Typical Functions in a Customer Relationship Management System

In: Business and Management

Submitted By safoss11
Words 459
Pages 2
What are the typical functions in a customer relationship management system?

Most business models are centered on a product or services with a particular client or customer in mind. Customer relationship management systems are essential to developing the long term customer relationships based on the services provided. “It’s important to note that CRM is not just the software. It is a total business objective which encompasses many different aspects of a business including software, hardware, services, support, and strategic business goals,” (pg. 70, Management Information
Systems for the Information Age). Understanding customers buying behaviors and buying lifecycles are very important to marketing departments. The systems described are able to provide valuable data for analysis of the patterns of consumers for the development of marketing strategies. From a strategic management perspective the management systems are designed to incorporate corporate philosophies, business goals and objectives. The vision of the key leadership can also influence the information management systems put in to place for sustaining relationships with customers and clients. Customer management systems are the binary agent responsible for tying data from multiple sources such as email, fax, phone and customer surveys for the use in marketing and sales as well as customer service and support. The compilations of these streams of information require robust systems to formulate the data for analysis. The power of these management systems are essential to business operations and have enabled corporations to excel beyond that of past generations of business.

What is the relationship between management information systems and information technology?

The use of management information systems provides the framework for information sharing and analysis by computers and people. The…...

Similar Documents

Customer Relationship Management

...CRM JOE PEPPARD, Cranfield University School of Management, UK Today, many financial services organisations are rushing to become more customer focused. A key component of many initiatives is the implementation of Customer Relationship Management (CRM) software. Our research has highlighted that most institutions take a rather narrow view of CRM and as such, benefits have been limited. While second generation CRM has emerged to embrace the total organisation (hence Enterprise CRM), success in general has still not been widespread. In the paper, a framework is presented which is based on incorporating ebusiness activities, channel management, relationship management and backoffice/front-office integration within a customer centric strategy. © 2000 Elsevier Science Ltd. All rights reserved Once upon a time retailers, banks, insurance companies and car dealers had a close relationship with their customers. They often knew them individually, understood what they wanted, and satisfied their needs through personal customised service. As a result, they earned loyalty and a large share of their customers’ business. This, however, was a costly and inefficient system and customers effectively subsidised this relationship by paying higher prices. Over the years, through mass marketing and increased consumerism customers traded relationships for anonymity, reduced variety and lower prices. Today, through the effective use of information and communications technology, such a tradeoff is now......

Words: 12765 - Pages: 52

Customer Relationship Management

...countries.The research objective involves describing how the selected bank is deploying the CRM Best Practices toward building relationships with their retail customers. The case study method is the recommended research method in such situations when we deliberately want to cover the contextual conditions because they may be highly pertinent to the phenomenon of study. The study identifies 29 CRM Best Practices after extensive literature review. There are six sources of evidence that can be used for triangulation of data. The current study uses only two to three sources of evidence and as a result the construct validity of the case study research is affected. Though several research papers have been published in the area of CRM practices, no publication was found, across the countries, in connection to CRM Best Practices. Introduction RM has been a part of marketing literature since more than a decade. Interestingly, there is still much debate over what exactly constitutes CRM (Sin et al., 2005). According to Parvatiyar and Sheth (2001), some of the themes represent a narrow functional marketing perspective while others offer a perspective that is broad and paradigmatic in approach and orientation. One example of a narrow perspective is to view CRM as database marketing (Peppers and Rogers, 1995) emphasizing promotional aspects of marketing by leveraging customer databases. Other examples of a narrow approach include electronic marketing (Blattberg and Deighton, 1991 as......

Words: 7085 - Pages: 29

Customer Relationship Management

...skyrocket in the next few years. At its most basic, cloud computing can enable banks to reuse IT resources more efficiently—whether they are purchased up-front or rented without any long-term commitment. According to research firm Gartner, this market for cloud services will increase from $36 billion today to $160 billion by 2015. Gartner also says 20 percent of companies will be using cloud computing for significant parts of their technology environment by 20121. However, cloud computing is much more than simply renting servers and storage on-demand to reduce infrastructure costs—as many believe. Furthermore, it’s not simply a technology issue. In fact, the cloud offers a host of opportunities for banks to build a more flexible, nimble and customer-centric business model that can drive profitable growth and, as a result, should be something that non-IT decision makers at banks understand and appreciate. So what does the future of cloud computing look like for banks—both in the near and long term? The pundits tend to overestimate the impact of a technology and paradigm shift in the short term and underestimate what happens in the long term. In this paper, we explore some forward-thinking uses of cloud computing in the banking sector and discuss ways we believe innovative banks will be leveraging the cloud for competitive advantage in the next five years. 2 3 What exactly is Cloud Computing? Accenture defines cloud computing as the dynamic provisioning of IT......

