WHAT IS CRM TECHNOLOGY?

Introduction

CRM is a technology that helps manage the entire customer information and interactions in order to build and maintain superior customer relationships. The CRM solution replaces spreadsheets and other different applications, which makes it easy for the businesses to access information in one centralized platform. CRM is an essential tool for businesses today to streamline the business processes and operations in an effective manner.

What is CRM technology?

CRM technology is an effective software which helps in managing the customer database in order to nurture and sustain long term relationships. This will end up in productivity and maximize the revenue of the firm in an outstanding way. The basic infrastructure behind the CRM technology is the customer database. Customer database contains a whole lot of information about the customer and prospects. CRM software is a sophisticated business solution that grows your business in an impeccable manner.

What are the different types of CRM technologies?

There are three types of CRM technologies.

1.Operational CRM

The operational CRM focuses mainly on the customer facing teams such as sales and support. Operational CRM solves each and every problem in the enterprise customer relationship. Operational CRM helps the organization to find the right information and track the interactions in order to solve the issues. Operational CRM has the following automations : sales force automation, Marketing automation and Services automation.

Sales force Automation: Sales force automation is a technology which helps in managing the sales activities. It takes care of the complete sales cycle and fixes the sales issues effectively.

Marketing Automation: Marketing automation involves the marketing activities such as segmenting the market, sending campaigns, having a count on leads, event based marketing, personalized messages and promotions. All the marketing tasks can be automated in order to reduce the repetitive workload and maximize the benefits.

Service Automation:

Service automation helps in resolving the cases and issues regarding the brand’s offering. You can have interactive chatbots that can solve the problems by itself without human intervention. Service automation is helpful for the customer service and support team, which helps in retaining the customers and builds loyalty among them.

2.Analytical CRM

Analytical CRM is a CRM software that helps in managing, storing, modifying, processing the customer information. It contains all the internal business data such as sales data, marketing data and finance data. This CRM provides deeper insights with the analytics and reports. Analytical CRM provides timely solutions to the customer problems. It gives deeper insights for sales and helps in customer acquisition and retention.

3.Collaborative CRM

Collaborative CRM is combining the resources which helps in identifying, developing, retaining and maintaining the customers. It paves way for smooth communication among the business partners and stakeholders. It helps in collaboration among the teams in order to enhance the workflow capabilities.

What are the components of a CRM software?

There are various key components of a CRM software which is vital for the growth of the business. Some of the components are listed below:

1.Workflow automation

CRM helps you to eliminate the repetitive work load and mundane tasks by automating the workflow. You can do so by setting triggers based on the conditions you want. You can complete the tasks and routine activities without any human assistance. Workflow automation lets you implement the business operations which results in superior customer experience and increased efficiency.

2.Sales Automation

Sales automation involves software that helps to automate the entire sales activities thus reducing the repetitive and manual work load. Sales automation is an important part of any business which helps in sales forecasting, recording and tracking. You can manage the sales pipeline and initiate follow ups with the sales automation tools.

3.Lead management

Lead management helps you keep track of the prospects that are pouring in. The CRM stores all the information about the leads in order to follow up with them, nurture them and convert them into potential customers. The lead management process involves lead capturing, lead enrichment & tracking, Lead qualification, lead distribution and lead nurturing.

4.Pipeline management

Pipeline management in CRM helps to track and manage each and every sales opportunity that passes through the sales funnel in order to close deals much faster. It helps the sales team to manage the sales activities and forecast the future for further growth in sales. You can also identify the weak spots, take corrective action and speed up the sales cycle.

5.Marketing automation

Marketing automation is automating the marketing activities that help you target the customers and audiences with personalized messages based on the data gathered from the CRM system. You can streamline the marketing activities in an effective way by running successful campaigns, driving more engagement and increasing profits.

6.Customer service

Customer service is important for business as it helps to retain and increase the lifetime value of a customer. CRM has a complete database of the customers which tells about what the customers needs, their behavior, their preferences towards a product or a service. Based on that you can automate the responses and frame FAQs that will be useful for the customers.

7.Human Resource Management

CRM software can manage the entire work force of an organization. Businesses can leverage this technology in order to equip the human resources working in the company. CRM can be used for recruitment management, hiring tracking, performance management, talent management and payroll management. CRM reduces the manual errors and manages the entire HR operations in an organization effectively.

8.Business reporting

CRM provides reports that present you with the performance metrics that help gather insights and make sound decisions. The teams will be able to track goals, identify the issues and improve their strategies in order to achieve the desired results. You can also customize the reports based on your needs and requirements.

9.Analytics

CRM analytics help in tracking, collecting and analyzing the information present in the system. It serves as a comprehensive solution, where you can make decisions based on the analytics presented in the CRM. With the right data, you can devise the right strategies which will help maximize your revenue and expedite the growth of your business.

What are the benefits of a CRM system?

There are a huge number of benefits that you can actually reap by employing a CRM system for your business needs and requirements.

1.Superior customer service

A CRM is a software which is helpful in managing the contacts and customer information in an effective manner. This software provides data that helps in delivering superior customer service that results in better customer experience and increased retention rate.

2.Maximum Productivity

CRM automates most of the routine tasks and activities that lets you concentrate on other important work. This would rather result in productivity of the organization. With automation, you can increase the efficiency of workflow and save time, thereby realizing a hike in productivity.

3.Centralized platform of information

CRM puts all the data in one centralized platform and thus makes it easy for the teams to access it for managing and retrieving the information. Based on the data, you can tailor your messages and focus your efforts in order to reap the benefits.

4.Detailed analytics and reporting

The analytics and reporting capabilities in CRM helps you to gather actionable insights in order to make sound decisions. These reports provide a deeper insight of what is happening, what is going wrong and how to make corrective action. You can analyze the metrics in the system which helps you to have a clear picture on your performance.

5.Prompt sales forecasting

CRM presents you all the sales related information, with a complete view on the sales pipeline and sales stages. All this information will help you understand how the sales process is going on and also helps you to plan for the near future. You can check the progress, adjust the goals, track the quotas and measure the sales performance with a sales CRM software.

6.Streamlined internal communication

With CRM and the data flowing across teams, the employees can communicate better about the work and collaborate together in order to drive results. Your organization can have a unified voice with CRM in place. You can send messages, and alerts or reminders within a single system which helps streamline the internal communication within the organization.

Furthermore, integrating a modern business phone system alongside your CRM can enhance communication capabilities by providing seamless call management and customer interaction, ensuring a comprehensive approach to customer relationship management.

7.Increase in sales

CRM allows you to have complete access to the sales information which will help you evaluate the performance of your sales process. You can effectively increase the sales by continuously monitoring the sales data from the sales pipeline.

8.Streamlining the business processes

CRM helps you simplify the business processes and operations. You can easily work up your sales , marketing and customer support without any hassle. You can improve your efficiency, save time and increase productivity with the help of CRM.

Conclusion

CRM is a vital solution a business needs in order to grow in an outstanding way. CRM solution provides the necessary data and tools needed to improve the business processes and increase the efficiency of your business. You can manage all the interactions and build superior customer relationships which is the key to unlock the profitability of a firm.