Introduction to CRM Software
Customer Relationship Management (CRM) is a largely implemented strategy for managing the interactions of a company with its customers, clients and sales prospects. This software application involves the use of technology to automate, organize, and synchronize business processes, mainly sales activities, but also those for customer service, marketing, and technical support. The CRM Software describes a company-wide business strategy counting customer-interface departments in addition to other departments.
The general objectives of this software application is to find, attract, and win fresh clients, in addition to nurturing and retaining those who are already with the company as well as attract former clients back into the fold, and also reduce the marketing costs and client service.
Benefits of CRM Software
The key benefits provided by CRM Software include:
1. Quality and efficiency
2. Reduced overall costs
3. Decision support
4. Enterprise agility
5. Customer attention
Types/Variations of CRM Software
Some of the important types/variations found in CRM Software are:
1. Sales force automation involves the use of software to reorganize all phases of the sales process, mitigating the times required by the sales representatives to spend on each phase thus allowing the business to use fewer sales representatives for client management.
2. Marketing through CRM systems helps the organization to recognize and target potential clients by generating leads for the sales team.
3. Customer service and support recognition is an important factor in attracting and retaining customers. Therefore, organizations are progressively turning to technology to help them in improving their clients’ experience in addition to aiming at increased efficiency and reduced costs.
4. Appointment scheduling with customers is a vital activity of most customer oriented businesses. Sales, customer support, and service personnel on a regular basis spend a part of their time getting in touch with customers and prospects through a variety of means to agree on a place and time for meeting for a sales conversation or to deliver customer service.
Analytics capabilities are generally incorporated into applications for marketing, sales, and service. These features can, however, be complemented and improved with links to separate, purpose-built applications for business intelligence and analytics
- Debt ratios
- Liquidity ratios
- Profitability ratios
- Asset management ratios
- Cash Flow Indicator Ratios
- Market value ratios
- Financial analysis
- Business Terms
- Financial education
- International Financial Reporting Standards (EU)
- IFRS Interpretations (EU)
- Financial software