Words: 5421 - Pages: 22

Crm Customer Relationship Management

...------------------------------------------------- Customer relationship management From Wikipedia, the free encyclopedia Customer relationship management (CRM) is a widely implemented model for managing a company’s interactions with customers, clients, and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales activities, but also those for marketing, customer service, and technical support.[1] The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients to return, and reduce the costs of marketing and client service.[2] Customer relationship management describes a company-wide business strategy including customer-interface departments as well as other departments.[3] Measuring and valuing customer relationships is critical to implementing this strategy.[4] Contents  [hide]  * 1 Benefits of Customer Relationship Management * 2 Challenges * 2.1 Complexity * 2.2 Poor usability * 3 Fragmentation * 3.1 Business reputation * 3.2 Security, privacy and data security concerns * 4 Types/variations * 4.1 Sales force automation * 4.2 Marketing * 4.3 Customer service and support * 4.4 Appointment * 4.5 Analytics * 4.6 Integrated/collaborative * 4.7 Small business * 4.8 Social media * 4.9 Non-profit and membership-based * 5 Strategy * 6 Implementation *......

Words: 7127 - Pages: 29

Customer Relationship Management

...opportunity to build better relationships with customers than has been previously possible in the offline world. By combining the abilities to respond directly to customer requests and to provide the customer with a highly interactive, customized experience, companies have a greater ability today to establish, nurture, and sustain long-term customer relationships than ever before. The ultimate goal is to transform these relationships into greater profitability by increasing repeat purchase rates and reducing customer acquisition costs. Indeed, this revolution in customer relationship management or CRM1 as it is called, has been referred to as the new “mantra” of marketing. The need to better understand customer behavior and focus on those customers who can deliver long-term profits has changed how marketers view the world. Customer Relationship Management is an innovative approach undertaken by the marketers in the process of developing lifetime customers and maximizing lifetime value of the customers. CRM approach is still new for the corporate managers, as in India the customers are still at the receiving end only. The concept of CRM and its implementation creates chaos for the marketers, as they are unable to comprehend the benefits of this approach to enhance their relationships with their customers and ultimately gain the long-term profitability profit. History of CRM Before the introduction of CRM systems, customers would buy from a......

Words: 1780 - Pages: 8

Customer Relationship Management

...When a consumer (customer) has a complaint he or she wishes to report to the body there is currently two ways to do so. The first one and the most common is that the complainant phones the Consumer Council of Zimbabwe to report his or her problem. The recipient then listens to the complaint and documents it for action to be taken. The complaints are attended to at a first come first served basis. The other way or method is that of complaint and suggestion boxes which are mounted on the premises of the organization. The customer documents the problem he or she has on any product or service that is offered by a specific company. At the end of each working day the boxes are emptied and then the complaints are listed and attended to in the order that they are reported. Company Organogram [pic]Fig1: Organisational chart of the Consumer Council of Zimbabwe 1.1 PROBLEM DEFINATION The current manual system being used by the Consumer Council of Zimbabwe has the following problems; 1. Manual - The system is manual thus all the information flowing in the organisation is manually collected and processed 2. No Security and Privacy - Security measures have weaknesses, such that the data is accessed by almost everybody who has access to the file cabinets. 3. Lack of reports – does not provide detailed reports about customers and complaints reported namely open and closed complaints. 4. Errors and Incomplete records - Since the manual system that is......

Words: 13685 - Pages: 55

Crm, Customer Relationship Management

...CRM ISSUES 28 Customer Privacy 28 Technical Immaturity 30 XI. CASE STUDIES 31 Amazon.Com 31 Dell 32 Volkswagen 33 Wells Fargo 34 XII. CONCLUSIONS 36 REFERENCES 37 APPENDIX A BASIC ASSUMPTIONS OF CRM 40 APPENDIX B COMMON MYTHS OF CRM 41 APPENDIX C LIFETIME VALUE OF A CUSTOMER 44 C1. Simple Approach 45 C2. More Sophisticated Calculation 46 C3. Effect of Loyalty Programs 47 C4. Additional Factors to Consider 49 C5. The Arithmetic of Lifetime Value 49 C6. Example: Applying Lifetime Value Concepts in Banking 51 C7. Summary and Conclusions on Lifetime Value 53 APPENDIX D VENDOR’S WEB SITE ADDRESSES 55 2 Version 3-6 March 23, 2001 CUSTOMER RELATIONSHIP MANAGEMENT Paul Gray Jongbok Byun I. INTRODUCTION Over a century ago, in small-town America, before the advent of the supermarket, the mall, and the automobile, people went to their neighborhood general store to purchase goods. The proprietor and the small staff recognized the customer by name and knew the customer's preferences and wants. The customer, in turn, remained loyal to the store and made repeated purchases. This idyllic customer relationship disappeared as the nation grew, the population moved from the farm communities to large urban areas, the consumer became mobile, and supermarkets and department stores were established to achieve economies of scale through mass marketing. Although prices were lower and goods more uniform in quality, the relationship between the customer and the......

