Summary to essay on topic "CUSTOMER RELATIONSHIP MANAGEMENT:analysis"
(Executive Summary: The impact of a technology on information use has become an important subject for discussion. In this paper an effort is made to analyze the various complexities of use of information in implementation of Customer relationship Management…
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Information Systems (IS) have been an integral part of every organization's processes for gathering, storing, processing and analyzing information. The scope of IS has dramatically revolutionized by the introduction of Information technology. However Information Management is more than just a technology; it is about business processes and practices that use information for achieving its business goals. Let us write or edit the essay on your topic "CUSTOMER RELATIONSHIP MANAGEMENT:analysis" with a personal 20% discount.. Try it now Information management comprises people, process, technology and content.
The objective of this paper is to study the impact of a technology on information use and the potential consequences of the application for business strategy. The technology chosen for this study is 'Customer Relationship Management'. The use of CRM is an important example of utilization of information technology to implement relationship-marketing strategies, thereby business strategies.
Adrian Payne (2006, p5) defines Customer Relationship Management (CRM) as "a business approach that seeks to create, develop and enhance relationships with carefully targeted customers in order to improve customer value and corporate profitability and thereby maximize shareholder value".
Customer Relationship Management has become a topic of major importance during the last decade. CRM is being widely talked about from latter parts of 1990s. However the term 'Customer Relationship' is being used since long. ...
CRM is being widely talked about from latter parts of 1990s. However the term 'Customer Relationship' is being used since long. The importance of CRM has increased manifold due to one main factor; revolution in information technology. The advent of faster computers, the decrease in size in data storage facilities, the advent of faster communications like telephony and Internet use etc. have revolutionized data collection, data handling, data storage and data analysis activities.
We have chosen 'Customer Relations Management' as our technology to demonstrate the impact of technology on information use, as Information management process is the main process involved in implementation of CRM.
In the subsequent pages we will study CRM and its business relationship. We will look into the relationship of CRM with information use. We will also work on Business strategy, information strategy, information technology strategy and information management strategy of organizations. The issues we will look into are; the processes of strategy formulation, information responsibility, data information, data quality, information sharing and access in implementing CRM. We also will look into the barriers and promoters in implementation of CRM. Finally we will prioritize the key findings and formulate our recommendations.
CRM - Customer Relationship Management:
Though CRM is widely used by various sectors of business, it has been defined differently by different people. The importance of how CRM is defined by an organization can be gauged from the fact that it directly describes how CRM is accepted and practiced in the organization concerned. CRM is not a IT solution of creating, maintaining and enhancing customer
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There are a number of methods of interpreting the voice of the customer, which includes customer sorts and affinity diagrams. It is important to note that all these methods are based on the categorization process. All the techniques are based on an underlying assumption that they elicit tacit knowledge of the categorizers and the theories about the relationships among customers needs in a manner that is not unbiased.
This paper illustrates that customer relationship management is concerned with sales but also includes other functions of a company, such as marketing and customer service. The whole purpose is to facilitate the buying or selling experience for a client. They aim at attracting prospects and sustain close interactions with the existing customers.
The discussion seeks to answer the question: How can a company use new technologies and IDIC task to build a Learning Relationship not possible before e-commerce? How should that chart be changed in order to facilitate customer management and to make sure people are evaluated, measured, and compensated for building the value of the customer base?
As they say, customer is king and all business decisions are made with customer in mind. Customer Relationship Management (CRM) was one of the most talked about field in the 20th century. However, a new concept of electronic Customer Relationship Management (e-CRM) is quickly replacing it in the contemporary business world.
The emergence of the service industry and the service allied activities have played significant role in changing the process and procedures of today's business. The service industry has increasingly focussed on the customer's individual perception as the deciding factor in terms of business.
The author states that applications of software such as Microsoft Excel and Statistical Package for Social Science (SPSS) are examples of technological uses that facilitate data analysis into customer care process. Similarly, technology has facilitated communication between involved stakeholders in customer relationship management.
The author of the paper states that there are many advantages of customer types. Customer types have a big role in profiling customers, personalizing offerings, building relationships and determining customer life-time value. Customer life-time value is an important database marketing technique.