What is Customer Relationship Management (CRM)?
CRM stands for Customer Relationship Management, which is software that helps the organization get in touch with customers and future potential customers. This CRM software manages customer service and automates and synchronizes sales. The motive for developing such an application is to nourish and entertain prospect leads, which helps the business increase sales and overall performance.
Following are some key features of CRM:
- This software is used to integrate all the customer services in one place.
- This is used to manage and track the functions of the organization.
- It helps increase the performance of sales.
- Primarily focused on customers.
Benefits of Customer Relationship Management (CRM)
Following are some benefits of CRM:
- Customer data management: Every CRM’s fundamental component is customer data management. This can done through collecting and organizes client data from several channels such as phone calls, Gmail threads, social networks posts, live chats and many more into one single database
- Activity Monitoring: In a world where personalization is essential, it is important to understand how and when consumers interacted with you. With activity monitoring, you have a record of every touch point-be it a sales call, email exchange or transaction using interaction tracking.
- Process Automation: Automation is a key part of any CRM system. By handling repetitive tasks, CRM allows staff members to free up time for concentrating on more strategic work.
- Data-Driven Decision Making: While a CRM system may gather a lot of data, its true power lies in the analysis and the presentation of insights from that gathered data.
- System Compatibility: With seamless integration with other business technologies, a CRM offers a connected experience. Data accuracy is increased and human data entry is decreased as a result of allowing data to move between systems.
Differences between ERP and CRM
Every tech business or industry requires a system to expedite the flow of information and management of the overall process with its employees and customers. The view was to design a software solution that supports customer support with the organization’s offerings.