24 Feb 2013
February 24, 2013

Advantages / Benefits of CRM

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Customer Relationship Management (abbreviated as CRM) is a commonly used framework to manage a company’s relationship/s with its customers, clients and sales prospects. Technology is used to analyze the business, organize, atomize, and synchronize different processes such as sales, marketing, customer service, production and technical support activities. The principle goals are to find new leads (clients), retain the older ones and get the ones separated back in hold. Also, to help reduce the cost of customer service, support and management burden.
It can be safely claimed that the above ambitions can be met effectively with the help of a CRM because of extremely valuable data analyzing capability.
CRM helps businesses conduct campaigns marketing strategies efficiently by
1. Identifying and concentrating on your best customers – few customers are worth spending more time and energy than others. For example upon analysis you might be amazed to know that a customer, who orders less frequently and buys smaller quantities of higher value brings more business than who orders more frequently and buys larger quantities of lesser value goods. This result is counter intuitive! Database helps to sort out not very obvious but important interactions with customers.
2. Targeting your customer development efforts – which leads are more likely to become clients. This helps paying closer attention to potential leads. This contributes to reward sales efforts.
3. Saving your existing customers’ loyalty – Existing customers are very valuable. They might be promised a lot in the beginning. CRM helps keep up the promises like attending all the trouble shooting related calls, service calls, solving their issues/grievances and offering them the right mix of products at the reasonable prices.
On the other hand, huge scope was created for designing and development of open source CRM software which grew up like a revolution in the conventional industry in the recent years.
CRM has eventually become the present day’s vital necessity because it eases a lot of work, automates a lot of mundane activities, saves time, energy and money. To be more precise, it’s a great way to analyze various things at one platform on one screen in a single software application.
Like anything great does not happen without a greater risk, CRM implementation obviously has certain constraints and challenges.
Particularly, it’s a skilled labor’s job. A person used to conventional methods might find it a challenge to switch over and accept an outright new platform for work. Maintenance is a constant need. Failing of selected parts of software can disturb the whole package sometimes; Steps are taken to avoid such issues by manufacturers of CRM software, though.

Optimization of business irrespective of all constraints is possible through choosing an apt CRM and wisely implementing across your organization be it small or big.

Few Vendors of costed CRM: SAP AG, Oracle, Salesforce.com, Microsoft CRM, Amdocs, Siebel, NetSuite and IBM.
Few more vendors of open source CRM: vtiger, Zoho, Sugar etc

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