A very interesting aspect of this win is the re-use of content across web and print channels.  It is not clear whether JPM AM are supporting client reporting processes as well as web content management from a single solution, but it is a case study that proves that this is perfectly possible, technically.

It would be interesting to see how this concept would work in practice.  Would companies be comfortable with information being so readily re-usable and what would client and consultant impressions be?  On the face of it everyone should support this approach.  However, control of how information is produced, published and consumed is a more nuanced challenge than overcoming the technical obstacles.

That said, there are few firms that can boast an environment where this is possible, and the strategic discussions on how it is used and implemented can only begin once the technology capability is in place.  Step 1 completed for JP Morgan.

• Chart analytics (P/E/U); developing capabilities for richer reporting.  Still not an analytics engine but will make it easier for business users to get the information they need on first glance
• Recurring tasks (P/E/U); minor but useful enhancement allowing users to set up multiple tasks for regular activities
• **Automated campaigns** (P^/E/U); a major set of improvements for Marketing and Sales.  Too much to mention in detail but it seems like an automated, targeted campaign management tool is within reach on the native salesforce.com platform.  Especially useful for event management and sales process campaigns.  Would like to hear more about email volumes and managing deliverability.
• Workflow visualiser (P/E/U); an interesting enhancement for the management of workflow, but no direct business impact
• Visualforce in dashboards and help pages (P/E/U); great to have the capability, and answers limitations for turning the homepage into a true portal for users.  VisualForce does create an admin overhead, but usually worth it for the business benefit
• Generic "from" email support (P/E/U); useful for campaigns and marketing activity
• Enhanced logic for picklists (P/E/U); hidden from business users but will allow major improvements in usability of the applications and reporting on data
• Profile change tracking (E/U); major enhancement for system admin and security audits, hidden from business users

(P - Professional Edition, E - Enterprise Edition, U - Unlimited Edition)

^ Campaigns are available at an additional cost for Professional Edition

On a less positive front, there has been an update to the "Multiple Contacts to be allowed on one activity be it a task or event" idea - not good news.  This is obviously a major flaw in salesforce functionality (note use of ‘flaw’ rather than ‘bug’ - it works, just not the way most of our clients want it to) and seems to be a major issue to overcome for the technical guys.  We’re going to look into the options for workaround solutions but salesforce.com would do well to formalise the "tactical response" solutions to get customers through the next 12+ months.

Despite the bad news on meeting records, another release with key benefits to a wide range of business users.  We’re contacting vendors of other solutions to see whether we can provide similar updates and insight.  Hopefully we can provide a regular review of features and upgrades from across the CRM spectrum, not just those operating within the "cloud".

• Many client reporting teams struggle with legacy systems that do not fully support their activities
• Systems that offer a holistic solution should be considered over single application offerings
• Increasing demands for value-added activities require sophisticated systems that can model multiple data sources
• Assisting the work of client reporting teams should be a key business priority

Nothing too surprising or earth-shattering, but reasonable conclusions for most firms.

There is always an obvious problem with research carried out by vendors (or consultants, for that matter), in that they will invariably argue for change.  We’ve only once recommended to a client that they stay as-is for the moment, as they were in the process of wider business and strategic change rather than based on perfect reporting processes.  For most clients, there is almost always benefit from change that is justifiable investment.  But the argument is complex and more difficult to win now than at any other time.  We’re not sure this report will win the day, but all views and contributions are welcomed.

 Anyway, on the positive, here are the highlights:

• audit trail for config changes; essential for larger implementations with multiple system administrators
• formula fields using multi-picklist values and picklist values; a major limitation with using picklists will be lifted to enable users simpler data entry and still make the data available for downstream activities and analysis
• customisable campaign member table; ‘Campaigns’ can be customised to reflect the needs of event management, offline advertising and PR and multi-wave email marketing

Enabling these features addresses some of the stumbling blocks mid to large-size clients invariably encounter when managing across business units and markets, without having to resort to development and customisation which invariably becomes an ongoing support issue.

It continues to be an impressive point of difference that salesforce.com regularly responds to user feedback with these releases, and clients appreciate the fact that it comes with little or no traditional upgrade costs.  Whether it justifies the salesforce.com license premium depends upon how proactive the use and management of the solution is, especially in these cost-conscious times, but it is still an impressive feat to upgrade so many users with minimal disruption

Feel free to comment and suggest any other features which may benefit salesforce.com users.

We were just alerted to Jott based on its recent release of Jott for Salesforce service, www.jott.com.  However, the following seems relevant to any CRM implementation.  It could be the solution to the most common issue stopping 100% adoption of CRM solutions.  Put simply it allows users to dictate notes to a telephone answering service, which then converts the message to text and adds the record to salesforce.com.

What’s the most common issue for successful CRM projects?  Getting the domain model correct? Making sure the security, sharing and data access rights work?  Both difficult and tricky to overcome, but surmountable issues.

The most common issue we find is getting the last 25% of the user community to actually use the solution and take part in the processes.  The fundamental issue is that these guys don’t "get" technology.  They understand the features and functionality, they buy into the benefits, but they can’t make it part of their regular business day.  When you’ve been selling financial services products for twenty years, the routine is pretty much inate.

