CRM Go Digital - Dissertation Example

CRM GO DIGITAL The present piece of literature deals with the extremely poignant topic of the digitization of CRM (Customer Relations Management) and also the quantitative effect of internet on the complete exercise. In order to complete the study a sample space of around 350 entities have been chosen which include top level managers involved in the decision making mechanism of the respective companies. The sampling technique used here probability sampling which stratifies sampling as the base model. The data collection technique that has been followed is the primary methodology of questionnaires and online data. The analysis of the findings have shown up quite a few interesting facts that has been dissected and explained in the writing below. 1. The sampling is one of the major areas on which the success of any study is dependent. There are various types of sampling. For doing the statistical studies, the methods of sampling that we generally use are probability and non-probability sampling. Among them, various other subdivisions are present that are used to distinguish the study according to the requirement. Here, the study is about the relative impact of the CRM digital techniques on the industry. According to me, there are multiple problems with the sampling technique used here. It is not all adequate by any stretch of the imagination. To begin with, the data was sent out to the selected names from the particular database. The sampling technique was basically destined to be probability sampling, but the sampling technique acquired the attributes of non –probability sampling due to the data collection methodology in place here. The survey was answered over various phases, which would have added to the redundancy of the data. The other factor, which is extremely important here is the sample size that is taken. Given the importance and the vast scope of the subject, the sample size should have been much larger with a larger number of participants. Secondly, the sample population should have been taken from more than one of the databases so as to reduce the redundancy in the collected data. The other factor where it would help out is the reduction of the sampling errors over a particular population and also lead to a reduction in the bias that would be obvious if only one set of the population is taken into the account. Therefore the errors that have been noticed here are the selection bias and the sampling bias. Both these biases are detrimental to the integrity of the collected data. One of these causes the collected data to lose out on the accuracy, whereas the other one creates redundancy. 2. The applied statistical technique is the best and the most adequate one for the current study. The advantages, the disadvantages of the technique are discussed in particular details here. The statistical method applied here is being deconstructed here to understand and comprehend the associated features. The statistical method used here is the probability sampling. The advantages of probability sampling are the lesser tendency to be biased due to the greater variety and size of the sample. This is also expedited by the fact that the probability of each element of the sample to be selected is more than one. The other advantage is that the sampling error can be determined, which makes it possible for the statistical changes to be accounted for the various indicators. The problems however, for the methodology used are manifold. The process used here is too lengthy, the expedition takes a lot of the time, very little flexibility, judgmentally small numbers cannot be chosen for the process. This also necessitates that all the samples are present for the process. But, looking at it from a wider point of view, it could be understood that the sampling methodology used id not all pervasive. Lastly, the regression technique of the analysis of the data can only be used if the data population is small in number. The larger population increases the risk in the linearity of the results and may overlook the inherent deviations that may be present in the process. 3. The current study deals with the increased digitization of the Customer Relationship Management models and the effect on the behaviour of te customers due to this. There are a large number of peripheral factors that have been taken into the consideration during this study. The general survey has been done keeping in mind the select upper level Managers who are responsible for the stratified decision making at the top levels. The sample survey was around three hundred and fifty two. The results of the survey were varied but unanimous on one front. Most of the participants felt that the internet and the digitization of the existing CRM models would lead to the greater customer participation and would also usher in an era of increased and substantial growth. Most of the participants were also optimistic about the potentials and the positive impact of the internet. The relationship of the existing customers with the market players would increase, but the greatest benefit would be derived by the players who already have a very good relationship with the customers. It is also surmised that new market models shall stop having any significant impact on the market. Thirdly, the existent channels of the marketing shall be complemented by the internet facilities. It was decided that the internet would allow the following things to happen at a great pace. The conclusions were the more areas and venues of contact. This would also allow more personalization for the existing messages and the other means of communication with the consumer. It would also result in more customer feedback and ensure a greater amount of dialogue. There potential of the business would go up. There would be an increased interaction between the customer and the various sources of marketing. The marketing prices would go down for the various parties involved. But, however all is not hunky dory as there are privacy concerns that plague the current system. The public exchange would increase and the already leading players would increase their lead over the market. The customer search costs would decrease and the overall impacts are positive. 