Customer Relationship Management (CRM)
Customer Relationship Management (CRM) can be defined as follows:
1. Wikipedia defines CRM as "…a broad term that covers concepts used by companies to manage their relationships with their customers, including the capture, storage and analysis of customer information.
2. Another source defines CRM as “an information industry term for methodologies, software, and usually Internet capabilities that help an enterprise manage customer relationships in an organized way.”
Anyways, CRM has become a very important part of business strategy, apart from being useful software. It ensures that every level of the company is customer focused. Moreover, it starts with a business strategy which drives changes in the processes within the organization with the help of technology.
Wikipedia defines 3 main aspects of CRM:
1. Operational CRM
2. Collaborative CRM, and
3. Analytical CRM
Lets take a closer look at each of them: