Essay about Case Study 8-1 Telco Corporation

The most effective Customer Relationship Management (CRM) systems are deliberately designed to align and enhance the strategic initiatives and programs of a given business or enterprise. They must take into account customer preferences, needs and wants as well, and strive to create a foundation of shared information and insight over time There are a myriad of studies that show how effective CRM systems are in transforming businesses and making them more customer-centric, profitable and responsive to rapidly changing market requirements. The level of adoption and continued use of CRM systems also assures a company's culture stays agile enough to respond to changing market conditions while also keeping the level of expertise and knowledge about customers continually growing (Chen, Chiu, 2010). Having a single system of record pertaining to all customer interactions give companies a competitive advantage in that they have greater insight into how prospects make buying decisions (Wang, Feng, 2012). When implementing a CRM system there are five critical success factors that are essential to its success and these include cost, risk, scope, time, and quality. The most effective CRM implementations that deliver the greatest value balance all five of these factors and synchronize them together to create strategies that deliver consistently profitable results. These five critical success factors are essential

Teletech is a business process outsourcing multinational Organization, founded in 1982 by Kenneth D.Tuchman and headquartered in Englewood, Colorado. Teletech provides services for customer management, transaction-based processing, database marketing services, professional sales and eCommerce. Teletech operates in diverse industries of Automotive, Communications and Media, Financial Services, Government Services, Healthcare Services and Technology. The firm is based in 17 countries with a total of 62 delivery centers. The company is listed on NASDAQ (National Association of Securities Dealers Automated Quotations) stock exchange, which is the second largest stock exchange after the New York Stock Exchange in terms of market

One of the biggest problems of implementing or justifying customer resource management (CRM) is defining or measuring success. When it comes to determining value of an organization intangible benefits are more significant than tangible cost savings. Before a CRM project takes place a formal business plan with tangible financial benefits, intangible strategic benefits and risks have to be put in place before CRM will work. Having a tangible net benefits analysis, Intangible benefits analysis and risk assessments reduce the probability that problems will occur. If problems do occur, with proper analysis and risk assessment, the problems will most likely be more manageable than if nothing was planned properly.

Riordan has seen declining sales and uneven profits in the last couple of years that has forced management to consider making several strategic changes. Management has identified one possible solution as being the integration of a customer-relationship management (CRM) system. Management believes that this solution will improve sales and help the company return to a path of profitability. Customers will now have access to an entire sales team rather than be dependent on single salespeople. Furthermore, each team will be focusing on a particular customer segment which will allow them to grow their expertise in that area.

* A Customer Relationship Management System needs to be implemented. Such a system can be bought easily. But The Company should not buy any system just to have it. The decision has to be considered carefully from the aspects of both technical support and management. Management aspects will be addressed at a later point. Technical aspects are that the CRM System must support modern interface and network structures; this so two-way

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)

Ling and Yen, 2001 assume CRM to be a vital element of a business strategy while Wayland and Cole, 1997 find it as the means to develop long term relationships with customers, given all the facts. Various experts and scholars could have various perspectives but their basic aim is to generate a remarkable customer experience. To make the most of the system lies in the hands of the organization and not the system itself. An evaluation between two stores with similar quality services and products, shows that the one with an intense customer understanding and knowledge will have its customers coming back to its store for more (Linoff and Berry 2011). They also reason that campaign management, lead tracking and call centre softwares are the components of the same CRM system. Its a radical change for most of the companies to develop a system that revolves around customer relations. The crucial points that need to be emphasized are

Nowadays, more and more enterprises, especially hotels, put specific emphasis on the management of customer relationship. They start to notice that today’s market is no longer the enterprise-oriented market, while turns to be customer-oriented. Customer Relationship Management (CRM) is a series of commercial activities that are designed to help a company obtain and maintain the closer and long-term relationship with customers, so as to understand more about each individual, and then create value for them. Thus, customers can be more valuable to the company as well. In order to implement CRM strategies, the company needs to utilize advanced information

In this scenario Margret Weston, received a letter. In the letter she found out that Yossarian acquired 10% of the company’s stock. This aggressive move by Yossarian was motivated by the company management not doing their job to maximize shareholders wealth. Moreover, the managers were having issues with the hurdle rate, because it is just generally accepted, but not scientifically proven. On the other hand one TV Commentators opinion about Teletech Corp. is that “there is no way to have a hostile takeover in this sector, but for the Teletech Corp. there are many reasons to try.” Teletech Corp. has two major business segments, Telecommunication Services and both Product and System Manufacturing make up the other segment we will analyze.

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

In order to operate a successful and profitable business, certain strategies must be put in place. One very important strategy is customer relationship management. To ensure that every customer has the opportunity to receive exceptional customer service and the ability to become a loyal customer, an organization must follow these steps. First, the organization must evaluate their current customer service strategies and organizational goals. This will help decipher strengths and weaknesses of the organization. Once the organization’s weaknesses are determined, action must be taken immediately. The weaknesses should act as opportunities, while the strengths can be used as something to capitalize off of. If an organization lacks a loyalty program, their next step would be to design one that correlates with their business model and organization goals. Once an organization redesigns their customer service strategies and customer loyalty programs, they will need to accurately apply metrics to successfully measure the value of the changes being made.

Relationship marketing is very important concept to attract and keep the customers in organizations. In modern business world, marketing focus reflect the move away from transactional marketing to relationship marketing. Establishing, maintaining and enhancing customer relationships have always been an important aspect of business. However, over the last few years there has been a significant increase in customer relationship marketing (CRM). The concept of customer relationship marketing (CRM) is widely understood, both academically and professionally. Its goal is to bolster strong relationships and convert indifferent customers into loyal ones. Customer relationship marketing is determined by trust, commitment, empathy, power, cooperation, financial

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

Customer relationship management (CRM) is widely implemented and centralized system which offers a place for interaction under a company. An employee can handle again the repeated problem which occurred in the past by re-investigate it. Besides, CRM provides a place to identify what customers wants. Employees can track customer’s expectation by their feedback and communication that can improve their buying experience and stay interact with customer in order to understand their true needs.CRM also has ability to let the company see the customer interaction in clear picture. Different customers from different segments require different products and services, but this complex situation can handle well by CRM. Furthermore, CRM provides quality and efficiency system in the company management that helps company achieves their success by building long-term customer relationship.