Datamonitor: High Costs, Cultural Hurdles Stymie Great Expectations
Here's the scary truth of it, according to findings from a study by London-based researcher Datamonitor: Forty-four percent of pharmaceutical CRM projects either fail to meet implementation time scales or result in total project failure. High-costs and cultural resistance continue to stymie many great expectations.
CRM projects often become mired in political hotbeds that result in a mismatch between necessary resource and funding and a project's lofty goals. Simply put, half-hearted approaches inevitably lead to failure. This has become even more pronounced in the pharmaceutical industry, where multiple departments, each with their own political agendas, play key roles in servicing the same patients, physicians, and health maintenance organizations (HMOs) for years.
But failures haven't deterred pharmaceutical companies from investing in CRM projects. These companies continue to see the promise of CRM in their industry. Datamonitor reported 82 percent of survey respondents plan to embark on a CRM project this year. Clearly, all of this adds up to one giant recipe for disaster.
Datamonitor though, has a few suggestions for warding off CRM failure -- namely, planning, planning, planning. Attempting to develop a CRM implementation strategy without defining or projecting return on investment leads to companies misjudging goals and time scales, developments that inevitably cause misplaced resources and increased cost profiles, says Datamonitor.
Also, with a growing emphasis on analytical CRM, pharmaceutical marketers and decision makers should upgrade from an operational-based CRM solution to an integrated operational-analytic solution. Integration, of course, is key to keeping all parties involved and on the same page.
Tom Kaneshige also writes for Line56.com