As more and more businesses go online they are seeking feasible solutions to managing the vast amounts of data being generated to better organize and improve customer service. Increasingly companies are depending on the
CRM Solution Provider to help them in this regard.
CRM or Customer Resource Management is an information industry term for methodologies that help an enterprise manage customer relationships in an organized way. The META group developed the conceptual architecture of CRM in the late 1990s and called it the ‘CRM EcosystemCon.’ In simple terms it can be described as a process that will help bring together lots of pieces of information about customers, sales, marketing effectiveness, responsiveness and market trends. CRM helps companies use technology and human resources to try and predict customer behaviour and customer value.
There are three aspects of customer relationship management which can be implemented in isolation from each other. These are operational, collaborative and analytical CRMs.
Operational refers to automation or support of customer processes that include a company’s sales or service representative. Collaborative CRM refers to self-service or direct communication with customers without the company’s sales or service representative. Analytical CRM refers to analysis of customer data for a broad range of purposes.
By using CRM a business can provide better customer service, increase customer revenues, discover new customers, cross sell/up sell products more effectively, help sales staff close deals faster, make call centres more efficient, simplify marketing and sales processes. But there are some issues that need to be kept in mind while adopting the CRM solution provider. These are customer confidentiality and privacy issues. All data gathered must be kept secure and not given to third parties without the customer’s approval.
CRMs and their impact on business
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