In today’s
scenario, organizations need to continuously
interact with their customers and fulfill their requirement in order to
withstand the market competition. Organizations need to track and process a
large amount of customer information in order to increase interaction with
future and prospective clients. Therefore, organizations need to have a cutting
edge technology in order to manage, synchronize and automate this process.
Customer relationship management service involves addressing customer issues or
requirements through customer service centers with combination of information
technology (IT) services.
Hence, customer
relationship management (CRM) services help to boost the
marketing, sales and customer service function of an organization. CRM services
mostly revolve around contact or service centers were a group of professionals
solve customer issues. Thus, CRM service providers provide various tools and
software, which facilitate the operation in lesser time. CRM based IT service
involves storage and tracking of customer data, which is used for forecasting
the requirement with the help of advanced data analytics software.
The CRM IT based
service can be deployed either on-premise or over cloud based on organization’s
requirement. Due to low initial cost involved in setting up cloud based
service, it is increasingly being preferred by organizations compared to
on-premise solutions. Further, the time taken to deploy a CRM service through
cloud is relatively less for an organization. In recent years, organizations
are opting for third party service providers to outsource their CRM unit. This
helps the organization to reduce their upfront cost and concentrate on core
activities. CRM services are mainly used in BSFI, telecommunication,
healthcare and hospitality sector as these sectors involve providing more
personalized customer centric services. Further, CRM services are increasingly
being deployed in retail, education, manufacturing and government sector due to
its high effectiveness in addressing customer requirement.
As the e-commerce
industry is continuously evolving in developing countries such as
India, China and Brazil, the demand for CRM services is expected to increase in
these countries in coming years. CRM services also involve providing
technological equipment for voice based services. This helps the organization
to deliver high quality voice service with interactive voice response (IVR).
Further, the application of big data is expected to provide data analytics
service which is expected to help in monitoring of workforce on a regular
basis. CRM services help to improve service center performance with constant
monitoring and thereby help to increase customer satisfaction. CRM service
providers are also providing bring your own device (BYOD) solution, which is
expected to boost the demand of CRM service in sales and marketing function.
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As the demand
for CRM is expected to increase among small and medium enterprises, CRM
service providers are constantly targeting this segment to increase their
market share. CRM service providers are offering customized solutions to
organizations in order to enhance their market presence. However, the concerns
regarding privacy and security of data in CRM service has been a challenge for
CRM service market.
Some of the key CRM
service providers are IBM Corp., Oracle Corp., Wipro Limited, Tata Consultancy
Services Limited, Microsoft Inc., Salesforce.com Inc., NetSuite Inc., Nimble
Inc., SugarCRM Inc., SAP SE, Amdocs Ltd., Sage CRM Solutions Ltd. and Ramco
Systems Ltd.
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