Composite Risk Management

In: Business and Management

Submitted By k2jlb
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CRM
In order for a company to be successful it must establish a positive relationship with its customers. Customer relationship management (CRM) involves building lasting relationships with internal customers as well as external customers. If a company fails at CRM they risk losing their customers to their competitors. CRM involves the tracking of customers and potential customers called prospects. ("What is CRM? | PCMag.com", 2013., p. 1) Managers whom are involved in CRM are generally looking at several different concepts such as Opportunity tracking, Prospects/Lead Generation, Email Integration, Automated Workflow, Collaboration and Reporting. ("What is CRM? | PCMag.com", 2013., p. 1) Opportunity tracking involves the manager knowing what deals the sales team may be working on. ("What is CRM? | PCMag.com", 2013., p. 1) This gives the manager leverage when trying to please customers and attract new ones. Prospects/Lead Generation involves managers being aware of any new customers that may need or want their products and / or services. ("What is CRM? | PCMag.com", 2013., p. 1) When a manager attracts a prospective customer and they buy into a product or service, the prospective customer changes to a regular customer. At this point the relationship changes towards maintaining that relationship by keeping that customer happy. ("What is CRM? | PCMag.com", 2013., p. 1) Email Integration involves creating open means of communication such as a Microsoft Exchange server or a cloud-based email server. ("What is CRM? | PCMag.com", 2013., p. 1) Automated Workflow involves keeping the customer and potential customers informed about the company's progress by providing information to them in real time. ("What is CRM? | PCMag.com", 2013., p. 1) Collaboration involves managers communicating with their customers as well as their team members that are working on the same deal for…...

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