...Summary of ‘Avoid the Four Perils of CRM’ Different managers may define CRM in many different ways. Some may say it is the use of technology and software to achieve a better relationship with their customers, however the right way to define CRM is that CRM aligns business processes with customer strategies to build customer loyalty and increase profits over time. The difference here with this definition is that the terms technology and software don’t play an important role in defining CRM. Research has shown that many managers stumble upon one or more of the four perils while trying to implement CRM. All these perils are basically caused due to a basic assumption that CRM is a software tool that will manage customer relationship for us. The truth however is that it isn’t all about that CRM is actually the combination of customer strategy and processes, supported by the relevant software, for the purpose of improving customer loyalty and, eventually, corporate profitability. The following are the four perils of CRM. 1. Implementing CRM Before Creating a Customer Strategy 2. Rolling Out CRM Before Changing Your Organization to Match 3. Assuming that More CRM Technology Is Better 4. Stalking, Not Wooing, Customers 1. Implementing CRM Before Creating a Customer Strategy: It is very crucial to create and understand the strategies that the company plans to implement before trying to put a CRM system into practice.CRM will be very effective for an organization only...
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...ENTERPRISE SYSTEMS 1 APPLICATION AREAS Interorganizational systems • Systems that span organizational boundaries • e-Business applications – B2C – link businesses with their end consumers – B2B – link businesses with other business customers or suppliers • Electronic data interchange (EDI) systems 2 APPLICATION AREAS Intraorganizational systems 3 APPLICATION AREAS Intraorganizational systems (cont’d) 4 CRITICAL CONCEPTS Batch processing • A group (or batch) of transactions are accumulated, then processed all at one time 5 CRITICAL CONCEPTS Batch processing (cont’d) • In the early days of computers, all processes were batched • Major problem is the time delay before the master file is updated 6 CRITICAL CONCEPTS Online processing • Each transaction is entered directly into computer when it occurs 7 CRITICAL CONCEPTS Batch processing vs. Online processing • Significant delay before master • Master file updated within a file is updated (usually 1 day) fraction of a second • Much less expensive to operate • Much more expensive to operate Batch Processing Online Processing • Some applications naturally suited for batch processing (e.g., payroll) • Some applications need to be processed in real time Note: given the tradeoffs, hybrid systems that combine online data entry with batch processing are very common 8 CRITICAL CONCEPTS Online processing 9 CRITICAL CONCEPTS Functional information systems • Information...
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...implementation of customer relationship management (CRM) systems. What is the most effective way to realize all of the benefits from CRM system implementation? Research for this report included a review of current literature on effective implementation of CRM systems and the market data on popular CRM systems on the market available on Gartner, the leading information technology research website. Major findings indicate that just simply buying into a CRM system would not bring the promised benefits associated with the system. That is only possible if the implementations of the system is backed by appropriate strategies, supplemented by the aid of high tech IT solutions and it is the most important to know how to use the integrated information system to the best advantage. For the new CRM system being implemented in the company to be a success, the company has to evolve and implement a strategy that will iron out the kinks from the existing system to the new. The success of this endeavor depends greatly on the top management, who has to showcase their commitment and, most importantly, lead the way, guiding the rest of the employees to a new direction, which, when supplemented by the new IT infrastructure, can help give the company the competitive edge it so desires. At the end of the day CRM is only a tool, which can bring tremendous success to the company only if it is implemented and utilized properly. Introduction CRM is a more than just technology, it is a business focus...
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...------------------------------------------------- Customer relationship management From Wikipedia, the free encyclopedia Customer relationship management (CRM) is a widely implemented model for managing a company’s interactions with customers, clients, and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales activities, but also those for marketing, customer service, and technical support.[1] The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients to return, and reduce the costs of marketing and client service.[2] Customer relationship management describes a company-wide business strategy including customer-interface departments as well as other departments.[3] Measuring and valuing customer relationships is critical to implementing this strategy.[4] Contents [hide] * 1 Benefits of Customer Relationship Management * 2 Challenges * 2.1 Complexity * 2.2 Poor usability * 3 Fragmentation * 3.1 Business reputation * 3.2 Security, privacy and data security concerns * 4 Types/variations * 4.1 Sales force automation * 4.2 Marketing * 4.3 Customer service and support * 4.4 Appointment * 4.5 Analytics * 4.6 Integrated/collaborative * 4.7 Small business * 4.8 Social media * 4.9 Non-profit and membership-based * 5 Strategy * 6 Implementation * 6.1 Implementation...
