3 Challenges The Finance Industry Should Overcome In Salesforce Implementation
- October 27, 2022
- 7 minutes
Salesforce is an indispensable tool for businesses of all sizes, especially those in the finance industry. Offering cloud-based platforms with advanced integration features and a host of applications to streamline operations and enhance customer engagement while giving businesses a competitive edge in the marketplace.
As with any technology, Salesforce implementation presents challenges specific to the finance industry. Here, we discuss three obstacles they must surmount to successfully implement Salesforce and reap its benefits.
1. Security and Privacy Concerns
Finance industries deal with highly sensitive data, such as customers’ personal and financial information. Protecting this data against breaches is of utmost importance to ensure its protection and complying with regulations; any breach can have devastating repercussions, including legal fines and financial losses for their respective companies.
Finance industry leaders must ensure their Salesforce implementation complies with General Data Protection Regulation (GDPR) and Payment Card Industry Data Security Standard (PCI DSS). In addition, they should implement stringent security measures, such as multifactor authentication, encryption, and access controls, to protect their data against unapproved access.
Data governance is another vital aspect of data security and privacy, including Salesforce security. Data governance involves setting out and enforcing access, usage, retention, and deletion policies. Leaders within finance industry organizations should establish clear data governance policies that consistently adhere to across all departments and applications – including Salesforce.
2. Integrating Legacy Systems
Finance organizations rely heavily on legacy systems, which presents significant obstacles in implementing Salesforce. Legacy systems tend to be large, complex, and tightly coupled, making integrating them with modern cloud-based platforms like Salesforce difficult.
Finance industry leaders need to assess which legacy systems need integration with Salesforce and their compatibility and readiness before considering data migration strategies – legacy systems may store information in different formats or structures than Salesforce.
One approach for legacy system integration involves using middleware, such as APIs and integration platforms, to facilitate data exchange between legacy systems and Salesforce. Another is data warehousing, where legacy data are extracted, transformed into standard formats, and loaded into a central repository before integration with Salesforce occurs.
3. Customization and Personalization
One of the major advantages of Salesforce is its versatility and ability to be tailored specifically for each business’s individual needs. However, customization and personalization may present challenges when dealing with complex finance industry processes and regulations.
Finance industry leaders must first define their business requirements and identify where customization or personalization may be necessary while considering its effect on system performance, maintenance costs and upgrades.
One way of customizing and personalizing Salesforce for businesses is using its native customization tools, such as custom objects, fields and workflows, to meet their business’s requirements. Another approach would be using third-party applications and integrations which provide additional functionality or customization beyond what Salesforce already provides.
Best Practices for Implementation in the Finance Industry
To overcome the challenges discussed earlier and ensure a successful Salesforce implementation in the finance industry, leadership must follow certain best practices such as:
Understanding business requirements: This step involves setting clear objectives, identifying key stakeholders and creating an in-depth project plan which details its scope, timeline and budget of implementation.
Collaborating across cross-functional teams: Salesforce implementation requires collaboration among multiple departments and stakeholders, including IT, sales, marketing, customer service, and finance industry leaders must ensure all teams align together effectively for an effortless implementation.
Training and Adoption: Technology and people must come together for successful Salesforce implementation. Finance industry leaders must invest in training and adoption programs so all users can use Salesforce to maximize its benefits.
Continuous Improvement: Salesforce implementation is not a one-off, one-and-done endeavour; finance industry leaders must regularly assess and optimize their Salesforce implementation to identify areas for enhancement and optimization.
Potential Advantages of Overcoming Salesforce Implementation Challenges
While Salesforce implementation in the finance industry can present unique difficulties, many potential advantages can be gained from overcoming these challenges and succeeding at Salesforce implementation. Some such benefits might be:
Improved customer engagement: Salesforce gives finance industry businesses a 360-degree view of their customers, enabling them to engage more personally and meaningfully with them. By overcoming the implementation challenges associated with Salesforce, finance industry businesses can improve customer engagement while forging stronger relationships with them.
Improved operational efficiency: Salesforce can transform finance industry business operations by automating tasks, reducing manual effort and providing real-time insight into company performance. By successfully navigating Salesforce implementation challenges, finance industry businesses can increase operational efficiency while cutting costs.
Increased Revenue: Salesforce can assist finance industry businesses to increase revenue by helping them identify sales opportunities, cross-sell or upsell to existing customers, and reduce customer churn. By successfully navigating Salesforce implementation challenges, finance industry businesses can increase their income while creating a competitive market advantage.
Improved Collaboration: Salesforce can facilitate improved collaboration among different departments and stakeholders within finance industry businesses, enabling them to work towards shared goals more efficiently. By overcoming implementation hurdles with Salesforce, finance industry businesses can strengthen their collaboration efforts and achieve improved business results.
The finance industry faces unique challenges when implementing Salesforce, but these challenges can be overcome with the right approach. Some of the main challenges include ensuring data security and compliance, integrating with legacy systems, and adapting to changing business requirements. However, financial institutions can successfully navigate these challenges by partnering with an experienced Salesforce silver consulting partner like GetOnCRM and reap the benefits of a powerful CRM system. By leveraging the latest Salesforce features and functionality, financial institutions can streamline operations, enhance customer experiences, and drive growth and profitability. With careful planning and execution, a successful Salesforce implementation can be a game-changer for the finance industry, and GetOnCRM is the ideal partner to help make that happen.