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 ?
Open and extensible, Adobe Experience Platform stitches together data from across the enterprise, enabling real-time customer profiles. Leveraging Adobe Sensei, Adobe's AI and machine learning framework, Adobe Experience Platform activates content to help brands provide exceptional customer experiences.
Successful companies perpetually data-mine their holistic customer profiles to gain customer insights.
In addition to estimating detailed customer profiles, the technology can also be applied to estimating product attributes," said Akio Yamada, General Manager, Data Science Research Laboratories, NEC Corporation.
Different customer profiles that can be configured ask for different levels of project specific input parameters and constraints.
The product compiles results for trend analysis, and individual responses are included within customer profiles to enable future, more personalized service.
Scotts is constantly adding to its customer profiles to better leverage its communications.
The database, he continued, would provide customer relationship management data, customer profiles and customer analytics, which will, ultimately, help the command better serve its customers.
* enabling distribution channels to access complete customer profiles and ratings, which helps improve underwriting and lowers expense and loss ratios; and
Visitors can also read customer profiles and case studies from current customers, including Bucknell University, Virginia Tech and The Boston Consortium among others.
These functions append geographic and demographic information to customer records, enabling companies to develop customer profiles for more targeted marketing.
With minimal advertising the company has been slowly building their customer profiles and is currently serving 18 First Nations.

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