Crm

CRM is a strategy helping businesses ensure they have well-designed processes around their customers that are executed consistently across the organization. Its main focus is to get, keep, and grow a company’s customer base. A CRM strategy allows a company to build up a repository of customer information that enables to company to understand the customers that it does business with and to deliver the services and products that exceed those requirements now and into the future. Relationship management has an emphasis on delivery effectiveness- how well individual customer problems are diagnosed and solved- and delivery efficiency- how few resources are used to solve the problem.

It is important to use CRM not only to provide a technological framework for managing complex tasks and become more profitable, but also to maintain customer loyalty.

As global economy evolves, all manufacturers will want to produce faster and for cheaper. Quality customer care and service will be the only sustainable competitive advantage. CRM will be the new buzz because once a relationship is built on a strong foundation, the nurturing of that relationship via customer care is the only way to maintain a credible relationship and continue transactions successfully.

CRM enables more rapid answers to customer questions, instant chat with customer service, immediate access to order status and inventory, and seamless connectivity between the Internet and brick-and-mortar stores with real-time intelligence. Products can become commodities but customers never can and that data has no value, it’s what you do with it that counts.

III.

DATA BREACHES

When tangible and intangible costs are factored in, data breaches can carry staggering costs. The largest breaches occur in financial services, data integration, and retail business. The smallest were in healthcare and higher education. The total cost to recover from a breach averaged $14 million per company, or $140 per lost customer record. Upon receiving notification that their data has been lost, about 20% of customers would terminate their relationship with the company and 40% would seriously consider doing so. The best defense against data breaching is a carefully structures set of policies and procedures that apply appropriate security measures based on the value of the data collected and the risk from internal and external sources. 59% of data loss is caused by hardware or system malfunctions and 26% is caused by human error. Software malfunctions account for the remaining percentage.

SALES