4. Analyse critically how Customer Relationship Management (CRM) system can play an important role to increase profits for each of the organization.
CRM (Customer Relationship Management) is an information industry term for methodologies, software, and usually Internet capabilities that help an enterprise manage customer relationships in an organized way. For example, an enterprise might build a database about its customers that described relationships in sufficient detail so that management, salespeople, people providing service, and perhaps the customer directly could access information, match customer needs with product plans and offerings, remind customers of service requirements, know what other products a customer had
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Other than that, customer relationship management also helps Bata keep trace with their customer expectations and therefore always make changes on their store design, introduction of trendy designs, and improve the superior service. Moreover, Bata Company is engaged in building trust lies with the customer by implement the customer relationship management. If the customer is satisfied and loyal to their brand, the company will grow and give good returns to the investors which will further remunerate and motivate their employee. Customer relationship management also help the management level of Bata Company foresee the opportunities in the market growth and a rapidly expanding middle class. For this, they can systematically transform Bata into a completely customer centric organization to serve this new market. Bata uses sales management and customer support in the CRM system to gather data about their customer and used to facilitate customer service transactions by making the information needed to resolve the issue or concern readily available to those dealing with the customers. This results in more satisfied customers, a more profitable business and more resources available to the support staff. Furthermore, CRM systems are a great help to the management in deciding on the future course of the company. (Andrew, 2011). In order for Bata to increase their profit they are trying to maximize their customer
CRM is a process that turns the customer’s data into customers’ loyalty through activities which is collecting customers’ data, analysing customer data and identify target customers, developing CRM through programs and implement CRM programs.
From an organizational and profitability standpoint, an efficient, easy to use, and unified CRM system, captures all key and critical data from sales and marketing to commercial operations, all the while focusing on sales process, sales efficiencies, and increasing sales, all contributing to the bottom-line profitability of the organization. Data has proven that CRM platforms increase the productivity and profitability of individual departments and subsidiaries, these same platforms and characteristics will have the same ramifications on a larger scale organization, especially an organization that spans the global footprint, such as
For most business owners, they would all be in agreement and say that the connection they have with their customers is very important to them because it decides if the business is going to be a great success, or if the business is going to take a nose-dive. As a result, of an increase in customer standards and financial difficulties most firms no matter how big they are, they are taking a second look and thinking about how technology can help them to develop healthier and stronger relationships, and how to capitalize on their business. The best way to handle this situation is to choose a good customer relationship management system this can help a business they can become more efficient while maximizing their productivity. However, CRM systems could only be used by enterprise organizations; that has all changed this system is now being used as an influential factor when determining how well an organization will do (Saab, 2011).
The new Customer Relationship Management (CRM) will build a connected, collaborated, and integrated customer facing organization. CRM will have simplified features and a utilize cloud technology to support multiple departments within the organization. CRM users will be able to:
Customer relationship management is a business strategy that attempts to ensure every customer interaction that is appropriate and consistent regardless of the communication channel and that CRM is a core business strategy for managing and optimizing customer interactions across the public or private’s institutions’ traditional and electronic interfaces. CRM can be used to gain clearer insight and more intimate understanding of customers' behaviours and in helping to build an effective competitive advantage and its relationship to the e-business process (Khirallah 2000) and that committed customers can be viewed as company assets who are likely to be a source of favourable referrals and are more resistant to competitors' offers (Khirallah 2000).
* The CRM systems helped the company in differentiating its service as well as optimizing some of the activities which lead to the reduction in operational costs. For eg. OnQ Reservation used data from the CRM, allows the agent to access callers’ personal dossier and update their preferences. This helped in reducing the call time as well as promoted the cross selling. Another example is having information prior to
Customer Relationship Management (CRM): Customer relation management (CRM) is a cross functional enterprise system that computerizes numerous customers serving form in direct marketing, sales, customer service and accounting management. CRM allows a company to distinguish and focus on their best customer so that they can be held as a loyal customer for a longer period of time.
In light of these, considering customers’ needs and wants first and making business plan for that is key to success, and CRM makes that dream come true. CRM helps a company to understand their customers and know what they want. Through this, companies can get closer relationships with customers and they can differentiate themselves from other competitors by providing superior service and offering a consistent, convenient customer experience. Not only for customers, but also CRM is beneficial for companies ' internal control. First of all, in these days, the size of the company is getting bigger. Consequently, the
Today, more and more companies find that cultivating customer loyalty is a key factor to achieve success. Customer relationship management (CRM) focuses on the relationship between customer and company. Due to this feature, many companies are trying to establish their own CRM system for helping them to connect new customers and boost old customers’ long-term loyalty. CRM systems include operations and analysis, and relationship marketing strategy and supporting, customer-centric business processes (Buttle 2004). With the development of information technology (IT), using CRM system
It’s very important to a business to have good customer relationships; CRM Software’s main objectives are to attract new customers while maintaining and satisfying their current customers and trying to win back the trust of former customers. Customers are one of the most important variables for a business owner to pay attention to, when trying to create a profit. Customer Relationship Management software keeps track of customer information to help the company maintain a strong relation with the customers. Good CRM Software brings together information from all databases within a company and gives
In this study, the author tried to explain the main differences between companies, the main aspect considers customer relationship management (CRM) how customer’s relationship affects to market.
An effective Customer Relationship Management (CRM) program can be used to identify, retain, satisfy and obtain customers by using technology to optimize strategies for understanding customers’ needs to manage business interactions with current, former, and prospective customers. Additionally, CRM also enables companies to maximize internal, external, marketing and customer service operations to better address the needs of the customer building a better relationship with customers that a more profitable. (Ahmad & Buttle, 2001)
Approach A detailed analysis was carried out to consider how the organisation has adopted a customer-oriented approach as their key strategy for improved business. This includes factors like increased loyalty of the customers,
Scope the this study is it will assist Religare to get its own Customer Relationship Management system mirror well and it will get all the important things before eyes to apply all the possible ways to provide a superb service to the customers and accordingly make them loyal and retain them long lasting and also to get new customers to be served. Scopes can be stated in few points as follows.
Today, customer relationship management is very important to the business world. Most of the companies established a department and the programs to manage their relationship with the customers. Customer relationship management (CRM) is a business strategy which designed to help a company to understand and look forward to the needs of its potential and current customers (Anderson & Stang, 2000). Customer data is being collected in several different areas of the company, stored in a central database, analyzed, and distributed to key points (Anderson & Stang, 2000).The business world once was “product-centric”, the companies just provided what they could produce. However, it is now become “customer-centric”, they provide products and service