Wharton on Managing Emerging Technologies - Essay Example

It helps it to improve on service delivery to customers and also to aid in marketing activities through the use of the information that has been obtained from customers regarding their contact information. It is important in improving the organization’s competitiveness through ensuring that the customers are loyal to it as well as the optimization of innovative products and services from the organization (Day et al 2000).

This strengthens the basis for new product development as well as establishing a market for the organization’s products. 

It is clear that customer relationship management is the core technology for the organization due to the fact that without it, banks may not be able to obtain essential information concerning customers, which affects the banking system in one way or another. Any organization is usually concerned with enhancing its competitiveness in the market. CRM technology helps in solving issues regarding competitiveness, thereby making it possible for an organization to accomplish its goals. This technology has encouraged innovativeness in the organization (Percival 2006). The availability of information and the use of the customer-oriented approach, which is enhanced by CRM technology, have made product differentiation in the organization possible through innovativeness. This has increased the organization’s competitive advantage, which is a major factor that contributes to profitability.