Posted by Dr. Samiya Mubeen On 29/09/2021 09:50:51

Customer Relationship Management is an upright concept or strategy to solidify relations with customers and at the same time reducing cost and enhancing productivity and profitability in business. An ideal CRM system is a centralized collection of all data sources under an organization and provides an atomistic real-time vision of customer information. A CRM system is vast and significant, but it can be implemented for small businesses, as well as large enterprises also as the main goal is to assist the customers efficiently.

Usually, an organization consists of various departments which predominantly have access to customer’s information either directly or indirectly. A CRM system piles up this information centrally, examines it, and then makes it addressable within all the departments.

Let's take an example of an international call center that uses a CRM tool called ‘xyz’ and is integrated with a phone and a computer system or laptop. Now, this system automatically perceives which customer is calling. Before the executive attends the phone the CRM system brings forth the customer details on the computer or laptop screen and also indicates what the opportunity of deals is with that particular customer, what the customer had already purchased or ordered in past, and what is the probability of buying in future. Not only this, but it can also highlight what all products best suit this customer. For the finance department, it may show the information regarding the current balance and for the accounting department it may pop out the information regarding the recent purchases by the customer. All these pieces of data are stored in the CRM database and are available as and when it is needed.

According to this example, a CRM system provides a well-defined platform for all business units to interact with their clients and fulfill all their needs and demands very effectively, and to build long-term relationships.

Wangling this kind of relationship with customers is not easy to manage and it depends on how systematically and flexibly a CRM system is implemented or integrated. But once it’s accomplished it serves the best way in dealing with customers. In turn, customers feel gratitude for self-satisfaction and loyalty which results in better bonding with suppliers and hence increasing the business.

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