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Customer Management - Essay Example

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Customer Management Name: Tutor: Course: Institution: Date: Customer Management 1. Detail the reasons for conducting a CRM capability assessment? i. Increasing Benefits through CRM Capability Assessment According to Woodcock (2005, 270), companies are demanding effective tools, which are utilized in storing growing store of customer data in CRM systems…
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Customer Management
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Customer Management

For instance, CRM vendors are integrating functions of business intelligence via internal product enhancement; in fact, this process is involving seeking support from third parties. In this case assessment of CRM capability is considered as a way of bolting on analytics to operational CRM in order to create work for enterprises. In situations, where CRM customers are involved capability assessment becomes indispensable due to identification if crucial word that would drive vendor features set. There are situations where integration trend in the CRM systems that may render business-intelligence vendors unnecessary; thus, there is need for CRM capability assessment. Moreover, this serves as a way of identifying new opportunities for enterprises to identify substantial ROI from the costly implementation of CRM systems (Woodcock, 2005, 270). Therefore, this assessment enables the organization to identify things that are missing and determining whether capability is still turning data into insights that surpass technology enhancements. CRM capability assessment is also undertaken due to increasing variety of companies, who are concentrating on one or more aspects of analytical CRM. These aspects include clarity in identification of customer preferences, perceptions and opinions. Information gathered during this assessment is fed into critical processes within the entire CRM for increased improvements (Woodcock, 2005, 270). CMR capabilities assessment has enables realization of the contribution made by technological advancement into CRM systems (Woodcock, 2005, 220). In this case, it is affiliating the process of ensuring that CRM systems are meeting firms' requirements. Therefore, CMR capabilities assessment can be regarded as a way facilitating effectiveness of CRM systems, thereby leading to better performance of the business (Woodcock, 2005, 138). Consequentially, this can lead to maximization of profitability in the short term; in fact, this enables identification of growth opportunities and building competitive advantages (Woodcock, 2005, 138). Therefore, CRM capability assessment is regarded as a way of applying strategies that maximize shareholders value by identifying and eliminating short term strategies that destroy assets and failing to capitalize on the companies' core capabilities (Woodcock, 2005, 138). ii. Reducing Risk through CRM Capability Assessment Companies have been subjected to serious attacks from customers due to issues concerning relationship and their way of doing business (Woodcock, 2005, 409). These attacks involves attempts by employees to get involved in activities such as fraud, money laundering, illegal trading and exploitation of loopholes in credit or insurance products. In this case, CRM capability assessment involves use of technology advancement in order to ensure that companies are facing fewer chances for face-to-face for processes such as validation of identities and determining credit worthiness(Woodcock, 2005, 409). Besides, perpetrators of illegal activities in businesses are likely to work in teams through the internet and model telephony for communication in ways that are difficult for authorities to indentify. Therefore, capability assessment of CRM is utilized as a way of bridging this security ... Read More
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