Customer Relationship Management Processes Research Articles

Relevance of RPA in Banking & CRM

This journal explores the relevance of Artificial Intelligence (AI) in the field of banking and Customer Relationship Management (CRM). It delves into how AI technologies are reshaping traditional banking operations and enhancing customer experiences and optimizing CRM strategies. In banking, AI is being used to improve customer services, strengthen security, and provide personalized financial services. AI technologies, such as machine learning, natural language processing, and predictive analytics, have revolutionized various aspects of banking operations. These technologies delegates’ banks to automate routine tasks enhance fraud detection capabilities, personalized customer experiences. The study also highlights the challenges and opportunities associated with AI adoption in CRM strategies, so here we are using Robotic Process Automation (RPA) concepts to automate repetitive and rule-based tasks in banking and CRM processes. RPA is reshaping business processes, workforce dynamics, and strategic decision making. Additionally, it discusses key considerations for successful RPA implementations. Ultimately, this paper highlights the importance of understanding and harnessing the power of RPA to drive innovation and competitiveness in the digital age.

Implementation of a Customer Relationship Management Information System in the Activities of an IT Company Using the Example of Trust LLC

The main topic of the work is the implementation of a customer relationship management information system in the activities of an IT company. The object of the study is TRUST LLC. The problem that the work solves is the need to optimize the customer relationship management process to increase the competitiveness and efficiency of the company in the IT field. The purpose of the work is to analyze the possibilities and effectiveness of implementing a customer relationship management information system using the example of the activities of TRUST LLC and offer recommendations for its use. The results of the work include an analysis of the current situation in the company, an assessment of the capabilities and advantages of using the information system, as well as the development of recommendations for using this system to optimize the customer relationship management process. As a result of the implementation of the information system, it is expected to improve the quality of customer service, improve the analysis and forecasting of their needs, as well as optimize business processes within the company.

Personalizing Customer Connections: Optimizing CRM Strategies in Levi's Retail Outlet in Ahmedabad city of Gujarat

Effective consumer Relationship Management (CRM) is essential in the current competitive retail landscape to comprehensively comprehend consumer requirements, provide tailored experiences, and cultivate loyalty. This research examines the intricacies of customer relationship management (CRM) processes at Levi's retail stores, with the goal of identifying areas of strength, weakness, and providing suggestions to improve the efficacy of CRM. The study employs a qualitative methodology, using purposive sampling to pick Levi's branch managers based on their experience and the importance of their outlets. Interviews are conducted to gather data. Semi-structured interviews provide a thorough investigation of CRM strategy, data management, personalisation efforts, difficulties, and future plans. These interviews are conducted while adhering to ethical rules. Theoretical contributions focus on the actual implementation of CRM ideas, enhancing the current body of knowledge by providing valuable insights into CRM practices that are relevant to the retail industry. The report recommends more investigation into the influence of developing technologies on customer relationship management (CRM) and the analysis of tactics in various retail sectors. To summarise, this study highlights the crucial function of CRM in cultivating customer connections inside Levi's retail stores. The text highlights the significance of technology, personalisation, and customer-centric strategies in attaining retail success via good CRM practices. It offers practical insights for managers and researchers.

Impact of Data Analytics Capabilities on CRM Systems’ Effectiveness and Business Profitability

In the current digital era, understanding the role of Data Analytics Capabilities (DAC) in Customer Relationship Management (CRM) systems is essential for businesses seeking better decision-making. While DAC is acknowledged as a Critical Success Factor (CSF) for CRM systems, there is a gap in empirical evidence quantifying its effect on business profitability. This study aims to (1) present the conceptual foundation of the impact of DAC for CRM systems on marketing decisions and business profitability, and (2) empirically estimate the impact of integrating DAC on marketing performance and business profitability. Focusing on the retail sector, the study gathered 131 questionnaires from employees involved in CRM and DAC in Lebanon, and used the SPSS tool for data analysis. The research findings provide advanced empirical evidence of the importance of DAC as a CSF for CRM systems, alongside people, process, and technology dimensions. Results show that the integration of DAC represents a significant step forward in enhancing the effectiveness of CRM systems and achieving better business profitability. This study challenges the conventional understanding of technology's role in improving business outcomes, thus providing valuable theoretical and practical implications for organizations aiming to enhance their CRM systems.

