Customer Relationship Management
Review of Subject
Customer Relationship Management or CRM is a strategy that most organizations use to stay in contact with their customers. CRM is a software application that manages an organizations interaction with potential and current customers. CRM is useful for customer, client, or vendor contact management and is essential for sales data management. CRM assists with managing productivity, streamlining processes, and improving organizational profitability. CRM is an asset for creating a customer centric strategy in which an organization provides its customers with a positive experience throughout the purchasing process which in turn often creates loyal, repeat customers that through word of mouth advertising can increase organizational profitability.
Having a competitive advantage is crucial according to Paige Baltzan (2015), and one possibility to achieve this is by building a stronger, more loyal customer base. Customers are an asset to any organization whose intent is to sell a product or service while making a profit. David Taber (2018) agrees with Baltzan and states, “A CRM strategy is a series of processes and projects focused on one goal: transforming every customer contact and conversation into a corporate asset.” Baltzan and Taber both agree on the importance of creating a customer centric organization and CRM applications and software can enhance an organizations ability to provide a customer with a buying experience that will keep them coming back as repeat customers.
Salesforce.com (2018) asks, “What do people mean when they say CRM? CRM helps users focus on their organization’s relationships with individual people including customers, service users, colleagues, or suppliers.” To an organization CRM can mean one of three things: CRM as technology, CRM as a strategy, or CRM as a process. Salesforce.com defines CRM as technology as a product that an organization uses to record customer inter-actions between the organization and its customers. CRM is a business philosophy strategy that defines the management process of interactions between the organization and its customers or potential customers. CRM as a process is the system or applications an organization adopts to foster those interactions. (2018)
Microsoft Dynamics 365 (2018) is a CRM software package that can make an organization much more efficient and effective when processing customer data by providing staff members with access to all information associated with that customer. Access to all customer data will streamline the customer service, sales, returns, and marketing processes which can lead to an increase in organizational profitability. Microsoft Dynamics 365 is a strong diversified platform designed to store crucial customer information needed to develop, improve, and keep all data needed to support and manage customer relationships. Without the support of some type of CRM system in place to maximize business relationships, an organization could miss business growth opportunities that may result in lost customers and increased revenue.
Microsoft Dynamics 365 (2018) makes the fundamentals of customer relationship management easier to understand by providing an organization with a system that will allow them to centralize all their customer information allowing for easier access for staff members. It allows organizations to automate marketing interactions such as email, social media, and other actions available through an organizational website. Microsoft Dynamics 365 supplies an organization the opportunity to compile data relating to supply business intelligence such as sales revenue, product cost and availability, ship dates, etc. It also supplies businesses with an opportunity to help communications between customers and the organization, track product or service sales opportunities, and analyze all customer data. The biggest key take-away is that Microsoft Dynamics 365 will supply a more responsive customer service experience for consumers by supplying a faster, more reliable service.
“Running a successful business is no simple task. When marketing campaigns, data analysis, meetings, customer care, and more all happen simultaneously; you need a powerful CRM solution to bring all these functions together in one place.” (Microsoft Dynamics 365, 2018)
Customer Relationship Management