Role Of It In CRM
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IT plays a pivotal role in customer relationship management (CRM) by enabling companies to better understand their customers and target specific market segments through data analysis. IT assists with CRM strategies by managing customer data and determining customer acquisition, retention, and lifetime value. While IT provides global reach and supports both online and traditional customers, disadvantages include loss of human interaction, high investment costs with uncertain returns, and potential privacy threats to customers.
Role Of It In CRM
- 1. ROLE OF IT CRM IN Contributed by :- Katyayini Mishra
- 2. INTRODUCTION DEFINITION :- CRM IS A BROAD CONCEPT USED BY COMPANIES TO MANAGE THEIR RELATIONSHIP WITH CUSTOMERS,INCLUDING CAPTURE, STORAGE & ANALYSIS OF CUSTOMER INFORMATION CRM COVERS DIRECT INTERACTION WITH CUSTOMER FOR FEEDBACK,ISSUE- -REPORTING etc.THROUGH WEBPAGES,E-MAIL,SMS etc.
- 3. CRM ALSO KNOWN AS RELATIONSHIP MARKETING,CUSTOMER MANAGEMENTetc, CRM CONCERNED WITH CREATION ,DEVELOPMENT &ENHANCEMENT OF INDIVIDUALISED CUSTOMER RELATIONSHIP WITH CAREFULLY TARGETED CUSTOMERS & CUSTOMER GROUPS RESULTING IN MAXIMIZING THEIR TOTAL CUSTOMER LIFE-TIME VALUE
- 4. ROLE OF CRM IN IT ADDS CUSTOMER LOYALTY TO BUSINESS’S BOTTOM-LINE ALLOWS CUSTOMERS TO GET CURRENT INFORMATION AT ANY TIME FROM ANY SOURCE. HELPS IN CREATING APPROPRIATE STRATEGIC VISION FOR FUTURE,MAKING APPROPRIATE CHOICE OF APPLICATION,CREATIVELY USING ANALYTICAL TECH. TO EXPLOIT THE DATA,CHOOSING RIGHT VENDOR FOR SUPPLY OF THE TECH.SOLUTION. ORGANITION
- 5. ROLE OF IT IN CRM ROLE OF IT VIA E-COMMERCE IN CRM. PROVIDING COMPLETE PRODUCT INFORMATION. PROVIDING AN EASY ORDERING AND BILLING PROCESS. PROVIDING SERVICE AFTER SALES. INTEGRATING INFORMATION INTO ONE’S WEBSITE.
- 6. PERSONALIZING THE WEB INTERFACE. IT PLAYS PIVOTAL ROLE TO PLAY IN ENABLING COMPANIES TO MAXIMIZE PROFITABLITY THROUGH MORE PRECISE TARGETING OF MARKET SEGMENT & MICRO SEGMENT WITHIN. IT ASSIST IN MANAGING THE DATA REQUIRED TO UNDERSTAND CUSTOMER SO THAT APPROPRIATE CRM STRTAGIES CAN BE ADOPTED.
- 7. TO DETERMINE ECONOMIES OF CUSTOMER ACQUISITION,RETENTION & LIFE TIME VALUE. PLAY GREAT ROLE IN CUSTOMER LOYALTY PROG.
- 8. ADVANTAGES OF IT IN CRM USING CRM & INTERNET , NOT ONLY SUPPORT ONLINE CUSTOMER BUT ALSO IMPROVE RELATIONSHIP WITH TRADITIONAL CUSTOMER. IT FACILITATES GLOBAL REACH OF SERVICES THROUGH INTERNET.
- 9. ENABLES BOTH CUSTOMER & EMPLOYEES TO BE MORE EFFECTIVE IN GETTING & PROVIDING SERVICES BY GETTING ALL THE INFORMATION , CRM PLANS TO
- 10. DISADVANTAGES OF IT IN CRM LOSS OF HUMAN CONTACTS & PERSONAL INTERACTION THERE ARE TREMENDOUS INVESTMENT COST IN IT FOR FINE,OFTEN WITH UNCERTAIN PAYBACK. IT MAY DOES NOT UNDERSTAND THE MARKETING OBJECTIVE&ANALYSIS ON WRONG DATA RESULT IN WASTE OF TIME&MONEY.
- 11. IT THREATENS PRIVACY OF CUSTOMERS IN MANY WAYS. CUSTOMER MAY NOT WELCOME TECH.