INFT6500 Emphasise the Importance
Answer:
- The main aim of this presentation is to emphasise the importance of the CRM system. In pursuance of doing so all the implications along with the kind of industry suited for it along with its corresponding justification has been given.
- In today’s competitive world it is of utmost importance that the company focuses both on absorption and retention of customer (Hao et al., 2015).
- In order to do that there are various methods that it may employ.
- The most efficient and effective one would be the installation of a Customer Relationship Management system.
- It bridges the gap between the businessman and the customer even if they are not in direct contact.
- Definition of Customer Relationship Management:
It is a collection
g> and analysis of information that facilitates our understanding about the present and future customer needs by addressing issues related to sales and marketing (Kunapuli & Pentareddy, 2016).
- Definition of Customer Relationship Management system:
It is a set of software applications which is designed to decipher patterns of the customer choices, preferences via the information stored by them about all the interaction of the customer with them (Mwangi et al., 2018).
In order to better appreciate the usefulness and the resourcefulness with which the entire CRM system comes its varied implications are discussed in the following slides:
- a) Managing customer contact information:
It stores the data or details collected from the customer
- b) Organising interaction in a central location:
It ensures the storage of interactions in a central location which if accessed will be able to provide information about all the customers.
- c) Tracking customer habits, actions and preferences:
It ensures that thee actions of the customer along with their respective choices are monitored and analysed properly (Pan & Nguyen, 2015).
- d) Weaken expense and business risk:
It helps in reducing the business risk and expense with respect to market research and surveys.
- e) Measure success of campaigns:
It gives a real time result of the campaigns that we have undertaken to attract new customers (Shapiro et al., 2017).
- f) Provide instant metrics:
It enables real time comparison and analysis of various data and statistics pertaining to the customers and sales.
- g) Manage customer service request:
It ensures that the requests of the customer reaches the right person in the right time.
- h) Track industry trends:
The softwares helps in finding out the trends prevalent not only in our customer portfolio but in the overall industry as well (Livesay & Pletcher, 2017).
i)Personalised customer experience:
Suggestions are made as per the recorded information pertaining to the customer.
Through the following slide an effort has been made to bring to your kind notice the factors and the requirements of the process of the process of selection and implementation of the system and aligning it with the operations of the business entity.
a)CRM review and selection:
It is very important that prior to the selection of the CRM all the key features of the application and their relevance is considered.
- b) Project Management:
Implementation of the CRM is very time consuming and often complex. It is important to have a strong project management team and proper communication with the entire team (Taylor et al., 2014).
- c) Vendor contracting and software licensing:
It involves entering into an agreement with the vendor with respect to the kind of applications to be present and the quality of service expected from the product.
- d) Training and support:
It is very vital that the employees trusted with the software are well versed in using the tools offered by the software and this can be achieved only by training and support.
The following slide presents before you the industries or businesses that can garner the most value from the implementation of the CRM system. The industries mentioned here have been chosen because of their respective unique features along with the corresponding issues which the application of the CRM system can effectively and efficiently mitigate.
a)Professional services firm:
In case of a professional services it is engaged in providing customised service to its customers in a particular field. E.g. financial advisor etc.
- b) Manufacturing company:
A manufacturing company produces some product with the help of machinery and various processes and undertakes to sell them in the market (Bryant et al., 2015).
- c) B2B company:
In case of B2B company transactions only happen between one company to another company and not with the public in general.
- d) Hospitality industry:
The hospitality industry comprise of wide variety of companies engaged in event planning, theme parks, transportation, cruise line and additional fields.
The justification of the choices made by us for the implementation of the CRM system has been presented in the following slides.
a)Professional services firm:
These services entail high level of customisation and hence it is vital that proper record is kept for them. This ensures customer satisfaction (Mariappan & Roy 2017).
- b) Manufacturing company:
The CRM system’s tools will act as a collaboration tools to find balance between sales, marketing , engineering, manufacturing and support.
) B2B company:
The CRM system’s tolls help us in making two version of the same product i.e. an enterprise version and a SME version.
- d) Hospitality industry:
The tools offered by the CRM helps in effective change management in case of this industry as it can encompass data from all the ventures of the industry (CHARBONNEAU & DeSellem, 2018).