Words: 9056 - Pages: 37

Customer Relationship Management

...“how”. Interestingly enough, so does the business process. The best way to identify your functionality is to map out your business process and identify the functions within it. Each function should map back to a business requirement. The key questions to ask when defining necessary functionality are “what aspect of our customer-focused processes do we need to support with technology?” For this to work, the process has to involve following process: a. Analyze customer purchase history to understand the most frequently purchased products by other like customers. b. Score the likelihood that a customer will buy an individual product. c. Communicate resulting customer list and product scores to call center application system. d. Collect response rates. e. Refine scores based on campaign results. The point here is to define your own unique requirements. After the unique requirement is listed, record the functionality for each one, asking, “How will we accomplish this requirement?” This will give you a list of key functions for each requirement and will finish the hard part. 2. Narrowing down the technology choices: When one has identified the necessary functions, one is ready to map the functions to the candidate technologies by answering the question, “Is there a CRM tool that can perform each of these core functions?” The best way to find the CRM products that offer you required functionality are: a. CRM conferences and trade shows b. Analyst firms specializing in......

Words: 1643 - Pages: 7

Issues and Benefit of Customer Relationship Management System

...Issues and benefit of Customer Relationship Management System CRM deals with aspects of the work with clients, whether these involve sales procedures or service-related issues. It is the most often used to control information, marketing campaigns and market participation. The data that is collected can later on be analyzed to come up with innovative solutions to the most common customer-related problems. The CRM allows a company to identify its target customers, to optimize sales management, streamline information exchange between different departments, improve company relationships with customers through personalization, identify customer needs and analyze distribution patterns. Even though CRM is focused on a specific area, it comes with a few issues and benefit that can help us nor in the same time troubled us as both small and large companies. One of the benefit of CRM is that it decrease the cost of customer acquisition which the data retrieved is able to allow company focus their target audience and therefor steer their entire marketing efforts on that targeted audience. The next is that CRM is able to increase sale by locating areas of improvement so that the company is able to improve and provide a better customer service. Which will lead in a higher sales through satisfaction. CRM will also increase efficiencies which information gather can be access quickly and spontaneously. CRM is also able to provide us a better and more accurate data through analytics and......

Words: 380 - Pages: 2

Customer Relationship Management

...to decide whether they should buy this product or not, it is not enough for firms to maintain the buying of customers and also compete with their competitors. In fact, there are too many businesses in a market that customer can choose to purchase any products, but consumers’ psychology always want to come back a firm, which makes them to feel happy. As a result, a major task for firm is how to make consumer feel satisfy and continue use their products or services. To gain the success, companies need to have a positive relationship with their customers. Thus, firms have invested a lot of time and costs to develop their interaction with customers before, during and after purchasing because this will help businesses to maximize their profits. In addition, due to the development of information technology, customer relationship management has assisted effectively for companies to achieve several major benefits. Indeed, customer relationship management is extremely important to support firms that not only to understand deeply all customers’ needs but also to give effective strategies on time to take the consumers’ satisfaction and loyalty. Therefore, this essay will attempt to explain the importance of customer relationship management in B2B marketing that can give firms a significant competitive advantage. There are several definitions about Customer Relationship Management (CRM), but some people have many mis-understanding such as database marketing, marketing process, loyalty......

Words: 739 - Pages: 3

Customer Relationship Management

...Customer Relationship Management 1. Introduction In a world where the customer is always the king, more and more companies are going an extra mile to get to know the customers and make them feel happy. Customers want more than just courtesy of the person serving them, they want the sales representatives and the company to know them, recognize them and understand them. Here, the word "relationship" comes into place. Customers want a business relationship with the company where they can be appreciated and respected. Hence, customer relationship management, or CRM, is fast becoming one of the major elements of corporate strategies in many organizations. Already, companies such as Hong Leong Finance and UOB are pouring in millions of money into IT initiatives that will see the deployment of new servers and a CRM system. These IT initiatives are aimed at enhancing the workflow processes thereby saving time and money in the long run. 2. Definition of CRM 2.1 CRM is a strategy Customer Relationship Management (CRM), is strategic approach that combines the business processes, technology, employees, and information across an enterprise to attract and retain profitable customers. In simpler terms, CRM means putting customers at the heart of the business. 2.2 CRM is an information system CRM focuses on the retention of customers by collecting all data from every interaction, every customer makes with a company from 'all' touch or access points whether they are phone,......

