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Arrow CRM - April 30th, 2007

im posting some info on CRM.... evryone participate in this.....


take care

Regards,

Priyanka
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Arrow Re: CRM - April 30th, 2007

CUSTOMER RELATIONSHIP MANAGEMENT


► As per the survey done in 2000 on definition of CRM by various consultancy groups, CRM is 360 view of the customer which includes of a better understanding of customer life cycle and profitability.
CRM is “the quality of company customer expecting services without any fault at all points of interaction.
►CRM is simply a tool & technology used to achieve incremental operational improvement.
►CRM is organization shift from product focus to a customer focus. Some of them felt it is a new name for old business practices & it is a way of delivering customer data to the customer/ facing employees.
►Customer Relationship Management. A vast way of approach to customers in an attempt to realize their living style in every field of life and eventually to influence them to change their life style toward their benefitable direction through the company initiating ceaseless communication of indirect, implicative and inspiring suggestion so that the company may attract new customers and bind existing customers steady with the company.
►Customer Relationship Management refers to the process - usually depending on sophisticated computer systems - to record and analyse the buying habits of customers, so that a company can offer them goods or services in which they are likely to be interested.
►In additional to all the usual customer care principles, CRM includes the storing of customer information in a database (or data warehouse) and using the information in a way that improves the customer's "experience". Ideally this information is integrated into operational processes.
►Infrastructure that enables delineation of and increase in customer value and the correct means by which to increase customer value and motivate valuable customers to remain loyal – indeed, to buy again. A collection of integrated applications, which facilitate the seamless coordination between the back office systems, the front office systems, and the web. The DSS expansion of CRM Analytics refers to customer-centric analytics applications.
►Stands for Customer Relationship Management. This is a means to gain trust from customers by meeting the needs of each customer in a more personalized way in order to increase sales. Today, the communication media between customers and companies are diversified: not only telephones that has been used previously, but the Internet, and so on are used as well. ...
►Customer Relationship Management (CRM) includes the methodologies, technology and capabilities that help an enterprise manage customer relationships. The general purpose of CRM is to enable organizations to better manage their customers through the introduction of reliable systems, processes and procedures.



►Customer Relationship Management is a corporate level strategy which focuses on creating and maintaining lasting relationships with its customers. Although there are several commercial CRM software packages on the market which support CRM strategy, it is not a technology itself. Rather, a holistic change in an organisation's philosophy which places emphasis on the customer.
►A successfull CRM strategy cannot be implemented by simply installing and integrating a software package and will not happen over night. Changes must occur at all levels including policies and processes,front of house customer service, employee training, marketing, systems and information management; all aspects of the business must be reshaped to be customer driven.
►To be effective, the CRM process needs to be integrated end-to-end across marketing, sales, and customer service. A good CRM program needs to:

●Identify customer success factors
●Create a customer-based culture
●Adopt customer-based measures
●Develop an end-to-end process to serve customers
●Recommend what questions to ask to help a customer solve a problem
●Recommend what to tell a customer with a complaint about a purchase
●Track all aspects of selling to customers and prospects as well as customer support.
●When setting up a CRM segment for a company it might first want to identify what profile aspects it feels are relevant to its business, such as what information it needs to serve its customers, the customer's past financial history, the effects of the CRM segment and what information is not useful. Being able to eliminate unwanted information can be a large aspect of implementing CRM systems.
●When designing a CRM's structure, a company may want to consider keeping more extensive information on their primary customers and keeping less extensive details on the low-margin clients.
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Re: CRM - April 30th, 2007

Improving customer satisfaction and cross selling through new channels to market and
bundling of services Increasing share of customer spend – all banks are looking for opportunities to create higher value added services through lending, investment services provision and insurance. However a consistent problem faced by the banks is a difficulty in persuading customers to buy multiple products. As a consequence, banks are faced with a very large number of customers who make only a marginal contribution in terms of profitability but who are nevertheless important to support the infrastructure






Operational performance - banking organisations that only have a strong retail presence find it more difficult to sustain a good profit performance when compared with those that have a strong commercial banking client base. Those that can control costs while still giving high quality service can grow at the expense of higher cost based organisations –
this was reflected by the recent take-over of NatWest by the much smaller Royal Bank of Scotland Restructuring of the industry which leads to organisations having to focus on niche markets or become part of other larger banks. The integration of business processes and IT systems is one of the main challenges in the merger process Competitive pressure – new players enter the market with very competitive products that are positioned to entice customers away from the more established players. Improvements in customer service are a proven way of reducing the defection rate Understanding customer lifetime value and providing a level of service appropriate to the value of those customers – giving better service to those customers that deliver (or will deliver) the greater share of income. Softlab delivers CRM solutions that address many of the key issues facing banks. These include: Integration of all delivery channels including remote banking services, call centres, e-mail and web banking to provide a single view of the customer thereby improving customer service Improving customer retention through personalised services. Banks can improve customer retention through personalised financial solutions, including the integration of personal Internet services. In return the bank will gain a greater understanding of the customers preference to allow more effective sales targeting
Introducing Multi-channel Management - customers who access a Bank through different
channels should be identified and served in the same way. Specifically within the banks, there is a large potential to standardise processes and information systems to reduce overheads and provide consistent service levels Automated Business Processes providing
seamless information flow between Marketing, Sales & Service. Existing barriers between these and other “back office” departments often prevent dealing with customers’ individual needs. These can be broken down using a combination of workflow solutions, application integration and data warehousing techniques Cross Selling and Up selling – by having a customer oriented focus new business can be gained from potential and existing customers through more targeted marketing, cross-selling and up-selling – utilising outbound campaign management and call blending so that call centre staff become an additional sales channel.
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Re: CRM - April 30th, 2007

