CRM (Client Relationship Management) is an application used by companies to manage information on its customers and to interact with them. It has several components and functionalities, the most important being:
The Business Intelligence (BI) component is a mechanism which helps companies identify the right partners and their needs, as well as the characteristics and dynamics of the market. This implies the use of informational flows run through the CRM application, with the purpose of designing sound strategies and tactics meant to improve business.
BI is the art of gaining a competitive advantage through information management.
The end result of this process is a series of answers to some vital questions for your company, such as:
The Marketing Automation Module (MA) - refers to all the components of a marketing campaign, from design, execution and data interpretation, through an application which facilitates the selection and segmentation of clients, monitors interaction with them and interprets results. The Marketing Automation functionality is integrated with Sales Automation and Customer Support, with the purpose of generating an overall image of every aspect of client interaction. Thus, by drawing on the benefits of information sharing, the marketers make sure that the budget is spent according to plan.
The MA module ensures:
• Easy access to key data-through Document Management;
• Maximizing the efficiency of marketing mix-through prospection management, company management and portfolio management
• Measuring and interpreting company bottom line, through Statistics and Marketing Reports;
The Document Management instrument increases the efficiency of client communication by creating an easily accessible database which comprises all the information relating to a specific client. For example, presume you wish to contact a potential client who has had previous contact with your company. By accessing the database, you can view the complete history of the respective client’s relationship with your company, as well as detailed information about them.
In order to ensure the success of a marketing campaign, the team can access this database to collect information on the current market, trends, target audience, etc.
Prior to initiating a marketing campaign, the company must have access to detailed information on its own customers, in order to create a well targeted marketing mix.
The Portfolio Management instrument allows marketers complete access to information about current client portfolio, such as: general data, contact person and their position, relevant documents related to previous contacts with the company, the names of the employees who handle the respective client.
Through the Company Management instrument, the marketing department can plan, organize and monitor the results of the marketing campaign.
The most important component is the sales force, because it is that which ultimately sells the product/the service and constitutes “glue” the between company and client.
Up to the point where a contract is signed, the sales representative is in permanent contact with the potential client and collects information about them.
This information is vital for designing strategies and forecasting. Gathering this kind of information should be a top priority for any company that wants to build a strong sales strategy. One of the methods to optimize sales is their automation. A complete solution is implementing a CRM application with sales force automation functionalities.
The ERP application may include, aside from Customer Relation Management CRM and BI component, other modules meant to increase the performance of a business, namely:
Production: planning and monitoring production or distribution
Human resource management
Inventory: control of stock, suppliers, payments and incomings.
Salaries: salary calculation and management of data regarding personnel.
Acounting : Financial and Accountings records
Assets: fixed assets records and amortization calculation
The ERP application is without a doubt a good investment, since it ensures a smooth flow a work processes, an overall image of the company’s performance, an efficient management of clients, producers or distributors, it provides effective reporting and statistics instruments and an automation which will increase productivity or sales.