Words: 2422 - Pages: 10

Customer Relationship Management

... Customer Relationship Management VSF This book is dedicated to my children Emma and Lewis of whom I am enormously proud. Customer Relationship Management Concepts and Technologies Second edition Francis Buttle AMSTERDAM • BOSTON • HEIDELBERG • LONDON • NEW YORK • OXFORD PARIS • SAN DIEGO • SAN FRANCISCO • SINGAPORE • SYDNEY • TOKYO Butterworth-Heinemann is an imprint of Elsevier Butterworth-Heinemann is an imprint of Elsevier Linacre House, Jordan Hill, Oxford OX2 8DP 30 Corporate Drive, Suite 400, Burlington, MA 01803, USA First edition 2009 Copyright © 2009, Francis Buttle Published by Elsevier Ltd. All rights reserved. The right of Francis Buttle to be identified as the author of this work has been asserted in accordance with the Copyright, Designs and Patents Act 1988 No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the publisher. Permissions may be sought directly from Elsevier’s Science & Technology Rights Department in Oxford, UK: phone ( 44) (0) 1865 843830; fax: ( 44) (0) 1865 853333; email: permissions@elsevier.com. Alternatively you can submit your request online by visiting the Elsevier web site at http://elsevier.com/locate/ permissions, and selecting Obtaining permission to use Elsevier material. Notice No responsibility is assumed by the publisher for any injury and/or......

Words: 171161 - Pages: 685

Customer Relationship Management

...Customer relationship management (CRM) is a widely-implemented strategy for managing a company’s interactions with customers, clients and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales activities, but also those for marketing, customer service, and technical support.[1] The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients back into the fold, and reduce the costs of marketing and client service.[2] Customer relationship management describes a company-wide business strategy including customer-interface departments as well as other departments.[3] Measuring and valuing customer relationships is critical to implementing this strategy.[4] Benefits of CRM A CRM system may be chosen because it is thought to provide the following advantages:[citation needed] Quality and efficiency Decrease in overall costs Decision support Enterprise agility Customer Attention [edit] Challenges Successful development, implementation, use and support of customer relationship management systems can provide a significant advantage to the user, but often, there are obstacles that obstruct the user from using the system to its full potential. Instances of a CRM attempting to contain a large, complex group of data can become cumbersome and difficult to understand for an ill-trained user. Additionally, an......

Words: 5644 - Pages: 23

The Role of Customer Relationship Management System in Customer Knowledge Creation

...RESEARCH ARTICLE THE ROLE OF CUSTOMER RELATIONSHIP MANAGEMENT SYSTEM IN CUSTOMER KNOWLEDGE CREATION 1. Bahareh Behdadmanesh and 2.Mansur Amini Lari 1. Department of Management, Fars Science and Research Branch, Islamic Azad University, Fars, Iran 1. Department of Management, Shiraz Branch, Islamic Azad University, Shiraz, Fars, Iran 2. Department of Management, Fars Science and Research Branch, Islamic Azad University, Fars, Iran Abstract: Customer relationship management is a marketing strategy, sales and service of integrated line that operates to identify, acquire and maintain customer. CRM is a modern and developed tool for data mining of customer information that is fed by using different connection points of the system and will create a comprehensive view of the customer. This study examines the relationship between customer relationship management in the creation of customers’ knowledge in the banks of the city of Shiraz. Statistic population of this research includes employees in the banks of Shiraz that the questionnaires on the variables of customer relationship management and customer knowledge were distributed among 300 of them as a statistic sample. The reliability of these two questionnaires for the variables of customer relationship management and customer knowledge were acquired 0.934 and 0.880, respectively. For data analysis and testing the hypotheses SPSS software was used. Correlation coefficient was used to assess the relationship between the......

Words: 5506 - Pages: 23

Customer Relationship Management

...FACULTY OF MANAGEMENT STRATEGIC MANAGEMENT CUSTOMER RELATIONSHIP MANAGEMENT (CRM) Abstract Majority of administrations have observed the customer relationship management (CRM) design as a hi-tech explanation for glitches in individual region, convoyed by a great deal of not coordinated enterprises. in any case, customer relationship management have to be conceptualized as a strategy, due to its technological, human, and processes implications, meanwhile an organization decides to carry it out. On this concept, the main aim declared in this research is to propose, vindicate, and legalize a model based on critical success influences that will constitute a lead for companies in the execution and diagnosis of a CRM strategy. The model is match by a set of 13 critical success factors with their 55 analogous metrics, which will perform as a lead for organizations desiring to apply this type of strategy. These rudiments cover the three key aspects of every customer relationship management strategy (processes, human factors and technology); giving a universal focuses and appease success in the performing of a CRM strategy. These critical success factors were measured by a group of internationally experts permitting deciding guidelines for a consumer relationship management employment as well as the plausible causes of the shortages in past projects. Introduction In the early of 1960s, Levitt recommended that the aim of...

Words: 4224 - Pages: 17

Game Of Thrones - Season 1 | bastards trailer | WhatsApp Messenger APK