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Shall we KPI? Can we afford not to?

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So you've managed to roll out InterAction at your firm, and much time and effort has been spent getting people to share their contacts. You've cleansed data that's been added to the system, and you've put in place procedures to keep it that way. You might also have integrated InterAction with other systems to enrich and validate the data you hold in InterAction.

Congratulations! That's the first part of your CRM journey complete. But it's only the beginning. Now is the time to start collecting more of your user's knowledge and activity on InterAction, the priceless business intelligence that's specific to your firm. You can collect this information by encouraging users to add their activities to InterAction, as well as their recent pitches and wins if you are using Opportunities and Engagements.

Next it's time to leverage that business intelligence to get continued buy-in from your firm. Users can start to see who else is meeting their contacts, making it easier to manage their relationships. Reports can be generated from InterAction to view the current sales pipeline and recent wins. And IMO makes it much easier to add information to InterAction at the touch of a button.

Once the information you are holding in InterAction reaches a level of maturity, you can start to run reports from the system to monitor performance against your firm's strategic goals. This will help position InterAction as a key system that supports the firm in achieving its strategy. KPI reports are a good example of the kind of reporting that measures performance and progress.

You may of course experience a backlash when trying to implement these kinds of reports. The visibility of performance that KPI reports provide can be uncomfortable for some. In order to mitigate resistance, ensuring that your reporting is endorsed by your firm's leadership is vital.

Taking into account the current marketplace, where clients expect more for less, relentless pressure on fees and reputation no longer guaranteeing a steady flow of work, KPI reporting becomes ever more vital. Measuring performance and progress and helping fee earners to focus their efforts isn't optional, it's essential if your firm is to thrive in the years to come.

Tags: InterAction

About the Author:


Eleanor Quilter, CRM Manager, Marketing & Business Development, at Grant Thornton UK LLP. Grant Thornton offers award winning audit, tax and specialist advisory services to privately-held businesses, public interest entities and individuals.

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