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...MARKETING CRM Done Right by Darrell Rigby and Dianne Ledingham FROM THE NOVEMBER 2004 ISSUE T hrough the late 1990s and into 2000, managers plowed millions of dollars into information systems meant to track and strengthen customer relationships. Often built around complex software packages, these customer relationship management (CRM) systems promised to allow companies to respond efficiently, and at times instantly, to shifting customer desires, thereby bolstering revenues and retention while reducing marketing costs. But most firms failed to reap the expected benefits, and as executives dramatically reduced IT expenses in subsequent years, CRM sales plummeted. After rising 28% between 1999 and 2000, CRM sales dropped by 5% in 2001, 25% in 2002, and 17% in 2003, according to the technology market research firm Gartner. Many observers came to believe that CRM was destined to join enterprise resource planning (ERP) as another overhyped IT investment whose initial unmet promise nearly killed off the approach. But something unexpected has happened: Senior executives have become considerably more enthusiastic about CRM. In 2003, Bain & Company’s annual Management Tools Survey of 708 global executives found that firms actually began to report increased satisfaction with their CRM investments. In 2001, CRM had ranked near the bottom of a list of 25 possible tools global executives would choose. Two years later, it had moved into the top half. In fact, 82% of surveyed executives...
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...relationship management (CRM) that helps broaden the understanding of CRM and its role in enhancing customer value and, as a result, shareholder value. The authors explore definitional aspects of CRM, and they identify three alternative perspectives of CRM. The authors emphasize the need for a cross-functional, process-oriented approach that positions CRM at a strategic level. They identify five key cross-functional CRM processes: a strategy development process, a value creation process, a multichannel integration process, an information management process, and a performance assessment process. They develop a new conceptual framework based on these processes and explore the role and function of each element in the framework. The synthesis of the diverse concepts within the literature on CRM and relationship marketing into a single, process-based framework should provide deeper insight into achieving success with CRM strategy and implementation. ver the past decade, there has been an explosion of interest in customer relationship management (CRM) by both academics and executives. However, despite an increasing amount of published material, most of which is practitioner oriented, there remains a lack of agreement about what CRM is and how CRM strategy should be developed. The purpose of this article is to develop a process-oriented conceptual framework that positions CRM at a strategic level by identifying the key crossfunctional processes involved in the development of CRM strategy. More...
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...management (CRM) that helps broaden the understanding of CRM and its role in enhancing customer value and, as a result, shareholder value. The authors explore definitional aspects of CRM, and they identify three alternative perspectives of CRM. The authors emphasize the need for a cross-functional, process-oriented approach that positions CRM at a strategic level. They identify five key cross-functional CRM processes: a strategy development process, a value creation process, a multichannel integration process, an information management process, and a performance assessment process. They develop a new conceptual framework based on these processes and explore the role and function of each element in the framework. The synthesis of the diverse concepts within the literature on CRM and relationship marketing into a single, process-based framework should provide deeper insight into achieving success with CRM strategy and implementation. ver the past decade, there has been an explosion of interest in customer relationship management (CRM) by both academics and executives. However, despite an increasing amount of published material, most of which is practitioner oriented, there remains a lack of agreement about what CRM is and how CRM strategy should be developed. The purpose of this article is to develop a process-oriented conceptual framework that positions CRM at a strategic level by identifying the key crossfunctional processes involved in the development of CRM strategy...
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...The extent of technology usage and salespeople: an exploratory investigation Sylvain Senecal HEC Montreal, Montreal, Canada, and Ellen Bolman Pullins and Richard E. Buehrer University of Toledo, Toledo, Ohio, USA Abstract Purpose – Increasingly, salespeople adopt, or are being asked to adopt, and use a variety of technologies to increase their selling productivity and efficiency. Given this trend, many researchers have begun to explore the question of sales force adoption of technology. However, little work has been done to consider what happens once this technology is adopted. The purpose of this paper is to report two studies that investigated if and why salespeople had different technology usage and if the extent of usage had an impact on their performance. Design/methodology/approach – First, a qualitative study was performed to gain insights about extent of technology usage and the reasons that may explain differences. In order to test some of the research propositions that emerged from the qualitative study, an empirical study was conducted with 130 salespeople. Findings – Innovativeness was found to be helpful in distinguishing between different technology usage levels across various technologies (internet, e-mail, intranet, etc.). Results also suggest three potential antecedents of technology use, as well as a potential moderator of the usage to performance relationship. Originality/value – This paper provides a research agenda for studying this important area. Further...