Integration of AI in CRM: Challenges and guidelines

The integration of artificial intelligence (AI) in customer relationship management (CRM) holds great potential for enhancing organizational effectiveness. To achieve successful AI-CRM integration, companies must navigate a landscape filled with challenges and complexities marked by the distinctive nature of CRM processes. However, both academics and practitioners still face challenges in understanding the organizational and managerial elements crucial for successful AI-CRM integration. This study aims to fill this gap by identifying the challenges businesses must overcome in the process of AI integration in a CRM context, from the first discover phase to the final sustain phase. Since the context of AI-CRM integration encompasses expertise in artificial intelligence, customer relationship management, data science, and business management, we utilize a research approach that involves qualitative interviews with several actors (managers, consultants and specialists) across these domains to gain diverse insights into AI-CRM integration challenges and opportunities. We identified eleven specific challenges associated with AI-powered CRM and uncovered a temporal division of these challenges across the four phases of AI implementation. Furthermore, we have developed guidelines for addressing them effectively. The findings contribute to an empirical understanding of AI-CRM integration, offering a long-term perspective on leveraging AI for customer relationships. This research lays the foundation for exploring the activities and capabilities required to navigate the challenges of AI-CRM integration and provides essential questions for managers embarking on this journey.

Implementation and Evaluation of a Selected CRM Tool for the Stakeholder Relationship Management in an Innovative Project

Abstract The article presents the framework for the implementation process of HubSpot customer relationship management (CRM) software in a selected innovation project conducted by a student-run non-profit organisation, as the basis for the project's stakeholder relationship management. The purpose of the article is to assess the impact of the implemented software on the project's stakeholder relationship management, with a particular focus on communication with internal and external stakeholders. The motivation for introducing the concept of stakeholder relationship management in the studied organisation included the growing number of students involved in the project, increasing financial needs and, consequently, a growing group of stakeholders supporting the innovative project. This led to the need for the project's stakeholder relationship management concept and greater operationalisation of the student organisation's activities. HubSpot CRM software was chosen for its functionality and accessibility for non-profit organisations. This article presents a case study of the Innovative Student Project and the results of a survey of project members to assess internal communication and information flow between project members and key stakeholders after implementation of the CRM system. It was assumed that the evaluation of communication from the perspective of project members would be an appropriate measure of the benefits of the implemented solution as it is difficult to assess other dimensions of stakeholder cooperation at the initial stage. The main perceived benefits were the professionalization of team activities and uniformity of management practices across the project, clear categorisation of stakeholders, improved information flow within the project, and communication with sponsors. It was also shown that student organisations can introduce solutions dedicated to enterprises and implement the concept of stakeholder relationship management to increase the effectiveness of support acquisition and develop innovative projects.

The Impact of Customer Relationship Management on Customer Retention at Sentral Mobil Medan

The role of customers is so vital for organizations and that is why customerrelationship management (CRM) is born based on the recognition of the valuecustomers have. CRM is then known as a managerial approach which is customer customer-oriente d in which information is provided by information systems in order to sustaincollaborative, operational, analytical, and CRM processes leading to customersatisfaction and retention. Sentral Mobil Medan is having problem with the retentionwhich is gettin g low. The objectives of the research are to analyze whther CRM hasimpact on customer retention and determine how strong the impact of CRM oncustomer customer retention in the company. The writer uses Slovin Formula to get thesample size. The sample size is 144 customers. The writer uses the simple randomsampling which each member of the population has an equal and known chance ofbeing selected. The correlation test shows Variable X ( Customer RelationshipManagement) has a significantly strong and positive impact on variable Y (customerretention) at Sentral Mobil Medan. zcount > ztable (9.88 > 1.96), CustomerRelationship Management has impact on customer retention at Sental Mobil Med an.Several recommendations after analysis and results are the staff of Sentral MobilMedan may serve the customers with good manner, give personal attention and how tointeract close what the customers really needs and identify problems and solve theprob lems fast.

