IntroToCRM - An introduction to CRM - Technology - Express...

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Printer Friendly Version WEB LINK - An introduction to CRM Customer relationship management (CRM) is no longer a buzzword, but a necessity for business in the knowledge age we live in. Starting with this article, Khalid Sheikh begins a series that will comprehensively cover every aspect of CRM Customer relationship management (CRM) solutions provide customer-oriented services for planning, developing, maintaining, and expanding customer relationships, with special attention paid to the new possibilities offered by the Internet, mobile devices, and multi-channel interaction. CRM enables a company to capture a consolidated customer view through multi-channel interactions in a data warehouse solution. Sophisticated analytical techniques are then applied to this customer information to better understand and predict customer behaviour. CRM can then be used to strategically implement acquired customer knowledge in every area of the company, from the highest management level to all employees who come into direct contact with customers. CRM thus enables an organisation to address its customers’ preferences and priorities much more effectively and efficiently. CRM is a tool that can help organisations to profitably meet the lifetime needs of customers better than their competitors. Thus, CRM involves: c Automating processes in sales, marketing, and service functions. c Increasing the efficiency of these processes to improve customer satisfaction. c Conducting interactions with customers on a more informed basis. c Individually tailoring interactions to suit the specific customer’s needs. c Compiling information that increases understanding of customer behaviour and then analysing the acquired information to generate customer intelligence that can be used by the marketing function to find brand new customers, retain existing customers, and cultivate a deeper share of wallet from all customers. The ability of a CRM solution to measure, predict, and optimise customer relationships is directly proportional to the quality and comprehensiveness of the information provided to the analytical solutions. Hence, the integrated enterprise application software solutions of today incorporate a data warehouse to bring together data from enterprise resource planning (ERP), supply chain management (SCM), product lifecycle management (PLM), and customer relationship management (CRM) systems. This also enables the companies to improve on their
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This note was uploaded on 01/23/2011 for the course BMGT 301 taught by Professor Wang during the Spring '08 term at Maryland.

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IntroToCRM - An introduction to CRM - Technology - Express...

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