Financial services retailer selects salesforce.com over Siebel, Goldmine and SalesLogix
SAN FRANCISCO, CA -- November 21, 2002 -- Salesforce.com, the market leader in online customer relationship management (CRM), today announced that Forex Capital Markets (FXCM), one of the largest and most experienced Futures Commission Merchants that focuses solely on the currency market, has deployed salesforce.com Enterprise Edition. Salesforce.com's anytime global access and powerful, integrated functionality enables sales people and traders to leverage their experience and smoothly coordinate international sales efforts, resulting in more closed deals and enhanced productivity. FXCM joins Wachovia (NYSE:WB), Daiwa Securities SMBC, Putnam Lovell NBF and other financial services organizations who have successfully automated their sales, support and marketing processes on salesforce.com's secure, flexible online CRM application.
"We have a complex selling process that requires more flexibility than most out-of-the-box CRM solutions can provide," said Marc Prosser, explaining FXCM's selection of salesforce.com over other vendors such as Siebel (NASDAQ: SEBL), Goldmine and SalesLogix, a subsidiary of The Sage Group plc (London: SGE.L). "In fact, we found that even solutions that were specifically targeted to the financial services industry could not give us what we needed without some serious tweaks. The great thing about salesforce.com is that we can easily customize the application so that no information is more than two clicks away. We were up and running with what we needed in less than two weeks."
A rapidly growing company, FXCM found that its existing Access database could not support the extremely high influx of leads. Not only was the increasing volume of leads proving difficult to manage smoothly, but also communication and coordination between salespeople and traders was exponentially worsening in proportion to the increase in potential business. In order to manage the pipeline and support the intensive sales process and relationship building that is a hallmark of the industry, FXCM elected to implement a CRM solution. The company was impressed by salesforce.com's reasonable cost, rapid implementation time, low-to-no maintenance, and customization capabilities. It implemented salesforce.com in 1.5 weeks and is currently integrating the application to a homegrown back-end system. The company estimates that productivity has increased 25%, the proportion of closed deals has increased, and respective administration time and effort have decreased.
"Salesforce.com's one-two punch of powerful online functionality and easy customization make our application the top CRM choice in many vertical markets with niche demands," said Marc Benioff, chairman and CEO of salesforce.com. "In less than two weeks, FXCM aggressively matched the application to its specific business processes and existing infrastructure and began benefiting immediately."
According to analyst firms, enterprise CRM software, such as offerings from Siebel [NASDAQ: SEBL], PeopleSoft [NASDAQ: PSFT], and SAP [NYSE: SAP], fail to meet expectations over 50 percent of the time. Chuck Phillips of Morgan Stanley in Optimize Magazine (April 2002) has estimated that $130 billion in enterprise technologies purchased in the last two years has not been implemented, and that 40 percent of all enterprise software purchased is never installed.
In addition, a growing list of companies has switched to salesforce.com because of frustration with high costs, complex products and lengthy or unsuccessful implementations of client/server software. Salesforce.com has currently achieved more than 5,200 customers for its online CRM solution, including global leaders such as Le Meridien, Autodesk and USA Today. Salesforce.com delivers its CRM solution as an online information utility via a Web Services infrastructure. In the past year, salesforce.com has added more CRM customers than Siebel (NASDAQ: SEBL), PeopleSoft (NASDAQ:PSFT), Oracle (NASDAQ: ORCL) and SAP (NYSE: SAP) combined.