CRM is the abbreviation for Customer Relationship Management. It entails all aspects of interaction that a company has with its customer, whether it is sales or service-related. While the phrase customer relationship management is most commonly used to describe a business-customer relationship, CRM systems are used in the same way to manage business contacts, clients, contract wins and sales leads.
Customer relationship management solutions provide you with the customer business data to help you provide services or products that your customers want, provide better customer service, cross-sell and up sell more effectively, close deals, retain current customers and better understand who your customer are.
The biggest benefit most businesses realize when moving to a CRM system comes directly from having all your business data stores and accessed from a single location. Before CRM systems, customer data was spread out over office productivity suite documents, email systems, mobile phone data and even paper note cards and Rolodex. Storing all the data from all departments (e.g. sales, marketing, customer service and HR) in a central location gives management and employees immediate access to the most recent data when they need it. Departments can collaborate with ease and CRM systems and it helps and organization to develop efficient automated process to improve business processes.