Although the term "customer relationship management" is self-explanatory, it behooves any attentive people's manager or business owner – dealing directly or indirectly with customers – to understand every aspect of it, as it impacts the long-term profitability of the organization.
The aim of customer relationship management system is to help increase customer satisfaction by digitizing the 'business processes relevant to customers' engagement with the organization.
CRM is about storing, managing, or taking care of all aspects of interaction with a customer through software (and multiple smaller applications) and is sometimes used in conjunction with Customer Lifecycle Management or CLM, which is a measurement of multiple customer related figures or statistics that measure results.
It is one window for all communication a company had with any number of customers. CRM, when implemented throughout a company, is fed with any and all data pertaining to customers and prospects.
CRM is available on the cloud through subscription-based web tools and Software as a Service (SaaS) – all accessible via a web browser. Some CRM services come with mobile capabilities too, which allow users to log into their smartphones or tablets to use CRM.
A robust CRM demands the involvement of not only every employee at the customer-front but also requires the direct involvement of top management.