Customer Relationship Management (CRM)

Paper Summary:

This paper explains that customer relationship management CRM allows organizations to develop a closer relationship with customers and to monetize the data and information, which would normally lay dormant within untouched massive databases. The author points out that CRM has become a business differentiator and especially has become relevant for e-commerce applications that find a ready infrastructure in which to be integrated. The paper suggests that the single most prevalent reason for the failure of CRM to deliver on expected returns is an organization that focuses too much on the data analysis function and loses sight of the actual customer transactions that are the most important part of the business process.

Table of Contents:
Research Hypothesis
Introduction
Technology Background
Historical
Technology
How It Functions
Suppliers
Consumers
Application of the Technology
Organizational Use
Applications
Strengths
Weaknesses
Success
Failure
Future Trends
The Future
Forces of Change
Conclusions

From the Paper:

"Retail banking has taken a leading role in deploying e-commerce and e-business functionality in relation to its CRM initiatives. On-line banking has become a fact of life and hardly any commercial and consumer banking institution would consider going to market without these services integrated into its CRM portfolio." . Retail banking institutions have mastered the art of on-line bill paying, transfers, deposits, and account management to the degree that many customers simply do not feel the need or the desire to visit the bank."

Sample of Sources Used:

• Ashbaugh, S., & Miranda, R. (2002). Technology for Human Resources Management: Seven Questions and Answers. Public Personnel Management, 31(1), 7.
• Cooper, M. J., Upton, N., & Seaman, S. (2005). Customer relationship management: a comparative analysis of family and nonfamily business practices. Journal of Small Business Management, 43(3), 242+.
• CRM. e-Week.com: Enterprise News & Reviews (online).
• De Koning, A., & Maravanyika, E. (2004). Proceedo: finding the right ceo for future growth. Entrepreneurship: Theory and Practice, 28(3), 249+.
• Downing, J. R. (2004). "It's easier to ask someone i know": call center technicians' adoption of knowledge management tools. The Journal of Business Communication, 41(2), 166+.

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