...this era says that for a successful venture customer relationship management (CRM) is to recognized as a widely acceptable concept. In simple words to understand CRM we can consider it another name for the banker customer relationship. Macro-economic factors like globalization, liberalization and modernization has given it a new form. Today’s CRM requires real time interaction than that of the earlier times. Focus of various banks has changed from attracting customers to retaining as well as attracting new customers. Ensuring safety and at the same time efficiently utilizing resources is need of hour.The report presented is an initiative to address the issues and status of CRM with focus on evolution and background of this concept. How the technology has helped CRM in new age banking is also discussed here. | CRM IN NEW AGE BANKING | VIVEK SHARMA 10BSPHH011019 SECTION: C CONTENTS 1. Abstract 2 2. Introduction 3 3. Evolution of CRM 4 4. Customer relationship management 5 5. Overview of Indian banking sector 7 6. CRM in new age 12 7. Role of IT in CRM implementation 14 8. Present scenario 18 9. Conclusion 20 Abstract The pulse of this era says that for a successful venture customer relationship management (CRM) is to recognized as a widely acceptable concept. In simple words to understand CRM we can consider it another name for the banker customer relationship. Macro-economic...
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...CRM - Customer Relationship Management System www.xincrm.com Customer relationship management (CRM) is a widely-implemented strategy 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. The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients back into the fold, and reduce the costs of marketing and client service. Customer relationship management describes a company-wide business strategy including customer-interface departments as well as other departments. phases The three phases in which CRM support the relationship between a business and its customers are to: Acquire: CRM can help a business acquire new customers through contact management, selling, and fulfillment. Enhance: web-enabled CRM combined with customer service tools offers customers service from a team of sales and service specialists, which offers customers the convenience of one-stop shopping. Retain: CRM software and databases enable a business to identify and reward its loyal customers and further develop its targeted marketing and relationship marketing initiatives. Benefits of CRM The use of a CRM system will confer several advantages to a company: Quality and efficiency Decreased costs Decision support Enterprise...
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...Customer Relationship Management (CRM) Services, Support, Sales, Marketing Jasim January 2016 Table of Contents Section 1 What is CRM Section 2 CRM in Telecom Business Section 3 Table of Content CRM within IT Landscape Section 4 CRM Data Source Section 5 CRM and Business Strategy Section 6 CRM and Organization Section 7 CRM as A Differentiator Section 8 Current Telecom Challenges Section 9 Current and Decision Making What is CRM ? “(CRM) is a term that refers to practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers, assisting in customer retention and driving sales growth.” “Customer Relationship Management – in short CRM - is a customer-oriented strategy. The company and its processes are customeroriented. The aim is to increase customer satisfaction and long-term customer loyalty to the company. This can be achieved by an individual customer care.” Source: SearchCRM Source: SmartCRM A management philosophy according to which a company’s goals can be best achieved through identification and satisfaction of the customers' stated and unstated needs and wants. Source: BusinessDictionary What is CRM ? Customer Service Sales Marketing Customer Support CRM in Telecom Business Telecom operators are considering ...
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...relationship with the company where they can be appreciated and respected. Hence, customer relationship management, or CRM, is fast becoming one of the major elements of corporate strategies in many organizations. Already, companies such as Hong Leong Finance and UOB are pouring in millions of money into IT initiatives that will see the deployment of new servers and a CRM system. These IT initiatives are aimed at enhancing the workflow processes thereby saving time and money in the long run. 2. Definition of CRM 2.1 CRM is a strategy Customer Relationship Management (CRM), is strategic approach that combines the business processes, technology, employees, and information across an enterprise to attract and retain profitable customers. In simpler terms, CRM means putting customers at the heart of the business. 2.2 CRM is an information system CRM focuses on the retention of customers by collecting all data from every interaction, every customer makes with a company from 'all' touch or access points whether they are phone, mail, web or field. CRM applications help businesses collate the customer and customer-related information more effectively and neatly such that the data can be analysed and reports such as customer buying cycles, profitable customers and customer preferences can generated for the management to make key decisions. Fig. 1 below shows the way a CRM works. Follow the numbers to see the flow of the...
