The purpose of this document is to understand the customer relationship management and how it impacts the overall organization’s objective.
Currently the organization is using SAP R/3 which provides transactional capabilities and now the organization wants to move ahead and implement SAP CRM module which would help them better manage their customers.
Also this document talks about SAP CRM module on cloud vis-à-vis in-house SAP CRM and which one makes more economical sense to the organization
What is CRM
(Samma, 2011) stated that Customer relationship management is a combination of policies, processes and strategies applied by any organization to unify its customer interactions and provide a mean to track customer information in best possible way so that the customer information can be converted into actionable insights. It involves use of information technology in attracting and retaining commercially viable customers.
(Mishra, 2009) Has stated that CRM is an integration of information technology and relationship marketing technique provides the infrastructure that facilitates long term relationship building with customers at an enterprise wide level. Customer relationship can be classified into following categories:
Operational CRM is about supporting front office of the organization in terms of capturing data that is gathered at the front office by front office staff with the help of technology or human effort.
It is the
Click here to unlock this and over one million essaysGet Access
According to Business Dictionary.com (2015), customer relationship management is referred to as the ‘management philosophy according to which a company’s goals can be best achieved through identification and satisfaction of the customers’ stated and unstated needs and wants’.
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
* Customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior value and satisfaction
Customer Relationship Marketing is a practice that encompasses all marketing activities directed toward establishing, developing, and maintaining successful customer relationships. The focus of relationship marketing is on developing long-term relationships and improving corporate performance through customer loyalty and customer retention (Peppers & Rogers, 1997).
Customer Relationship management is the strongest and the most efficient approach in maintaining and creating relationships with customers. It is an upright concept or strategy to solidify relations with customers and at the same time reducing cost and enhancing productivity and profitability in business. CRM is not only pure business but also ideate strong personal bonding within people. There are two types of CRM; traditional CRM and Electronic CRM. Traditional CRM is a selecting, maintaining and managing customers’ strategy in order to create the value in long-term while electronic CRM simply means accessing a customer relationship database
The most important aspect of healthcare management is being able to form a relationship between the healthcare provider and the patients. Higher satisfaction will increase customer value and higher consumer retention. Customer relationship management (CRM) is a combination of people, processes and technology that seeks to understand a company 's customers. It is an integrated approach to managing relationships by focusing on customer retention and relationship development. CRM has evolved from advances in information technology and organizational changes in customer‐centric processes (Chen, I et al., 2003).
Customer relationship management (CRM) is a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth.
Customer Relationship Management allows the bank to manage the business relationship and the data and information associated with them. The idea behind it, is to gather all information regarding a client within the organization to give a unified and holistic view of each customer.
Customer Relationship Management (CRM) is the general process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Customer Relationship Management (CRM) is the core business strategy that integrates internal processes and function and external network, to create and deliver value to targeted customer. It is grounded by high quality customer-related data and enabled by information technology.
* CRM is a strategy resulting in developing the most appropriate relationship with a customer, a process that is supported by technology and that may not necessarily yield deep or strategic partnerships with all customers.
According to (FORMAN), “CRM is a business and technology discipline for coordinating all of the firm’s business process in sales marketing and services that involve its interactions with customers. CRM consolidate customer data from multiple sources and communication channels from to help firms identify profitable customers, acquire new customers , improve service and support , and target products and services more precisely to customer preference”.
In this resolve, only 2% of the firms are refining successful customer relationship management projects; 18% are beginning to comprehend the projects from a holistic focus; 34% of the firms have initiated projects without any type of harmony; and 46%have not considered customer relationship management . According to the intricacy of initiating a customer relationship management strategy, faced by diverse firms, some advising firms and companies managing statistic data have observed the mistakes happened in the past. They propose few practices and contemplation to be taken into account [6–9].
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.