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CRM

explanatory Essay
2689 words
2689 words
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Executive Summary CRM as we know it today has evolved out of a variety of stand-alone technologies, such as call centers, and sales force automation systems. During the 1980s companies had begun to notice that it was possible to consolidate these disparate technologies. Insurance companies and banks, in particular, saw a golden marketing opportunity in the customer data they had gathered. Call centers began to conduct outbound calls such as up-selling where they would persuade the customer to purchase: more products from their line, upgrades, or other add-ons and so on. Soon enough customers began to be seen as a single entity across all departments, which led to a single view of ‘the customer’. Customers soon got used to CRM care and their expectations rose. Early adopters of CRM technology were banks and telecommunications companies. In the U.S during the 1990s, billions of dollars were spent by businesses in efforts to organize information and resources. CRM came into being due to the centralization of customer records through target market research. CRM owes its development to advances in technologies such as data management and middleware software that enabled disparate data resources to operate as a standalone integrated database. Companies began to realize that they could service customers better if their understanding of their customers were to improve. This awareness or epiphany was what fueled the technology which has made modern CRM a reality. CRM was not always as dynamic as it is today. The system has evolved a lot over the past few decades out of a variety of other business programs such as PMI and ACT. In short, CRM surfaced in the 80s as a method by which companies could efficiently handle business-to-business... ... middle of paper ... ...ution should completely eliminate the need to buy leads separately or hire a lead management team to find good leads. The future will be a complete solution that marries Structured Contact Management and Lead Data together. However, for future success companies must focus their resources on the task at hand. Departments of an organization must work together to establish the best strategies possible. CRM must be used with good business judgment. The future success of CRM will only be achieved through good leadership and collaboration with teams who understand the complexity and dynamics of the CRM system. Although CRM tools can be used independently or together, if CRM is to benefit an organization’s overall efficiency, it is vital that there is a holistic and universal understanding of customer interactions throughout the CRM process for its use to be maximized.

In this essay, the author

  • Explains that crm emerged during the rise of personal computers and was designed to automate a single segment of the customer life cycle.
  • Explains the emergence of crm in the 1980s as a result of the technological ‘growth spurt’ when personal computers were being mass produced. act! software was introduced to the market.
  • Explains that the internet was responsible for the boon of customer relationship management in the 1990s.
  • Explains how crm evolved out of stand-alone technologies, such as call centers, and sales force automation systems.
  • Explains that true crm software emerged in the early 90s, with early innovators like richard brock and thomas siebel helping propel the evolution of contact management software.
  • Explains that crm growth dwindled in 2001, resulting in a decrease in technology expenditure. 1999 was one of the most hectic years for the crm industry, with many notable acquisitions consolidated the overall market.
  • Explains how the 1990s were responsible for the emergence of major vendor companies of crm technology, such as peoplesoft, oracle, sap, and siebel. in 2001, the software industry was hit hard by the dot-com bubble collapse.
  • Explains how crm has evolved over the last few decades and how it integrates with e-business.
  • Opines that crms of the future should be purchased and recommend and identify customers for your business, eliminating the need to buy leads separately or hire a lead management team.
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