Benefits of CRM ◙ Profitability-Driven Account Planning - Enables commercial banks to better understand the overall needs of their customers and drive customer profitability. Key components include profitability-based customer segmentation and integrated alignment and performance management to allow commercial banks to coordinate their efforts and drive cross-selling of non-interest, fee based products to the appropriate customers.
◙ End-to-End Credit Management - Enables the efficient and consistent processing of commercial loans. Key components include consistent credit request processing and streamlined account origination which helps increase the quality of credit portfolios. Compliance with regulatory procedures (such as Regulation B loan notification requirements) is built into the workflow of the solution set.
◙ Relationship-Driven Sales - Includes components such as intelligent client coverage and enterprise call reporting that help commercial banks better coordinate limited sales and product resources to drive revenue growth.
◙ Customer-centric Service - Allows commercial banks to increase customer satisfaction and retention. Components such as value-added personalized service and proactive outbound service enable organizations to provide fast, efficient, and superior service to their customers.
◙ Banker Productivity - Includes streamlined proposal and credit document generation. Efficient product installation improves banker productivity by automating time-consuming manual tasks.
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Re: CRM - April 30th, 2007

Customer relationship management

Customer Relationship Management (CRM) includes the methodologies, technology and capabilities that help an enterprise manage customer relationships. The general purpose of CRM is to enable organizations to better manage their customers through the introduction of reliable systems, processes and procedures.

Customer Relationship Management is a corporate level strategy which focuses on creating and maintaining lasting relationships with its customers. Although there are several commercial CRM software packages on the market which support CRM strategy, it is not a technology itself. Rather, a holistic change in an organisation's philosophy which places emphasis on the customer.

A successfull CRM strategy cannot be implemented by simply installing and integrating a software package and will not happen over night. Changes must occur at all levels including policies and processes,front of house customer service, employee training, marketing, systems and information management; all aspects of the business must be reshaped to be customer driven.

To be effective, the CRM process needs to be integrated end-to-end across marketing, sales, and customer service. A good CRM program needs to:

Identify customer success factors
Create a customer-based culture
Adopt customer-based measures
Develop an end-to-end process to serve customers
Recommend what questions to ask to help a customer solve a problem
Recommend what to tell a customer with a complaint about a purchase
Track all aspects of selling to customers and prospects as well as customer support.
When setting up a CRM segment for a company it might first want to identify what profile aspects it feels are relevant to its business, such as what information it needs to serve its customers, the customer's past financial history, the effects of the CRM segment and what information is not useful. Being able to eliminate unwanted information can be a large aspect of implementing CRM systems.

When designing a CRM's structure, a company may want to consider keeping more extensive information on their primary customers and keeping less extensive details on the low-margin clients.
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priyanka1987
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Re: CRM - April 30th, 2007

Customer Relationship Management. A vast way of approach to customers in an attempt to realize their living style in every field of life and eventually to influence them to change their life style toward their benefitable direction through the company initiating ceaseless communication of indirect, implicative and inspiring suggestion so that the company may attract new customers and bind existing customers steady with the company.

Customer Relationship Management refers to the process - usually depending on sophisticated computer systems - to record and analyse the buying habits of customers, so that a company can offer them goods or services in which they are likely to be interested.

In additional to all the usual customer care principles, CRM includes the storing of customer information in a database (or data warehouse) and using the information in a way that improves the customer's "experience". Ideally this information is integrated into operational processes.

Infrastructure that enables delineation of and increase in customer value and the correct means by which to increase customer value and motivate valuable customers to remain loyal – indeed, to buy again. A collection of integrated applications, which facilitate the seamless coordination between the back office systems, the front office systems, and the web. The DSS expansion of CRM Analytics refers to customer-centric analytics applications

Stands for Customer Relationship Management. This is a means to gain trust from customers by meeting the needs of each customer in a more personalized way in order to increase sales. Today, the communication media between customers and companies are diversified: not only telephones that has been used previously, but the Internet, kiosk terminals, and so on are used as well. ...
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Re: CRM - June 17th, 2007

Thats a nice article.. could have been shorter...
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Re: CRM - June 17th, 2007

but nevertheless got to know a lot abt crm
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Re: CRM - June 29th, 2007

Hey buddy reaallly nice...however do u have a 100 marks proj on CRM....
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Re: CRM - July 12th, 2007

ya it was of great help as i am new in this field.........
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