Information Systems Increases Revenue by Building Customer Relationships

But a CRM system isn't just a list of contacts. It contains customers' details and history of their transactions with an organization, along with information about those customers' place or status in the sales process (Scott, 2014). CRM application helps a business to maintain the correct information of customers in order to manage the relationship with customers and update customers’ needs. Moreover it helps a business to achieve an insight into the behavior of their customers and adapt their business to make sure that customers are served in the best

Chen, I, J. and Popovich, K. (2003) Understanding customer relationship management (CRM). People, process and technology. Business process management journal, Vol. 9 No 5. Retrieved from http://cis.csuohio.edu/~ichen/CRM.pdf

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).

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)

In CRM systems, customers are often grouped according to different aspects. This can range from the type of business they do or their physical location. Customers are often allocated to different customer managers, also referred to as account managers. By doing this, the account managers are able to focus every customer separately and provide them with the customer service they need. A CRM system is not only used to deal with the existing customers but is also useful in acquiring new customers, which first starts with identifying a customer. Maintaining all the corresponding details into the CRM system is called an ‘Opportunity of Business’ and the sales and Field representatives can try to get business out of these customers by sophistically following up with them and converting them into a winning deal. All this is very easily and efficiently done by an integrated CRM system (Sarah Diffley & Patrick McCol, 2015).

The CRM system contains positive attributes, but the implementation is risky. Despite the risks that are involved, establishing a strong team that can help the system work effectively and efficiently will improve the company’s key performance factors. Communication amongst the administration that

Most marketers anticipate that revenue increases will follow their new efforts even if they sell their CRM projects based on cost reduction. Mike McIntyre, Senior Vice President at Hunter Business Group, a Minneapolis-based consultancy that focusses in business-to-business, said: “Businesses will demand either cost reduction measures or revenue increase measures. Automating marketing processes is usually about efficiency, meaning cost savings and this is what finance people are more likely to believe. But increased revenue is where the greatest long-term value lies”. (Stevens, 2017).

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

Finally, Frederick Reichheld’s research indicates the reliance on automated CRM programs is based on “A single flawed assumption: that CRM is software that manages customer relationships for you. It isn’t. Managing customer relationships is bundling

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

One of the most expensive and difficult tasks facing any business is acquiring new customers. Acquiring a new customer can cost five times as much as retaining an existing customer. Research has shown that 2% increase in customer retention can decrease costs by as much as 10% for a business. To retain current customers, businesses engage in relationship marketing strategies to continually attract repeat business. While both current and new customers must be acknowledged and respected, the ultimate goal is to turn every new customer into a returning customer.

For any organization to implement a successful CRM is by having a collective and unified vision from board executives, stake holders to operational personnel. The organization and the customers have conditions when building relationships, Organizations need to increase profits and hold its customer base whereas Customers need a quality product with good service and an acceptable price. Objectives for organizations to build customer relationships [8]:

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

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

Customer Relationship Management, also known as CRM, is a technology system that enhances communication between the user and the potential or existing customer. The system is most commonly used in a company to support sales, information technology, and customer service. CRM assists a company by providing and recording information to better help the company align with their customer service goals. According to B. O’Connell in “CRM: The New Know-Your-Customer Tool: Customer Relationship Management Software Is Coming,” CRM