Technology can undoubtedly be considered as an innovative and vigorous force in the modern industries. It is offering new tools for the business personals and it is becoming true by the passage of time that “Technology refers to change, and businesses that do not transform to these changes promptly enough get consumed by them”. By providing new opportunities for better growth and progress, Modern technologies are influencing the business community. Companies and enterprises are consulting Information Technology (IT) experts for the problems they are facing and new solutions are being fabricated by the software industry. Customer management is one of the most important concerns for any progressing and developed organizations. Every company wants to remain in touch with their precious customers so that they can make the most of them and never lose them. Customer Relationship Management software are designed for the said purpose and these systems make it easier for the enterprise to manage their customers in an efficient way. To improve business relationship between a company and its customers, these systems analyze the data of customers’ prior interactions and history with a company. One of the most exciting aspects of CRM systems is that these systems are able to fetch the required and useful information from multiple communication channels. For example, modern systems can compile the data from company’s website, email, live chat, social media, marketing materials, and more. After extracting the data, they can categorize the information with respect to their usage too. By using CRM systems in organizing and managing the customers, businesses can learn more about the specific audience they are targeting and how they can satisfy them by meeting their requirements.
Currently, there are three types of CRM systems available in the market: (1) Operational; (2) Analytical; (3) Collaborative. Out of these systems, operational CRM systems tend to have a dashboard that gives the end user an overall and broad view of three of the most important functions (Integration and Automation of Sales, Marketing, and Customer Support) on a single page. Apart from that, the main dashboard may also provide clients’ information, previous sales, past marketing efforts and more functionality similar to these. Similarly, analytical CRM systems are used to analyze the data of customers collected from multiple sources and present this data in such a manner that this data can help the business managers to make more informed decisions. These systems use some useful techniques to analyze the customer data such as data mining, and pattern recognition. As a result, these analytics become really helpful for improving customer service by finding minor problems which can be solved. Likewise, as indicated by the name, Collaborative CRM systems are helpful to incorporate external stakeholders such as vendors, distributors, and suppliers across organizations. For instance, by using these systems feedback can be gathered from support call that can be helpful to make decisions for marketing products in the future.
The main requirement of a traditional CRM system is to build and manage customer relationships with the clients and these relationships often go through distinct phases. It should also be noted that managing these relationships at each stage and identifying the value of a relationship with a particular firm is not homogenous. Knowing the fact that building your customers is a time-taking and slow process with consistent and organized efforts, different firms use a variety of tools that can help them in organizational design, incentive schemes for customers, structuring the customers and focusing the targeted audience. Apart from these uses, these systems help in accounting for the profitability of customer relationships. By studying the spending habits of a particular customer and identifying patterns in his/her priorities, a firm could be able to dedicate different resources and attention to different types of customer. In this way, these systems are not only helping in marketing and selling the products to a particular organization but also helping the firm to make the most of their own resources by using them in a smart and optimized manner.
The popularity of CRM software amongst the business community has urged the software industry to take this system seriously and make investments to formulate such systems that can fulfill the need of the time. Therefore, various companies are being founded which are producing these systems for the intended users. Currently, Salesforce, SAP, Oracle and Microsoft can be declared as some popular firms in this domains. According to Gartner, the CRM software market has reached $23.2B in 2014, up from $20.4B in 2013, which represents a mammoth annual growth of 13.3%. The research firms also predict that by the end of 2017, the said market will continue its boost experience and will be able to touch the figure of $36.5B annually.
So, now we can appreciate the value and significance of Customer Relationship Management software for a particular firm. These advancements in the software industry and introduction of products specifically formulated for enterprises have made the life of managers much easier. These smart tools are helping the firms to make wise decision for their ongoing businesses and thus assisting them to grow well with a significant boost in their net revenue. Companies are using these systems to get a better understanding of their customers, to market their products in efficient ways and to remain in-contact with other stakeholders in the business chain. But, this is just one side of the coin that end-users of these products are making use of them, the other side is also very optimistic. Tech gurus are confident that the market of this system will observe a boost in the coming future and these systems will become an integral part of every progressing enterprise. We just hope that the modern technology will continue to serve humanity in the similar fashion.