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...ESTRATEGIAS CRM EN EMPRESAS HOTELERAS. ESTADO DE LA INVESTIGACIÓN Y DEFINICIÓN DE UN MODELO DE ÉXITO INTEGRADOR Aurora Garrido Moreno Universidad de Málaga e-mail: agarridom@uma.es Antonio Padilla Meléndez Universidad de Málaga e-mail: apm@uma.es ABSTRACT El sector hotelero es especialmente relevante dentro de la actividad turística en general. Podemos afirmar que las empresas hoteleras se enfrentan en la actualidad a un entorno cada vez más cambiante, competitivo y con clientes más exigentes. Para dar respuesta a esto se han desarrollado estrategias de gestión de relaciones con clientes o Customer Relationship Management (CRM), donde la tecnología en la mayoría de los casos se señala como componente esencial. Sin embargo, tras la revisión de la literatura, podemos afirmar que es preciso realizar un análisis integrador de todos los factores que inciden en el éxito de una estrategia CRM. Por ello proponemos un concepto global del CRM como estrategia de negocio. Además, concluimos a partir de la revisión de la literatura que la mayoría de los estudios realizados hasta ahora sobre el CRM y más en el sector hotelero, son estudios de carácter exploratorio, siendo escasos los estudios confirmatorios, y señalando la mayoría de los estudios empíricos existentes principalmente los problemas que surgen a la hora de implementar el CRM en la práctica. Por ello, en este trabajo se presenta un modelo integrador de éxito en la implementación de la estrategia CRM que considera como variables...
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...A Project Report On Customer Relationship Management in Reliance Life Insurance KOPPAL Submitted in partial fulfillment of the requirements for Award of Master of Business Administration With Specialization In MARKETING Submitted by SUNIL CHOUDARY.K Reg No- MBA/08/48 Under the Guidance of COMPANY GUIDE INSTITUTE GUIDE SANTOSH KUMAR B.R ROHITH C KALASKAR CUSTOMER EXECUTIVE SECRETARY GENERAL HET-IMS HUBLI Indian Institute of Business Management Shivajinagar, Pune – 411 005 Declaration I hereby declare that the project entitled “CUSTOMER RELATIONSHIP MANAGEMENT” undertaken at RELIANCE LIFE INSURANCE COMPANY LTD,KOPPAL submitted in partial fulfillment of the requirement for the award of the degree in Master in Business Administration to the Indian Institute of Business Management, Pune. It is my original work and is not submitted for the award of any other degree or diploma. Place Date SUNIL CHOWDARY.K ACKNOWLEDGEMENT As I look back after the completion of my project I feel it would not have been possible without the guidance. I am very grateful to all the people who have lent their precious time and advice for rendering this project successful...
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...A Project Report On Customer Relationship Management in Reliance Life Insurance Submitted in partial fulfillment of the requirements for Award of Master of Business Administration With Specialization In Human Resources Submitted by Abhishek Vermani Reg No- MBA-6259 Under the Guidance of COMPANY GUIDE INSTITUTE GUIDE SANTOSH KUMAR B.R ROHITH C KALASKAR CUSTOMER EXECUTIVE SECRETARY GENERAL HET-IMS HUBLI Declaration I hereby declare that the project entitled “CUSTOMER RELATIONSHIP MANAGEMENT” undertaken at RELIANCE LIFE INSURANCE COMPANY LTD,SOLAN submitted in partial fulfillment of the requirement for the award of the degree in Master in Business Administration to the ICDEOL Summer Hill Shimla. It is my original work and is not submitted for the award of any other degree or diploma. Place Date ABHISHEK VERMANI ACKNOWLEDGEMENT As I look back after the completion of my project I feel it would not have been possible without the guidance. I am very grateful to all the people who have lent their precious time and advice for rendering this project successful. I take this opportunity to thank them all. Firstly, I am grateful to “RELIANCE LIFE INSURANCE COMPANY LTD, SOLAN” for giving...