The irony is that when you persuade them to use the solution and add the information, they suddenly "get" it.  They’re good sales guys - they see the benefit of less manual ‘cut-and-shut’ reporting and more warm leads.  So is this where Jott comes in?  Phone up a number, dictate your meeting note, hang up.  They can do that hands free in the car, or while they’re queueing to board the plane.  And they avoid the aching blackberry thumb, or the search for the wireless internet access, or the thumbing through indecipherable notes days after the discussion took place.  There’s something in it.

A few obvious questions to answer.  It’s only available to US and Canadian customers - no!  What if your sales process calls for some structure in meeting records?  Does it also call them up and chase required next steps!  But it’s a very interesting option for gathering up the last tranche of resistant users.  Hopefully it will be available in the UK and Europe soon and we can give it a try.

This is an interesting win as it positions Vermilion across a wider range of services in the Istitutional supply chain.  Adding Investment Consultants to Fund Managers strengthens the Vermilion market position.  Would be good to know how wide the spectrum of reports are going to be, and the corresponding breadth of information that is in scope.  Now if they can grab a performance/attribution data provider and third party administrator, then bases three and four get covered.

Congratulations to Vermilion and Mercer, and good luck in the implementation.  We’ll keep an eye out for news of progress and successful delivery.

It allows read-only access to standard objects and users can create activities, and data access is controlled through mobile profiles as per the full version.  Basic access that you can, of course, upgrade for an additional license cost.  A few initial thoughts:

• we work on the basis that 50% of users that ask for Mobile access will actually use it, and only 50% of those users will be positive about using salesforce.com on a mobile device - resulting in 25% of users actually using and liking mobile access
• the access that Mobile Lite gives is probably enough to get users started, and allows the real reasons for mobile access to be understood and supported by the business
• it’s a shame that they had to limit it to standard objects - in our experience, custom objects account for around 50% of the information that clients use and manage.  However, Accounts and Contacts are always core for users

All in all, a good thing of course - it is free after all!  It may help increase adoption and usage, but only for those users that are probably already pro-technology and CRM in the first place.

Since the survey we’ve had several firms ask why and how newer technology influences brand, marketing and fund communications.  It’s speculative at present, but it feels like a tide is changing in some small way - it’s not about Twitter or Facebook, it’s about promoting better informed and more active clients.  Feel free to comment on the slides, or the business strategy they are speculating on.

Before the market disruption

• The majority of companies have been regularly providing the following fund communications over the past few years:
  • Daily Fund Prices, Monthly Fund Performance data, Fund Factsheets - monthly, Fund Factsheets - quarterly, Market/Economic Commentary Reports, Market/Economic Commentary Email Updates
• While the following have been provided on an ad-hoc basis over the past few years:
  • Recorded Webcasts, Live Webcasts, Telephone Conference Calls

During the market disruption

• During the past few months, the majority of firms started to use the following on a regular basis:
  • Recorded Webcasts, Live Webcasts, Telephone Conference Calls, Online account valuations
• Firms reported an increasing dissatisfaction with the frequency of their fund factsheets and their ability to provide the following:
  • Market/Economic Commentary Reports, Recorded Webcasts, Live Webcasts, Telephone Conference Calls

After the market disruption

• Beyond 2010, firms are planning to offer a greater range of fund communications than they did before the disruption.  They will be offering a range of factsheets, webcasts, conference calls and online account access
• A number of firms (45%) will be looking at tools such as discussion forums and blogs to provide fund communications

A few snippets from the comments that were made during completing the survey:

"we’ve had to step up the frequency of our communications and provide it across more channels"

"fund factsheets are not enough any more"

"during the past 12 months, it’s become a case of trying to work out when we need to provide social networking-type communications - and how - rather than if we will need to provide them"

Overall conclusion

The survey provides anecdotal evidence of what most Investment Management firms and clients already know.  The timeliness and accuracy of fund communications has come under much greater scrutiny as a result of the market volatility.  Firms and clients are experimenting with ways to communicate, and webcast-type channels are fast becoming a standard tool in the kitbag.  Over the next few years, firms will begin to try social networking tools to see how fund communications will develop - but they will take several years to develop, based upon the experience of webcasts and telephone conference calls.

Next steps

We’re going to run a shorter survey in the next few days to develop on the initial conclusions.  Already it is obvious that converging forces of market volatility and technology are disrupting the standards of the past decade.  We’ll target some particular technologies and channels to see how these might develop over the coming months and years, and the effect they will have on client expecations, firm capabilities and driving expenses and profit.

*Notes on the survey responses:

- responses were gathered from firms across Retail, Institutional and Wealth Management markets.  The majority operated in both Retail and Institutional markets

- responses were gathered from firms operating in the UK, European, Far East and US markets.  The majority operated in the UK market

- responses were gather from firms with AUM less than £10m to more than £100m.  The majority of firms have between £25m and £100m AUM

We’re going to run a shorter survey in the next few days to develop on the initial conclusions.  Already it is obvious that converging forces of market volatility and technology are disrupting the standards of the past decade.  We’ll target some particular technologies and channels to see how these might develop over the coming months and years.