Customer Relationship Management (CRM) refers to the practice and strategies that companies take to manage and analyze customer interactions, while improving relationships through a customer’s lifecycle. According to Aberdeen Group, Create a Foundation for Competitiveness with ERP and CRM, business leaders are 14% more likely to have integrated their Enterprise Resource Planning (ERP) solutions with Customer Relationship Management (CRM). This tactic is intended to provide support to customer interactions and ultimately increase revenue. Unfortunately, some businesses fail to use CRM technology to its full potential, which can ultimately hamper customer service, reduce sales, and affect customer relationships
Implementing a CRM application can benefit the entire organization and effectively help sales teams to excel in often challenging and competitive markets. CRM Technology can help your company in the following ways:
Access key data. Having access to anytime, anywhere data can be extremely beneficial for your sales workforce. With a well implemented CRM system, your sales department can track potential customers and make educated decisions based on accurate facts. In addition to keeping track of your sales process, CRM evaluates your teams’ performances and accomplishments, all while encouraging your sales representatives to meet and exceed their goals.
Improve decision making. Having a CRM system can help shed light on essential information. Your organization can benefit from detailed reports that forecast activities, and track business performance. The capabilities of a CRM system can help your business with both short and long term trends ultimately reducing internal problems, while alerting users to potential business opportunities.
Gain a dependable forecasting method. Having reliable forecasting information is vital for executing effective sales and marketing strategies for your company. The right CRM system can help identify patterns in the customers most valuable to your business. According to Aberdeen, ERP and CRM Lead to Customer Delight, those with integrated ERP and CRM are twice as likely to have the ability to plan and forecast for demand. CRM forecasting methods can improve visibility into customer trends and increase demand planning, ultimately leading to lowered inventory holding costs and improved costs for materials.
A CRM system takes into account various strategies which different companies employ in order to analyze their interaction with their customers. Since customer management is such a crucial goal for top performing organizations today, it only stands to reason that businesses are beginning to carry this theme over into the technology they utilize to support their business.
Is your organization looking for CRM software?