Customer Relationship Management
1.1.NATURE AND SCOPE OF CRMNATURE AND SCOPE OF CRM
The Customer is King! This credo is more powerful, relevant and true today thanever before. In a truly customer driven economy, success depends on a company's abilityto be with the customer on a round the clock basis… satisfying all their product andservice specific needs. Simply stated, Customer Relationship Management (CRM) isabout finding, getting, and retaining customers.Customer Relationship Management is one of the hottest and most talked abouttopics in the industry today and for good reason. Industry analysts recently reported thatCRM expenditures will grow from $2.8 billion in 1999 to $11 billion by 2003.CRM is all about building long term business relationships with your customers.It is best described as the blending of internal business processes:
Sales, Marketing andCustomer support with technology
.CRM solutions empower businesses to moreefficiently and effectively manage the activities that affect their relationship with their customers. The ultimate goal of CRM is to meet and exceed customer expectations,create a positive customer experience and build customer loyalty.CRM changes all of this and represents a continuing evolution in managing frontoffice operations
. With CRM, traditional departmental applications for sales,marketing and customer service are consolidated into a single unified systemcapable of managing the entire customer life cycle.
This approach allows employeesthroughout an organization to have immediate access to a complete profile of importantcustomer information. Organizations who are implementing CRM solutions feelconfident that providing access to this level of information will assist their sales andsupport staff in better understanding the needs and buying patterns of their customers.CRM (customer relationship management) is an information industry term for methodologies, software, and usually Internet capabilities that help an
managecustomer relationships in an organized way.
Shruti Kamat TYBMS