CHAPTER 11 : BUILDING A CUSTOMER CENTRIC ORGANIZATION - CUSTOMER RELATIONSHIP MANAGEMENT

Customer Relationship Management (CRM) :

• provide better customer service
• make call centers more, efficient
• cross sell products more effectively
• help sales staff close deals faster

 

THE EVOLUTION OF CRM

Knowing the customer, especially knowing the profitability of individual customers, is highly lucrative in the financial service industry.

There are three phases in the evolution of CRM:

1. CRM Reporting technology help organizations identify their customers across other applicants
2.  CRM analysis technology helps organizations segment their customers into categories such as best and worst customer
3. CRM predicts technological help organizations make predictions regarding customer behavior such as which customers are at risk of leaving.

 

Using Analytical CRM to Enhance Decisions : 

Operational CRM - supports traditional transactional processing for day-to-day front-office operations or systems that deal directly with the customers.

Analytical CRM - supports back-office operations and strategic analysis and includes all systems that do not deal directly with the customers