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...Research With CRM In Today’s Trends Section IV: Prototype CRM System For Fish Lover’s Section V: Extending System To Other Area Of Business. Section VI: Conclusion SECTION I: INTRODUCTION The key element of a business is to make profit. To reach these goal customers has to be satisfied. Giving attention to the customer’s need and requirement has become the foremost important goal of 99% of the companies today. Customer Relationship Management, or CRM is a strategy highly required to enterprises in cost savings and increasing customer base by solidifying them. CRM allows bringing true data sources in to the organization giving a holistic view of customers in real time, which will help the enterprise to function according to their demands with high quality services; hence allowing the organization to make informed decisions at the right time. Through good customer care organization gain its reputation. The proposal is based on implementing a CRM system to a newly establishing organization in Maldives. The enterprise is to establish a fish processing company; mainly canning flavored fish. The CRM system for the business is the latest trends in 2014,including social media, cloud technology and mobile devices. Existing models and previous works in this field are discussed with recent trends. And the prototype CRM model for the business and how this prototype can be develop to the other areas of the business is presented. Leverage of this CRM model will lead...
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...is a Customer Relationship Management (CRM) solutions provider. For over five years they have been the principal company in this industry as well as operating successfully. TeraTech has several competitors however; they remain in control of the market. Though, with new competitors inflowing the market, TeraTech’s managers sense the need to remain aggressive and to remain up on the requests of their customers. TeraTech is launching a new product combining CRM solutions with methodical modeling. Describe the Situation Issue and Opportunity Identification “An important outgrowth of this focus on the customer is the recent attention placed on customer relationship management (CRM), the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace” (Kerin, 2006). TeraTech should maintain reviewing the requirements of their customers and offer products that meet their customer’s needs. Although TeraTech’s customers are generally satisfied with the company’s products, this remains an area for enhancement. TeraTech will be able to maintain success in the industry if they center on customer requirements and create a product that meets the customer’s needs. “The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called environmental scanning” (Kerin...
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...Dell – CRM System The mission statement for Dell is “to be the most successful computer company in the world at delivering the best customer experience. Dell has been widely successful at meeting this task through their effective use of CRM (Customer Relation Systems). Dell’s CRM strategy includes building better customer loyalty, creating greater customer satisfaction, and producing higher sales and marketing performance. Dell utilizes several different CRM softwares to help complete these strategies. Dell uses the database software along with analytics software called ProClarity to help segment different markets and build better customer loyalty Segmentation has been the backbone of Dell since its inception. These particular databases store tables of data that can be mined for information about clients and include customer information, their interests, and products. This helps Dell determine effective and efficient ways to target and segment the customers. ProClarity offers in-depth analytical abilities, resulting in positive and negative areas of business being clearly highlighted. This software allows for sales to be broken down by region, with overviews of each sales team, enabling Dell to measure trends and successes throughout the company. One way that Dell helps increase sales and marketing performance is through software called Hotlink. Hotlink is a marketing automation software program used to aid e-marketers in effective targeting, efficient marketing communications...
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...Social Media in Business: Recent and Future Trends Social Media in Business: Recent and Future Trends Taylor M. Smith Eastern New Mexico University Social Media in Business: Recent and Future Trends In today’s world, technology surrounds us. Our society is constantly evolving, and is ruled by technology. One of these technologies is social networking through social media. Social networking is becoming a part of everyday life for many people around the world. Social media sites such as Facebook, Twitter, and Linkdin are completely free and allow users to interact with other people across the globe in a matter of seconds. Although these sites may have been originally intended for personal use, individuals are not the only ones using social media sites to communicate with one another. Business, small and large, are also implementing social networking strategies and professional networking to access more potential customers. Social media allows businesses to reach out to their customers – for free. This interaction with customers via the Internet is known as social customer relationship management. Effective social CRM and social media use can be an indispensible marketing tool to a firm by helping to build customer relationships and loyalty, engage customers in conversations, and offer promos and discounts. These are just a few of the many benefits that social networking has to offer businesses and companies. To understand how social media can be beneficial for a...
