Customer relationship management or CRM for short is a model for managing a company’s interactions with current and future customers. When CRM is utilized correctly it will increase profitability and customer loyalty, which are both very important to an organization. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support. Customer relationship management is very important in many ways to help a company become and stay successful. CRM can help businesses gain a competitive edge through communication, marketing, gathering customer information, social media and mobile technology.
Through innovation, the companies foresee these technological factors to deal with competitors to become successful. Nonetheless, innovation requires innovation planning and design process, which are essential for company growth. Innovation and Design in Today’s Business World: Organizations and businesses in the global environment are forced to permanently look for the most effective techniques to maximize their innovation management initiatives (Liem & Brangier, 2012, p.5244). Companies seek for such efforts or measures because of increased dynamism of the business environment. The innovation management efforts adopted by organizations and businesses are through new techniques and paradigms that serve existing and new markets efficiently including those with new and modified products and/or services.
In an effort to streamline and improve processes, Mr. Hugh McCauley, COO has requested the development of specific system changes that will improve the inventory and manufacturing process. It has long been said that the Information Revolution will change the way organizations do business. In a world where time and information is money, information technology is critical to an organization's success and longevity. In order for Riordan Manufacturing to establish the organization as a leader and provide added value to customers, Riordan needs to evaluate their current business processes and learn how technology can scale operations in a cost effective manner at the same time focusing on using technology in areas that would provide immediate results.
HR brings the business perspective while other departments (management, finance) are looking directly at numbers. HR knows people and how to enhance human capital and make the right personnel investments. When properly used, HR can have significant changes and positive results on and with a company due to its knowledge and existing capabilities. In order for HR to make significant contributions, as aforementioned, they need to be allowed to and be worked with by management to achieve common goals (Hults,
The bottom line of revenues and profits are also expected to be improved with new and improved technology being infiltrated in the organization. Information technology, in general, plays a significant and specific strategic role in the management of organizations. Within the body of this paper, based on personal experience in the workplace, examples will be provided of how management at Quality Technology Services expects technology to improve business. Discussions will also be highlighted on how the company’s current technology is meeting or not meeting business needs. Technology promotes ground-breaking and inventive initiatives for new and existing organizations.
CRM Features and Benefits CRM (Customer Relationship Management) helps companies to understand, anticipate and respond to their customers' needs in a consistent way, right across their organization (Is4Profit, 2006,1). CRM is a business strategy designed to improve profitability, revenue, and customer satisfaction. It consists of software, services, and a new way of thinking to improve profitability, revenue, and customer satisfaction (Sibel, 2006, 1). Practicing CRM requires an efficient and integrated internal business system. Many businesses benefit from the organizational discipline CRM imposes, as well as from the technology itself.
Mahmoud Masumi (2013) in his paper stated the Critical Success Factors (CSFs) which affect the rate of BPR performance success should be understand , which shall lead to gaining competitive advantage. The implementation of BPR using innovative application of information technology (IT) aims at flexible, team-oriented, and cross-functionally co-ordinated management. The significance of introducing Information Technology (IT) in BPR endeavour can be seen in Chen (2009) who found IT as a tool for business process specifically for operational perspective can dramatically change and improve business efficiency in connection with others such as customer, suppliers, partners and company
The big data can create value to the business success in terms of innovation and differentiation, to improve organizations’ performance and productivity, and to increasing the ability to make better decision. On the other hand, Big data can be challenges such as the importance of privacy and security, and talent of organization to find the full value of Big data. Body According to the research by MGI and McKinsey's Business Technology Office, big data will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus. (3) So that big data provide the companies more opportunities to discover data correlations before would have remained hidden. Dominic and David (2012) mentioned Bigger and better data give companies both more-panoramic and more-granular views of their business environment.
Predictive analytics enable Demand Driven Value Networks (DDVNs) through segmentation, demand sensing and shaping, and profitable response. This will help to transform the SCM model that was earlier based on aggregate information, averages and generalized models into a customized response based on the basis of unique characteristics of customers, products or suppliers or any other supply partners.... ... middle of paper ... ...services to market. The Digital Supply Network is connected to the end consumer. As companies sell products, information can be shared across the supply chain, helping retailers and manufacturers keep an eye on inventory. And as customers seek information about products or services they buy, companies can have information more readily at their fingertips to reassure the socially responsible consumer about how something was made and the raw materials that were sourced.
Sharif Mair Professor Catherine White Module 6: Research Review Management Information System SUNY Empire State College Term Project Research Review Part A 1. What did you learn? I learned that customer relationship management systems are practices, strategies, and technologies that organizations and companies use to manage and analyze customer interactions and data throughout the customer lifecycle with the company. With the hopes of improving their business relationship, assisting in customer retention and driving sales. These systems are setup to compile information on a potential customer including but not limited to the customer name, phone number, address, item, product or services interested in, purchase history along with other data depending on the organization.