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...[pic] Blekinge Institute of Technology Ronneby-Sweden School of Management June 2005 Do organizations have IT Strategies? A Study on how organizations describe their IT Strategies. Masters Thesis in Business Administration (FED 006) Author Stephen Rupia Lyabandi Executive Summary Title: Do organizations have IT Strategies? A Study on how organizations describe their IT Strategies. Author: Stephen Rupia Lyabandi Tutor: Anders Hederstierna Problem: The research problem of this study is lack of insight on how organizations describe their IT strategies in relation to other strategies. IT strategy continues to be a major challenge for Information Technology intensive organizations and managers. Over the last two decades, the way researchers on information systems have viewed and analyzed IT strategy in organizational systems has not significantly been modified. Recent studies show that one of the main problems is that the concept of IT strategy has been around for nearly two decades and although many organizations have been using it, the meaning and reference of the idea remains elusive. Those who have attempted to define it have not reached an agreement. Purpose: The purpose of this study is to define the problem and explore whether organizations...
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...Integrating ERP, CRM, Supply Chain Management, and Smart Materials Dimitris N. Chorafas AUERBACH Library of Congress Cataloging-in-Publication Data Chorafas, Dimitris N. Integrating ERP, CRM, supply chain management, and smart materials / Dimitris N. Chorafas. p. cm. Includes bibliographical references and index. ISBN 0-8493-1076-8 (alk. paper) 1. Business logistics. 2. Customer relations. I. Title. HD38.5 .C44 2001 658.5—dc21 2001022227 This book contains information obtained from authentic and highly regarded sources. Reprinted material is quoted with permission, and sources are indicated. A wide variety of references are listed. Reasonable efforts have been made to publish reliable data and information, but the author and the publisher cannot assume responsibility for the validity of all materials or for the consequences of their use. Neither this book nor any part may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, microfilming, and recording, or by any information storage or retrieval system, without prior permission in writing from the publisher. The consent of CRC Press LLC does not extend to copying for general distribution, for promotion, for creating new works, or for resale. Specific permission must be obtained in writing from CRC Press LLC for such copying. Direct all inquiries to CRC Press LLC, 2000 N.W. Corporate Blvd., Boca Raton, Florida 33431. Trademark Notice: Product or corporate names may be trademarks...
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...Return on Investment Analysis for E-business Projects Mark Jeffery, Northwestern University Introduction The Information Paradox Review of Basic Finance The Time Value of Money ROI, Internal Rate of Return (IRR), and Payback Period Calculating ROI for an E-business Project Base Case Incorporating the E-business Project Incremental Cash Flows and IRR Uncertainty, Risk, and ROI Uncertainty Sensitivity Analysis 1 2 4 4 6 6 7 8 10 11 11 11 Project and Technology Risks Monte Carlo Analysis Applied to ROI Executive Insights The Important Questions to Ask When Reviewing an ROI Analysis A Framework for Synchronizing e-Business Investments With Corporate Strategy Beyond ROI: Trends for the Future Acknowledgments Glossary Cross References References 12 13 14 14 14 16 17 17 17 17 INTRODUCTION As the late 1990s came to a close, many companies had invested heavily in Internet, e-business, and information technology. As the technology bubble burst in 2000 many executives were asking “Where is the return on investment?” When capital to invest is scarce new e-business and information technology (IT) projects must show a good return on investment (ROI) in order to be funded. This chapter will give the reader the key concepts necessary to understand and calculate ROI for e-business and IT projects. In addition, the limitations of calculating ROI, best practices for incorporating uncertainty and risk into ROI analysis, and the role ROI plays in synchronizing IT investments with corporate strategy...
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...Running header: THE BROADWAY CAFE Lloyd Wayne Murphy Reengineering: The Broadway Café Strayer University Professor Eve Yeates WINTER CIS 500 March 10, 2012 Abstract A customary coffee lovers rendezvous in the heart of academia stands The Broadway Café arose established in 1952, by my grandfather neighboring the open campus of the University of Texas (UT), Austin, Texas, and my grandfather in his last will and testament rendered the ownership of café as a bequest to me upon his passing. The eatery had under his stewardship presented its clientele with a repertoire of superlative cuisine, exotic beverages over the years, as well as a rendering of an assortment of specialty coffees, teas, and a complete bakery, offering a plethora of pastries, assorted sandwiches, salads, and potages. The issue stands as to whether the eatery can arise to stand as a financial windfall or fall into a financial dilemma. However, my grandfather possessed exceptional expertise in operating the eatery, the eatery’s nontechnological business operations remain today in the same manner as they did in 1952. Consequently, the eatery had incurred a progressive decline of five years of clientele. The eatery possesses no computers: the eatery’s orders take place by hand, or maintain a Web site: thus, consequently, the marketing occurred via the eatery’s clientele. The eatery’s promotion coupons occurred via pamphlets and newspaper clip outs, the eatery’s payroll, and inventory tracking...
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