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...Richard Egan and Roger Marino, college classmates, EMC Corporation started fueling into the emerging industry of data storage. EMC promised its customers a new kind of relationship where they would ultimately be the center of their mission, and being able to deliver results with outstanding quality was their main priority. Adding stepObyOstep a strong Customer Relationship Management (CRM) practices, became the company’s drive for business, while keeping in mind the importance of listening to the voice of their customers at all times. With strengths and weakness to work upon, EMC has been able to innovate and compete in the industry; integrating technologies such as Web 2.0 to maintain the customerOdesired digital interactions effectively. With years of experience and success, EMC customers started demanding a different, and yet unknown to the company, touchOpoint integration. Their wellOdeveloped faceOtoOface communication was no longer customer’s ideal way of getting in touch with them and were driven towards a more technological, easier way, digital interaction. As such, their customized CRM practices where in need for a change, from which studied alternatives are being provided as possible ways for the company to efficiently satisfy their valued customer centricity. The main uncertainty would be: if having high tech would really deliver high touch, and if the center of the company would still be the customer, without that physical human component of the relationship. As...
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...------------------------------------------------- BSB5010 – Management Information System Assessment 2 Part 1 Mohammed sami seyadi 201201753 Workshop 003 Mohammed sami seyadi 201201753 Workshop 003 Table of Contents Introduction: 2 1st Technology Trend: 2 Benefits to the Marketing Department: 2 Benefits to the Business: 2 Risks & Solutions: 3 Competitors: 3 2nd Technology Trend: 3 Benefits to the Marketing Department: 4 Benefits to the Business: 4 Risks & Solutions: 4 Competitors: 4 Conclusion: 4 References: 5 Introduction: Most individuals that start a new business aim for one thing and one thing only which is success. In order for a business to progress successfully, individuals involved in the business should understand the market’s wants and needs and the many trends that takes in this world. Nowadays, technology trends are becoming a necessity and are applicable to all business needs whether to collect data and information and to attract customers or cutting costs and increasing revenue. This report will mention two technology trends that can benefit a marketing department and the business as a whole, the risks behind those technologies and the competitors that use those technologies. 1st Technology Trend: Saleforce1 ExactTarget, The Marketing Cloud, is a very powerful and useful platform and cloud application made to satisfy the needs of a marketing department in different organizations. It allows marketers to generate huge campaigns that are...
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...2010.10.07. CRM – Customer Relationship Management Bianka Parragh, Phd Óbuda University Keleti Károly Faculty of Business and Management Institute of Enterprise Management • Approaches of Customer Relationship Management • The origins of CRM • The rise of CRM • The role of CRM • Types of CRM 1 2010.10.07. RE-INVENTING CRM In the late 1990s and early year of the 21th century, CRM was offered up as the next wave of marketing. The tools and techniques that would make traditional marketing obsolete. The automated approaches that would make customer relationships automatic and would enable the marketing organization to shell anything to anyone they chose. CRM was the single solution that would solve every marketing problem. Simply install the software, plug in the customer data and sit back and watch the profils roll in. But it wasn’t that simple. It wasn’t that easy. And, it simply didn’t work that way. Millions of dollars anp pounds and yen and Euros were spent on CRM systems, software and structures but, not enough seemed to come back. The five important things are about the book’s approach to CRM 1.Strategic, not more tactics. CRM is a business decision, made by business managers to achieve business goals. So, most of all, this approach to CRM is strategic. 2. Customers, not companies. Payne’s approach puts the company and the customer in perspective. If there is no benefits to the customer, there can be no benefit to the company. CRM is reciprocal process...
