The Wall Street Journal has stunned the world of CRM. It declared “Around 200 companies have decided that Customer Relationship Management (CRM) systems are not good enough for the digitized society”.
In a recent development, over 200 companies have united to launch The Platform on Independents. It is a bunch of entities pledging to liberate data from the challenges of traditional CRM suites and making businesses more technology flexible to fulfill their requirements.
The Platform of Independents is being managed by a club of nine independent software companies who are on their way to establish a new standard for business and marketing technology. The club comprises companies such as Segment, Airship, Amplitude, Drift, Iterable, Mixpanel, Outreach, Pendo, Radar, and Tray.io, along with 190 other co-signatories.
As a group, they firmly believe that companies should never bound themselves in the walls of CRM suites. Instead, they should be focusing on other segments like respecting customer privacy, building better products, and making smarter products.
With the increase in digitalization in the modern era, CRM vendors have spent over $30 billion in the past two years to adopt new technologies and applications. Segment and co-founder Peter Reinhardt in an open letter declared, “These acquisitions won’t change much – the truth of the matter is that CRM suites are no longer the best way to deliver a great customer experience.”
According to a Gartner report, 75% of CRM software is built to provide the functionality to particular departments rather than the entire business. Also, it said no single CRM vendor is capable enough to serve the business to support an entire customer data stack.
As mentioned above, The Platform of Independents has designed its products under the idea that businesses must not rely on a one-size-fits-all approach into a single cloud suite.
Along with other 190 companies, The Platform of Independents pledged:
- Businesses would be given the freedom to choose a technology stack that includes tools they need rather than just the CRM suite.
- A flexible environment where data can be utilized by every department to fulfill customer needs.
- Opportunity for businesses to have the ability and technology to be customer first.
Reinhardt said, “The time has come for businesses to realize that there’s a whole new world outside the legacy CRM suite. Together with our partners, we’re proud to stand up for what’s best for customer-first businesses in the digital age: choice, flexibility, and the freedom to build data stacks using any combination of best-in-class technology. In short, CRM just isn’t enough anymore.”