Customer Relationship Management

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Customer Relationship Management

(business)
(CRM, CIS, Customer Information Systems, Customer Interaction Software, TERM, Technology Enabled Relationship Manager) Enterprise-wide software applications that allow companies to manage every aspect of their relationship with a customer. The aim of these systems is to assist in building lasting customer relationships - to turn customer satisfaction into customer loyalty.

Customer information acquired from sales, marketing, customer service, and support is captured and stored in a centralised database. The system may provide data-mining facilities that support an opportunity management system. It may also be integrated with other systems such as accounting and manufacturing for a truly enterprise-wide system with thousands of users.
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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, 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.
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References in periodicals archive ?
Maintaining a strong focus on delivering value through close collaboration with clients, in-house experts and innovative forward-looking solutions, C Square has evolved into one of the fastest growing Customer Experience Management solution provider in EMEA region.
Product managers are also becoming more fluent in the language of customer experience management. If a credit card team, for example, identifies a new product opportunity, they must define the business requirements of the product.
It's no small undertaking to master customer experience management, so start with realistic, straightforward measures to determine if your strategy is working.
With its omni-channel approach to Customer Experience Management, CloudCherry help Brands stay connected with its diverse consumer base and their dynamic experience throughout their customer journey with the Brand.
The report has been segmented in such a way that it covers various forms of the market which include simple Customer Experience Management (CEM), Customer Relationship Management (CRM), Social Customer Relationship Management (SCRM), Social Customer Experience Management (SCEM), and Telco Customer Experience Management (Telco CEM).
4 March 2013 - US customer experience management solutions provider TeleTech Holdings Inc (NASDAQ:TTEC) said it had taken over Bulgarian sector player Sofica Group JSC, without giving financial details.
The combined solution will provide VoIP recording solutions to customers that are deploying IP telephony networks, enabling them to deploy customer experience management over converging networks.
Clarabridge, Inc., the provider of Customer Experience Management (CEM) solutions for the world's top brands, has revealed new additions to its popular AI-powered solution which was designed specifically for the banking industry and launched last year, the company said.
Fairmont, WV, August 15, 2015 --(PR.com)-- Teleperformance, the global leader in outsourced multichannel customer experience management, announced that it will expand its Fairmont, W.

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