CRM


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CRM

CRM

(business)

CRM

(networking)

CRM

(Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. CRM embraces all aspects of dealing with prospects and customers, including the call center, sales force, marketing, technical support and field service. The primary goal of CRM is to improve long-term growth and profitability through a better understanding of customer behavior. CRM aims to provide more effective feedback and improved integration to better gauge the return on investment (ROI) in these areas.

Sales force automation (SFA), which became available in the late 1980s, was the first component of CRM. SFA, call center and automated field service operations were on parallel tracks in the 1990s and began to merge with marketing in the late 1990s to become CRM. Like ERP, CRM is a very comprehensive system, and numerous packages provide myriad options.

According to Glen Petersen, author of "ROI: Building the CRM Business Case," the most successful CRM systems are found in organizations that realign their business model for profitability, not just redesign their information systems. See XRM, sales force automation and supply chain management.


The Business Case for CRM
Glen Petersen's "ROI: Building the CRM Business Case" (Xlibris, 2003, ISBN 1-4134-0110-4, www.xlibris.com) is a guide for CEOs who want to benefit from CRM. Its numerous examples and case studies give managers sharp insight into what creates success and what causes failures.
References in periodicals archive ?
Traditional business units adopting CRM solutions include sales, marketing and customer service.
CRM allows them to do this while leveraging existing expertise.
CRM, FAI Streamlining, Producing, and Managing Documentation July 1998/Vol.
Pivotal CRM is widely used by single- and multi-family home builders, title and mortgage companies, commercial property managers, and other real estate businesses to better manage relationships throughout the customer lifecycle and across the enterprise to create "customers for life.
A discussion of how pharmaceutical companies can benefit from moving in the direction of adopting an enterprise-wide CRM strategy
CDC Software's product suite includes Pivotal CRM (customer relationship management), c360 CRM add-on products, industry solutions and development tools for the Microsoft Dynamics CRM platform, Ross ERP (enterprise resource planning) and SCM (supply chain management), MVI real-time performance management, IMI warehouse management and order management, Platinum China HR (human resource) and business analytics solutions.
Pivotal CRM for Financial Services offers industry-specific functionality and puts critical relationships at the core of organizational strategy in a way that fits the unique business processes of financial services firms.
Leading financial services organizations such as Davidson Companies are leveraging CRM to increase sales and marketing effectiveness, and deliver enhanced customer service across all their channels," said Jason Rushforth, global vice president, Financial Services, CDC Software.
The selection process for a CRM software provider at Caixa Galicia Bank was a highly competitive one, the bank indicated, and rival CRM software and analytics vendors vied aggressively to win the business.
The market is consolidating: Siebel Systems Co for so long the CRM touchstone Co was acquired by Oracle early in 2006; other major vendors have also lost their independence to global corporations.
Based on insights gained from our first Customer Council meeting, we will continue to add practical functions to Saratoga CRM that make it easier to mine business-critical data in real time from virtually any data platform.
In essence, CRM is about retaining customers and customer lifetime value, maximising new business opportunities, and sustaining profitability.