Customer relationship management (CRM) is a strategy followed by companies to maintain good customer relations with their customers. This includes maintaining details like phone number, email address etc. of the customer so that the customer can be contacted easily to help in good customer service from the organization. They provide all data at one point and which can be shared though out the organization which helps in eventually increasing the profits of the business. Some CRM tools are Salesforce and Microsoft Dynamics CRM. When people refer to CRM, they usually mean a tool which is capable of handling areas such as contract management, sales management, workflow process, productivity etc. CRM helps to focus on the individual relationship the organization holds with people. These people need not be necessarily customers, they can be service users, colleagues, suppliers etc. It is not true that CRM is just for sales. Tools for marketing are also embedded in it.
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For efficient working of an organization, it is important to maintain the data coming in from different sections and channel it to a single section so that no data is lost and all the data is available at one place allowing all departments to make informed decisions as this is all useful business information. This is done by CRM. CRM allows you to view all the necessary information in one place. Just looking into a customized dashboard can give information such as details of the customer, previous history of the customer with the organization, the status of their orders, issues yet to be resolved etc. It depends on the organization as to what all types of information they wish to store regarding the customer as they can also include information such as their social media posts about the company, their likes and dislikes etc. This kind of data can then be used for forecasting simpler and accurate results.
Though CRM is used for sales and marketing, the customer service teams too can reap benefits from this. The customers can complain in platforms such as twitter or via email and revert back on call. Using CRM, the customer service team will be able to manage the enquiries posted by these customers across all the channels.
If CRM wasn’t present then the situations wouldn’t be similar as it is today in the business world. More amount of time would go in administering the business than in selling the products due to improper data management.