Case Study: CRM Software Consolidation for Finance of America
Problem Statement
Following a number of mergers and acquisitions, Finance of America, a conglomerate of Forward Mortgage, Reverse Mortgage, and Commercial Mortgage companies, faced inefficiencies stemming from seven disparate CRM systems across its divisions. Each division maintained its own IT infrastructure and unique CRM software, resulting in redundancies, high licensing costs, significant support hours, and inconsistent customer data management, which hindered cross-division collaboration.
Project Description
To address these challenges, we launched a transformative initiative to consolidate its CRM systems into a single platform. This project aimed to eliminate inefficiencies, reduce licensing costs by $1.5 million annually, save man-hours spent on supporting multiple systems, and enhance operational efficiency. The consolidation would also standardize customer data management and improve collaboration across divisions.
Project Steps
Evaluate the Current State
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Conducted an in-depth analysis of how each group within Finance of America utilized their respective CRM systems.
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Identified unique and overlapping functionalities within the seven systems.
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Documented workflows, user interactions, and pain points specific to each division
Business Analysis
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Collaborated with stakeholders to define critical CRM features:
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Must-haves: Essential functionalities required for day-to-day operations.
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Nice-to-haves: Features that add value but are not critical for operations.
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Nice but unnecessary: Features that, while appealing, do not justify additional costs or complexity.
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Evaluation of Current Systems
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Assessed each existing CRM system against the defined requirements.
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Highlighted gaps in functionality, user experience, and scalability.
​Exploration of New Systems
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Researched CRM platforms not currently in use by Finance of America.
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Evaluated these systems against the established requirements to identify potential candidates for consolidation.
Financial Analysis
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Analyzed the current licensing costs for each CRM system.
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Calculated the return on investment (ROI) for transitioning to a unified CRM system.
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Highlighted cost savings from reduced licensing fees and lower support requirements.
Roadmap Creation
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Developed a detailed migration roadmap:
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Timeline for decommissioning existing systems.
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Transition phases for onboarding users to the new CRM platform.
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Training and support plans to ensure user adoption.
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​Effort Estimation
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Estimated the level of effort required for each migration step:
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Data migration and validation.
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System configuration and customization.
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User training and change management.
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Ongoing support post-migration.
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Results and Impact
By consolidating its CRM systems, Finance of America achieved the following outcomes:
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Cost Savings: $1.5 million annually in licensing fees.
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Operational Efficiency: Streamlined workflows and standardized processes across divisions.
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Enhanced Collaboration: Unified customer data and reporting capabilities enabled better decision-making and improved cross-division communication.
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Scalability: Positioned the organization to scale efficiently without the burden of managing multiple legacy systems.
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This project serves as a model for other organizations facing similar challenges, demonstrating the value of strategic consolidation and thoughtful planning in driving both cost savings and operational excellence.​