Glossary

The most comprehensive list of business process outsourcing related terms and definition.

Customer Relationship Management (CRM)

Definition

Customer Relationship Management refers to the creation, implementation, and evaluation of strategies in managing customer relationships. With a CRM, a business can deal with customer problems and complaints to increase customer satisfaction.

CRM is either a technology, a strategy, or a process, depending on how management views its purpose. Most often, companies integrate technology into a CRM process for a more efficient outcome. Creating a system to manage customer interactions can provide many benefits to a company.

CRM, which refers to technology, refers to the use of cloud storage, a computer system or application to monitor progress. CRM as strategy identifies the philosophy of the business regarding customer relationship, satisfaction, and interaction. CRM as a process may integrate the use of technology based on the company’s strategy or philosophy.

With the proper use of these three different CRM categories, the company can create a powerful tool to aid them in dealing with demanding customers. Most companies rely on a CRM to track customer engagement to their product or service.

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