3.A
has multiple uses, and may not necessarily
require complex sorting. It was first used widely in the field of marketing, for
customer relationship management applications, and in banking, billing,
and payroll functions.
Share
3.A
has multiple uses, and may not necessarily
require complex sorting. It was first used widely in the field of marketing, for
customer relationship management applications, and in banking, billing,
and payroll functions.
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What Is CRM (Customer Relationship Management)?
Jennifer Holdman
by Jennifer Holdman
Feb 13, 2020
Introduction Open or Close
What is CRM? CRM software is a modular technology system that includes sales automation, analytics, and marketing automation tools to gather customer data and empower sales teams to work at peak efficiency.
Customer relationship management solutions have become a mainstream part of the business world. CRM systems let organizations track customer data across channels, keep team members informed of user activities, and eliminate excessive manual work gathering information from clients.
With the rise of cloud-based CRM solutions, the technology has become more accessible, even for small businesses, and advanced functionality is becoming the new normal across a wide range of industries.
customer relationship management
Grand View Research found that businesses are moving toward increased use of cloud CRM solutions in order to improve customer retention. The technology accomplishes this by
Improving data management throughout the customer lifecycle
Providing greater visibility into customer behaviors
Allowing for better, more efficient service
Supporting geolocation functions that enable organizations to provide location-specific services
Incorporating marketing and sales force automation to streamline operations
Making data available across organizational channels to keep everybody on the same page
These capabilities make CRM systems invaluable in the increasingly digital business world. According to Grand View Market Research’s study, companies from a diverse array of industries are increasing their use of CRM platforms to keep pace with emerging customer and operational demands.
How CRMs are evolving for the digital age
Digital transformation is the big buzzword for businesses today. The term refers to the process of moving from the use of disparate digital technologies to embracing a digital identity that optimizes data, processes, and human interactions around digital capabilities.
To a great extent, this transition is taking place because consumers have embraced digital solutions as a major part of their day-to-day lives. As consumers interact with brands across digital channels, businesses need to respond quickly and efficiently. CRMs lay the groundwork for positive customer experiences in a digitally transformed world, giving businesses access to the data and backend capabilities they need.
A CXO Today report explained that CRM functionality continues to evolve in response to this digital revolution. The technology is shifting to support deeper use of data mining, built-in social functionality to drive collaboration, and dedicated customer-facing tool integration to allow for faster response. These types of solutions will continue to drive CRM adoption moving forward and further entrench CRMs as critical technologies in the modern enterprise world.
What to expect from a CRM implementation
In practice, a CRM system has the potential to transform your operations by giving your employees the tools they need to engage with customers and one another as efficiently as possible. However, getting there involves a potentially tricky implementation process. We’ll go into more detail about what actual CRM use looks like later on, but in the simplest terms, you’ll need to consider the following when implementing a CRM: