Research Paper on CRM

Abstract The purpose of this report is to provide an understanding about Customer Relationship Management (CRM) and the reason why it is considered as an evolutionary breakthrough in today’s business world. To add further, this covers the importance of customer relationship management with respect to customer service and loyalty which results in profitability to a company in the long run. It also explains the development of the company’s vision to increase profits with the help of technology, people and processes. There had been many management concepts which had become famous in the business world however all of them were short lived. None of them could meet the requirements of the changing business world.

Introduction
Customer Management Relationship is known as CRM. It is a business strategy where all the processes, people and technologies of a company combine to meet and understand customer’s need. CRM is an integrated approach, which focuses on managing long term relationships and retaining customers. In today’s competitive business, irrespective of the type of industries, customer focus is the key to long term growth. CRM helps in evolving organizations to customer-centric ones.
Kennedy & King (2004) point out that many companies are facing challenges sustaining and establishing their business models and as a result the company has to go through downsizing. Many renowned companies such as Wells Fargo, Harrah's Entertainment, and IBM etc. have sustained their business by investing in customer relationship management (CRM). CRM model involves various technologies to synchronize various departments like operations, sales and marketing, human resources, R&D, finance, technical support and customer service team within an organization. Successful CRM implementations in many companies have resulted in customer loyalty and long term profitability and it requires an integrated and balanced approach to process, people and technology. CRM is an imperative part