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...A Report On CRM Comparison of APPLE and SAMSUNG Submitted By : Kunal Choudhary 11BSP0479 INDEX Executive Summary: 2 Introduction: 3 Objective of the Study: 6 Scope of the Study: 7 Research Methodology: 8 Limitations of the Study: 9 CRM and E-CRM implementation: 10 Major Findings: 14 Conclusion: 15 Recommendations: 16 Bibliography: 17 Executive Summary: The report studies the comparison between the Customer Relationship Management (CRM) strategies performed by Apple and Samsung with respect mainly to the Indian market and Indian Scenario. However, both the companies are big giants so they practice CRM strategies for entire world. The report clearly shows how CRM is being practiced by the companies and how e-CRM has taken over the simple CRM. Today, without technology no company can survive and so is the case with Apple and Samsung. The report studies the major findings and recommendations also. Introduction: About CRM: Customer relationship management is a broadly recognized, widely-implemented strategy for managing and nurturing a company’s interactions with 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. The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients back into the fold, and reduce the...
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...24/04/2016 24/04/2016 Elodie Ruetsch, Namita Goel, Mikail Onder, Astha Bhatia, Arjundev Singh Wadalia Institute of Management TEchnology Dubai Elodie Ruetsch, Namita Goel, Mikail Onder, Astha Bhatia, Arjundev Singh Wadalia Institute of Management TEchnology Dubai Customer Retention Customer Relationship Management Customer Retention Customer Relationship Management Table of Contents I. Introduction 2 II. New Trends in Customer Retention Strategies 2 III. Technology: Resolving customer retention issues 6 IV. Segmented service and support strategies 6 V. Traditional CRM service and support products 6 VI. Conclusion 6 VII. Bibliography 6 VIII. Appendices 6 I. Introduction Customer retention can be defined by all the activities and actions companies take to reduce the number of customer defections. In other words, it refers to the percentage of customer relationships a business is able to maintain on a long-term basis once they are established. The concept of customer retention is quick simple as satisfied customers represent a major contributing factors in the net growth rate of any businesses, as they will keep coming back if they feel important and that companies regularly communicate with them in the right way. Customer retention begins with the first contact a customer has with a specific company and continues throughout the entire relationship lifetime. The main role of customer retention programs is to support companies in retaining...
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...data movement (i.e. EDI, ETL, RSS); ensure there is efficient access of this database for each and every restaurant via an Internet connection * install machines or new software to record all point of sale transaction activity and send it to a database for processing * Merchandising * Install a merchandise system throughout all restaurants; coordinate with all computers to record changes in inventory after each transaction * Send necessary items to store locations when needed * Financial * $5 million used to install software that allows for one uniform ledger where daily reports are calculated and obtained automatically * finance staff cut to 30 to save money and time 3. What’s the role of CRM? * CRM allows for an improvement in interactions between Hard Rock Café...
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...management, engaging customers in innovative approaches to increase sales and party hall rentals Managing customer relationship is an essential aspect of any small business to its success. Support Provide required contact information on the website for the customer to reach business 24x7 On the website clearly specify contact number and email address Design a feedback form and provide a link on the homepage. Add feedback form link to website index, so that it will be visible to customers through search engine result page. Plan schedule maintenance of the website and post messages on the website and send emails to the members of the website Include broken link report pages on website Sales Purchase online CRM tool to manage data related to customer behavior, spending trends and customer life cycle. Create membership program to offer discounts to loyal customers. Publish new customer discounts on the website and coupons website www.groupon.com Publish coupons and discount offers on blogs and social networking pages Marketing Update website to capture server logs to track customer behaviors Setup email, news letter subscription links on all email communications and the website. Get contact information and contact preferences from customers through feedback and survey forms (both online and offline). Provide a separate options on the phone to contact different personnel for various queries on restaurant bookings, takeout orders, catering and party hall bookings. During business...
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