Customer Relationship Management Customer Satisfaction...

In the modern economy a priority of business activities becomes a two-way communication between the company and its customers. This communication is based on the interests of both sides: companies that seek to profit, survive and grow, and customers who want to achieve added value. The most successful companies today are those that create their business processes in line with customer expectations (Habul Velic, 2010). Customers are the most important asset of an organization. There cannot be any business prospects without satisfied customers who remain loyal and develop their relationship with the organization. That is why an organization should plan and employ a clear strategy for managing treating customers. CRM (Customer Relationship Management) is the strategy for building, , and strengthening loyal and longlasting customer relationships. CRM has two main objectives: Customer retention through customer satisfaction and Customer development through customer insight (Tsiptsis and Chorianopoulos, 2009). CRM technologies are the tools enabling the firms to get the right information to the right person at the right time and are divided into three parts of, communicational, operational and analytical‘ technologies (Keramati et al., 2010). To succeed with CRM and address the aforementioned objectives, organizations need to gain insight into customers, their needs, and wants through data analysis. This is where analytical CRM comes in. Analytical CRM is about analyzingShow MoreRelatedGlobal Issue : New Information Technology Initiatives1625 Words   |  7 Pagesthese initiatives in the company. The 3 initiatives are customer relationship management (CRM), business intelligence (BI) analytics, and agile development methodology. CRM helps in understanding everything about the customers, including their business challenges, current use of products (both ours and competitors), and future plans; BI helps to increase the organizational knowledge beyond collections of data and information; while agile development methodology helps drive effective technological designRead MoreHow Analytics Helps An Organization Optimize Their Business Processes1730 Words   |  7 Pagesâ€Å"process of obtaining an optimal or realistic decis ion based on existing data.† [1]. Davenport and Harris (2007), defined analytics, as the â€Å"extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions.† [2]. An article titled Outsmart the Competition by Jackie Zack in Teradata Online magazine states that â€Å"analytics can help an organization optimize their business processes to make them effective as possible.† [3]Read MoreCausal Chains and Strategy: Case Study of Tri-Cities Community Bank1572 Words   |  6 Pagesmeasurement system at Tri-Cities Community Bank (TCCB), initiated by Chris Billings has delivered exceptional results as this analysis indicates. The case analysis of TCCB has been completed using the foundational elements of the BSC performance management system beginning with the categorization of performance metrics based on the BSC methodology (Kaplan, Norton, 2001) followed by two causal chain ana lyses. The BSC framework sets solid theoretical and quantifiable foundation for also completing causalRead MoreAnalysis and Recommendations for Improving Performance Through Better Technology Management1686 Words   |  7 PagesAnalysis and Recommendations For Improving Performance Through Better Technology Management The customer service team of 25 professionals is struggling to gain the performance improvements that the technology investments made previously promised. The large-scale investments in systems has begun to lose its effectiveness, the CRM systems are leading to greater confusion regarding escalation paths, and there is literally no single database or analytics application that can be used for finding theRead MoreSocial Media As an Information Platform for Enterprises1436 Words   |  6 Pagesgovernment levels of societies globally. Customers and citizens have a platform now to voice the opinions and concerns very openly and if they choose, very loudly, on a global stage made possible by social media (Ang, et.al.). It is the most revolutionary series of technologies available today for creating and sustaining more effective relationships with customers as well, leading to the development of an entirely new class of Customer Relationship Management (CRM) systems called Social CRM (SCR M)Read MoreMeasuring Customer Service at American Express1367 Words   |  6 PagesMeasuring Customer Satisfaction at American Express American Express is a world wide travel related service company. American Express works with both consumers and business with their financial planning as well as offers numerous amounts of credit card products and travel assistance. They have many products and services that are used throughout the world by consumers and businesses. As American Express moves towards the future, like most credit card companies, they want to be competitive and responsiveRead MoreHow Analytics Helps An Organization Optimize Their Business Processes897 Words   |  4 Pagesâ€Å"process of obtaining an optimal or realistic decision based on existing data.† [1]. Davenport and Harris (2007), defined analytics, as the â€Å"extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions.† [2]. An article titled Outsmart the Competition by Jackie Zack in Teradata Online magazine states that â€Å"analyt ics can help an organization optimize their business processes to make them effective as possible.† [3]Read MoreHardware and Project Considerations When Implementing a New CRM System1638 Words   |  7 PagesSystem The most effective Customer Relationship Management (CRM) systems are deliberately designed to align and enhance the strategic initiatives and programs of a given business or enterprise. They must take into account customer preferences, needs and wants as well, and strive to create a foundation of shared information and insight over time There are a myriad of studies that show how effective CRM systems are in transforming businesses and making them more customer-centric, profitable and responsiveRead MoreThe Stakeholders Of The Business1367 Words   |  6 Pages(individuals and groups) who have an interest in and influence on the business and the way it operates. Customers Interests and expectations of Tesco Customers want to have a good shopping trip experience when they visit Tesco. They also want to operate fairly and honestly within Tesco stores. Tesco aims to provide a good choice of products, including sustainable, healthy and affordable options. Customers want to be welcomed into Tesco’s and they want the best quality things for the best prices. The mostRead MoreCustomer Retention Strategies At Mcdonald s Corporations1502 Words   |  7 PagesAn Analysis of the customer retention strategies at McDonald s corporations 1b What is the issue/problem that your proposal addresses and why is it important to the reader? This research proposal aims to address the several customer retention strategies implemented by the famous food chain restaurant, Mc Donald. Bearing in mind the increased significance of enhanced customer relationships, this topic is worthwhile to be examined for gaining an insight about the different tactics and strategies