In today’s complex business environment, the extent to which manufacturing and services firms can effectively attract and retain profitable customers is a key determinant of their competitiveness.

Customer relationship management (CRM) is a cross-functional strategic process utilized by firms to manage and develop their interactions with current and potential customers.

CRM is an innovation- and technology-driven process. To efficiently and effectively respond to rapid changes in customer demand, firms must have access to timely and accurate information regarding their current and potential customers. The integration of CRM technology into a greater CRM strategy provides firms with appropriate tools to respond to this challenge and the potential to enhance business operations throughout the sales cycle.

Across industry sectors, firms are prioritizing their investment in CRM — through both in-house and outsourcing investment — while integrating CRM with their commercialisation strategies to develop their revenue streams through new and existing markets. It is important that firms and policy makers have the ability to access and utilize strategic information and performance indicators enabling them to focus on CRM initiatives and strategies that deliver business benefits.

Create your digital plan we are here to help

Understanding the importance of customer relationship management (CRM).

CRM data helps customer-facing employees, like customer service representatives, effectively solve problems. They can quickly pull up a customer’s information, like purchase history or product preferences, real-time while on the phoneor chatting online with the customer. CRM helps salespeople by providing lead generation insights about interactions the customers had with other teams within the organization.Some marketers still use note cards or a spreadsheet.

That’s kind of outdated. If affordable, use CRM technology to ensure that all internal disciplines can access the same customer data, provide real-time data to be responsive and agile, such as recognizing a product problem customers are experiencing so you can fix it quickly, create automated, synchronized reports across multiple platforms, such as mobile phones, calendars, or other client interactions, ensure no customer data gets lost, help you scale operations to grow.