-6825) or visit us at http://www.pivotal.com/financialservices. Copyright © CDC Software 2007. 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