Customer Relationship Management Systems: The Trends and Technologies

Abstract

In today's globalized competitive scenario, mass customization and customer service are important tools for customer attention, retention and loyalty. This paper aims to scrutinize the automation of customer relationship management through the information systems. In this Web 2.0 world, reaching out to a customer at a correct contact-point, with precise information enhances the role of marketing and thus leverages the firms profit and goodwill. With many virtual touchpoints and the unlimited product information available the bargaining power of the customer has increased immensely. Customer relationship software helps to bridge the gap between the company's strategy and the customer's choice. As the business models are shifting to a pull based model, these CRM software help in not only knowing but also understanding the customer and his switching patterns accordingly. As these information's forms large amounts of data, data mining is used to obtain the apt information. Data mining helps break these chunks to data into key action oriented points that directly relate to a company's customer. This in long run helps reduce cost of identifying the new customer and thus increases the profit. This paper illustrates how information technology is developing strong and cordial bonds with its targeted customers giving them a real-time experience thus increasing their loyalty towards the company.