How does CRM help companies with their customers Term Paper

How does CRM help companies with their customers - Term Paper Example Thus, on the basis of such application of information, the store is able to offer its clientele targeted coupons and additional programs that will motivate its consumers to purchase more products from that store (Connick; Turban, Leidner and McLean). In addition, the customer relationship management is an information industry paradigm intended for software, methodologies and especially the Internet service that facilitates a company to manage customer relationships in a well-organized way (Williams; Turban, Leidner and McLean). This paper will discuss some of the important aspects of customer relationship management and how CRM help companies with their customers. The basic purpose of this research is to assess the potential influence of effective CRM policies, technologies and strategies for building better customer services for any business. Customer Relationship Management Systems In the past, the customers’ data were stored in various remote systems in a variety of functio nal departments, for instance, sales, finance, distribution, and marketing. On the other hand, the emergence of e-commerce created huge amounts of customer data that were not incorporated with the data in the service area of the information system. Thus, the CRM applications were created in an attempt to deal with these issues by offering information and tools to bring a better customer experience and to maximize the time customer value for an organization. Basically, the CRM puts together customers’ data from a variety of corporate departments, evaluate these data, and then offer the results to both customers and employees touch points. In this scenario, a customer touch point can be any method to communicate with the customer for instance, email, telephone or fax (Turban, Leidner and McLean; Stair and Reynolds). However, we will make a mistake if we consider the customer relationship management as simply a software system or solution. Without doubt, customer relationship ma nagement can offer the companies a wide variety of tools and techniques to effectively manage and monitor clients. However, CRM is as well a viewpoint, a strategic method for recognizing the requirements of the organization’s customers. In fact, the effective management of a customer’s requirements directs toward customer satisfaction. In addition, if an organization does not link itself with the trends of always growing marketplace, not expecting and responding to its customers, it fails to survive. In addition, a business is not able to construct preference for a product if its customers’ requirements and desires are not precisely understood and satisfied. In this scenario, in the approved manner implemented CRM solutions can be an influential tool that businesses can utilize to build brand preference, and make their customers happy (SageAsiaPac). The Applications of CRM Systems The majority of CRM applications and service packages exist to help organizations manage the customer relationship process. In fact, salespeople are likely to consider of these computer applications as the be-all and end-all of customer relationship management. On the other hand, customer relationship management has at the present turned into a great deal broader as compared to a computer; actually, it has been present in one form or another