4. The results of the above done study are made in the view of the studies that have been done on the selected group of the individuals. There has been a great amount of change that the results have shown the attitude of the concerned individuals. Let us look at te results one by one. The fact that the customer relationship can only be improved by companies who already have an established relationship with the client is highly flawed. There is also an innate assumption that these companies shall be able to leverage the already existing client relationship. This particular myth has been spoiled by the example in the field of search portals. Yahoo was the market leader in terms of the search engine market. But, Google came almost ten years down the line and dethroned it. In the area of social networking, sites like Myspace were taken out of competition by the advent of the sites like Facebook. The customer may not hook on to the current offering only because of the relationship but because of many other peripheral factors. There may or may not be the assisting from the channel partners. In certain of the cases, this policy may go completely against it. The ways of customer interaction can be increased by this means, so does the cost of the searching come down. Therefore, certain results are not applicable and are extremely generic while certain of them are universal and can be applied to a lot of the areas. 5. The methodology used in the research is basically good but there are a large number of inherent flaws in the process. First of all, the current process did not take into accounts all the necessary points but only concentrated on a few of the areas. The sample size was not correct and excluded a lot of the necessary population. The method of data collection was rudimentary and too curtailed in its scope. A large chunk of the population was excluded in the process. There should have been more methods in the data collection which should have included the se would have resulted the avoidance of any kind of error in terms of the bias and the repeat in the data. The ways and means of the data collection should also have been increased with a larger amount of methods to be used for that particular purpose. Thirdly, facer to face interviews and other methods should have been used for the data collection; the number of databases should have been larger so that adequate usage of the available data could be performed. The number of participants should also be more varied which would ultimately allow the data to have a much wider scope in terms of the results and the appeal. There methodology should also have included more number of sectors from various countries for the development of the thesis and the data. 6. The changes that I would like to have done in the research are the inclusion of more number of databases so that the necessary reports could be formed in the data collection methodology. This would also avoid the redundancy and the repetition of the data. More number of participants would have been used by me to come to any viable conclusion regarding this issue. The methods of data collection would have been different. I would have also incorporated the technique of face to face data collection so that more amounts of the necessary data could be obtained. Therefore, a lot of interviews and telephonic means of conversation would have been used. Secondly, the scope of the conversation would not have been limited to the upper level managers only but the middle and the lower level managers since they are also responsible for convincing the individuals. Thirdly, the regression model would not have been used due to the fact that the linearity increases for this particular case with the increase in the amount of time. 7. The major problems in the data collection that could have been faced by me in case I would have been doing this study is in the area of the data collection. Selection of the suitable database would have been an obvious problem. This would have also meant finding out the right mix of the databases for study. The second issue would be the data collection techniques and the retrieval of the data. The face to face method of data collection may have resulted in a lot of delays as well as the retrieval of the data. The other problem that may have been there would be the statistical method had to be followed for the data to be analyzed. 8. The criticisms of the study are basically as follows The method of data collection and the sampling is flawed in this study. The sampling size is extremely low for a study of this magnitude. The opinion has been taken from only one cross section of the management line that makes the findings extremely unidirectional. Also, the necessary data collection methodology should have been more diverse rather than being just the questionnaire. There should have been more number of interviews and the management set should have been higher. Regression analysis should not have been done in this case There is an undue optimism in the study about the good effects of the digitization of the Customer Relationship Management Techniques and the ensuing effects of the process. The good effects of the internet are also overstressed here in this case. The results of the finding are extremely one dimensional and hollow. It fails to look at the problems in a very deep manner and also under estimates the potential problems faced by the various companies. The conclusions are hurried and overtly simplified. This may be the result of the wrong sampling as well as the relational bias that has creped in due to the size of the data that is highly in appropriate for probability sampling. Conclusion The current study tends to analyze in vivid detail the multifarious impact of the digitization of the Customer Relationship Management on the various stakeholders. A thorough study ensured that the data was collected from a large number of the sources and the databases. The questionnaires were asked to be filled up and the responses detailed. It was found that most of the companies were upbeat about the trend in the digitization of the CRM as well as the good effects of the internet. They thought that it would result in the attrition of customer costs, accentuate channels of communications, would produce better clarity and would ultimately lead to a better business. It also predicted that the companies with very good customer relationships currently would gain the maximum leverage out of the process. Therefore, it was concluded that the digitization of the CRM and increased use of internet would augur well for businesses. Read More