Conclusion
Advent of CRM has greatly influenced and changed the platform of customer relationship building.
- It has helped the businesses to adapt more rapidly to the changes occurring in the industry
- It has also enabled the provision of more customised services to the customers
Bibliography
Badwan, J. J., Al Shobaki, M. J., Naser, S. S. A., & Amuna, Y. M. A. (2017). Adopting Technology for Customer Relationship Management in Higher Educational Institutions. International Journal of Engineering and Information Systems (IJEAIS), 1(1), 20-28.
Bryant, E. S., Cole, S. W., O'sullivan, P. J., Ryan, S., & Staruch, J. R. (2015). U.S. Patent Application No. 14/013,371.
CHARBONNEAU, D. C., & DeSellem, A. B. (2018). U.S. Patent Application No. 13/801,225.
Hao, J. X., Yu, Y., Law, R., & Fong, D. K. C. (2015). A genetic algorithm-based learning approach to understand customer satisfaction with OTA websites. Tourism Management, 48, 231-241.
Hwang, S., & Suh, E. K. (2018). An Empirical Study on Nonlinear Relationship between Product Modularity and Customer Satisfaction. Journal of Industrial Distribution & Business Vol, 9(2), 47-55.
Kunapuli, S., & Pentareddy, A. (2016). U.S. Patent Application No. 14/466,432.
Livesay, J., & Pletcher, T. (2017). U.S. Patent Application No. 15/461,904.
Mariappan, R., & Roy, S. (2017). U.S. Patent No. 9,538,007. Washington, DC: U.S. Patent and Trademark Office.
McConnell, J., & Peter, C. (2014). U.S. Patent Application No. 14/012,755.
Mwangi, P. G., Kiarie, D., & Kiai, R. (2018). INTEGRATED FINANCIAL MANAGEMENT INFORMATION SYSTEM, PROCUREMENT PERFORMANCE AND CUSTOMER SATISFACTION IN THE COUNTY GOVERNMENT OF NYERI. International Journal of Supply Chain Management, 3(1), 27-45.
Padilla-Meléndez, A., & Garrido-Moreno, A. (2014). Customer relationship management in hotels: examining critical success factors. Current Issues in Tourism, 17(5), 387-396.
Pan, J. N., & Nguyen, H. T. N. (2015). Achieving customer satisfaction through product–service systems. European Journal of Operational Research, 247(1), 179-190.
Ramanathan, U., Subramanian, N., & Parrott, G. (2017). Role of social media in retail network operations and marketing to enhance customer satisfaction. International Journal of Operations & Production Management, 37(1), 105-123.
Shapiro, I. M., Dupree, T. E., & Keys, K. D. (2017). U.S. Patent No. 9,699,311. Washington, DC: U.S. Patent and Trademark Office.
Taylor, J., Roberts, J., Oram, C., Itani, M., & Pan, W. (2014). U.S. Patent No. 8,839,232. Washington, DC: U.S. Patent and Trademark Office.
Yan, S. K. M., McDermott, A. P., Thengumoottil, S. C., & Hsu, H. (2016). U.S. Patent Application No. 14/860,091.
Yerkes, R., & Sebata-Dempster, Y. (2014). U.S. Patent No. 8,825,509. Washington, DC: U.S. Patent and Trademark Office.
Buy INFT6500 Emphasise the Importance Answers Online
Talk to our expert to get the help with INFT6500 Emphasise the Importance Answers to complete your assessment on time and boost your grades now
The main aim/motive of the management assignment help services is to get connect with a greater number of students, and effectively help, and support them in getting completing their assignments the students also get find this a wonderful opportunity where they could effectively learn more about their topics, as the experts also have the best team members with them in which all the members effectively support each other to get complete their diploma assignments. They complete the assessments of the students in an appropriate manner and deliver them back to the students before the due date of the assignment so that the students could timely submit this, and can score higher marks. The experts of the assignment help services at urgenthomework.com are so much skilled, capable, talented, and experienced in their field of programming homework help writing assignments, so, for this, they can effectively write the best economics assignment help services.
