Examples Of Customer Relationship Management

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As Andy wants to start a company that provides “professional consultancy services” for other businesses, Andy will likely be handling many companies’ accounts and portfolios. To better manage these accounts, it is best that Andy develop a customer relationship management (CRM) system in order to meet the strategies of Andy’s company.

Customer relationship management (CRM) is a set of software and application programs that are developed to help carry out businesses by acquiring, enriching relationships with, and retaining customers. In order to do so, CRM oversees and evaluate customer communications and information throughout their development; which then helps to improve customers’ sales growth. CRM compile data on customers through
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Andy could use the CRM system to detect the products or services that are in-trend in the market, and use this information to create a competitive advantage to the businesses. For example, apparels businesses in Singapore see their red and white apparels’ sales go up during the National Day period while the international soccer apparels’ sales increase during the World Cup season. If the CRM system is able to capture these in-trends in the market as fast as possible, the businesses are able to hold a bigger share of the…show more content…
Managers must learn what to expect from the IT organisation so they can plan and implement business strategy accordingly. While the nature of the activities may vary in each IT organisation depending on its overall goal, managers can expect some level of support in core activities.

Managing data, information and knowledge – Data is a collection of raw facts and figures, while information is processed data that has been made useful. Knowledge is the internalisation of data, information and experience. In Andy’s company case, Andy needs to collect and store data (eg figures from Profit & Loss, Balance Sheet) of his customers. After which, Andy’s company will have to process this data into information and this information will in turn help Andy’s company to decide what to do. For example, sales decreased due to economic downturn, and Andy’s company could advise its clients to broaden the target market. In order to get knowledge, application of experience, jurisdiction or judgment to the information is needed. Hence, through expertise and experience, Andy’s company could advise the customer on how to broaden the market – marketing, advertising
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