Customer relationship management (CRM) is a system that organizations can use for managing and analyzing interactions and data during a client’s lifespan by using a host of technologies and strategies.
CRM finds applications across small as well as large organizations including BFSI, healthcare, retail, IT and telecom, discrete manufacturing, and government.
How does it Work?
CRM software combines client information and documents, which is stored in a single CRM database. This data is easily accessible and manageable for organizations to improve business relationships with clients and sales growth. This software can perform various automated tasks for sales and marketing.
There are two types of CRM deployment, on-premises and cloud-based CRM. In on-premises CRM, the software and database reside on a company’s server and the company itself is responsible for maintenance, control, and security. A cloud-based CRM or SaaS (Software-as-a-Service) stores data on a remote location. An Internet connection can allow necessary personnel to access and manage data. This system is relatively faster and easy to deploy even with limited technological expertise.
Advent of Social Media and Mobile CRM
Social media CRM involves customers directly through social media platforms such as Facebook, LinkedIn, and Twitter. Social media offer an open forum for customers to share their experiences and feedback regarding a product or brand. This includes sharing views, suggestions, and complaints.
Mobile CRM is designed for smartphones and tablets. It proves helpful especially for sales and marketing executives giving them access to information when they are not in the office. Mobile CRM comprises additional features such as GPS and voice recognition capabilities.
Oracle’s Cross-channel Customer Experience
The Oracle CX Cloud Suite is an integrated set of applications. It provides an integrated and extensible customer experience through different modules such as sales, marketing, service, social, commerce, and Configure, Price, Quote (CPQ). It uses pre-built business processes and provides cross-channel and consistent customer experience.
CRM Market Insights
According to Grand View Research, Inc., the global customer relationship management (CRM) market is set to achieve around USD 81.9 billion by 2025. The increasing demand for SaaS and cloud-based deployment of CRM solutions can propel demand. Major CRM benefits positively affecting the market include automated engagement, mature customer service, improved user experience, and digital operations.
B2B businesses are the largest end users of CRM suites, but the demand is also high among B2C businesses. Retail and BSFI emerged as the largest shareholders in the worldwide CRM market.
Prominent players operating in the market include Microsoft, Oracle, SAP, Adobe, and Salesforce.com. Among these, Salesforce.com is a leading provider of cloud-based products for small and large organizations.
In-Depth research report on Customer Relationship Management (CRM) Market:
http://www.grandviewresearch.com/industry-analysis/customer-relationship-management-crm-market
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