There is no doubt that in order to stay competitive companies have to invest in technology based solutions. When a small company has a limited number of buyers and suppliers, and the business is managed by one or two people, it is capable of delivering quality services. It is also able to keep its various business processes efficient enough.
But for a company with several clearly identifiable departments, it is necessary to put extra efforts to keep productivity high. Naturally, in their pursuit of better performance companies at one point start to look at various technological solutions. Apart from accounting, which is by this time already fairly computerized, the question arise what is the next priority? Is it a CRM Solution?
How do you define CRM?
CRM refers to Customer Relations Management. CRM is about gaining a better understanding of the needs and behavior of customers in addition to developing and implementing business strategies and the accompanying technology that bridge the gap between the company's present and future performance in customers' acquisition, growth and retention.
The primary focus of CRM being managing the the customer lifetime and developing a good relationships between departments of the company including sales personnel, sales teams, and customers. This in turn aids in increasing the efficiency of the company.