A case and framework for expanding the use of model‐free evidence

A case and framework for expanding the use of model‐free evidence

A BUSINESS-BANKING PERSPECTIVE ON THE ROLE OF DIFFERENT CRM LEVELS IN SATISFACTION AND PRODUCT OWNERSHIP

The purpose of this paper is to establish whether customers from small, medium and large business-banking segments – who have been exposed to different customer relationship management (CRM) processes – experienced varying levels of customer satisfaction. Specifically, whether those segments with higher satisfaction levels also had higher levels of product ownership. Using computer-aided telephone interviewing, data were obtained from the participating bank and its outsourced research company over a three-year period. Respondents’ data were integrated with product portfolio data, totaling 20 661 usable records. Findings showed that the bank’s CRM processes support cross-selling efforts, but do not seem to yield satisfaction for larger segments. This study provides food for thought to bank managers on whether more expensive CRM processes deliver customer value, and consequently cost-effectiveness. Bank managers could utilize this study’s results for better allocation of resources and the creation of optimal CRM structures within the bank.

Customer Relationship Management (CRM) Training in Increasing Business Sales During the Covid-19 Pandemic

The Covid-19 pandemic demands that businesses go digital. Not only products must be marketed through technology, but the way of communication with consumers must also be arranged systematically to stabilize income. Among a number of tools designed to answer customer retention demands, CRM software was chosen because this tool can accommodate consumer data, business data, track consumer interactions, and track company prospects. The purpose of this activity is to conduct training and assistance in implementing Customer Relationship Management in increasing sales during the pandemic. This method uses a descriptive qualitative approach with training design in using Customer Relationship Management software. Instruments in the form of learning experience and literature study. This community partnership program involves business start-ups within the Muhammadiyah University of Lamongan, especially students majoring in Accounting and Management. The results of this study indicate that the application of CRM has an effect as an effort to increase business sales during the pandemic with a series of strategic CRM processes, operational CRM, analytical CRM. Essentially, both upper, middle, and even lower customers need good and quality service, it's just that the levels are different. When start-up actors apply the right and good CRM, it will automatically increase customer satisfaction which has an impact on increasing business sales.

Can Customer Relationship Management Create Customer Agility and Superior Firms’ Performance?

The growing importance of Customer relationship management (CRM) and agility in any business are universally accepted and extensively investigated in different disciplines. However, lacking empirical evidence for the suggested theoretical framework of agility and their interrelationships with CRM and superior’s financial performance hinders its application in the practices. Thus, this study attempted to address this issue by drawing on the Resource-Advantage theory of sustainable competitive advantages to examine a mechanism through which CRM implementation can generate sustainable competitive and achieve superior financial performance using the Vietnamese tourism industry context. The framework was tested on data collected from 231 Small and Medium Enterprises (SMEs) using Partial Least Square Structural Equation Modeling (PLS-SEM). Findings suggested that different types of CRM processes do not equally influence customer agility, and not all attributes of customer agility exert positive impacts on firms’ performance as well. Also, CRM performance measurement systems were found to moderate these effects positively and substantially. Several practical implications were also derived from the research findings.

Investigating the effect of the social customer relationship management (CRM) on customers and financial performance

This research aims to investigate the effect of the social customer relationship management (CRM) process on achieving superior levels of costumers and financial performance. The object of this research is the Iraqi firms at the Iraqi environment market, while the subject is more than 200 respondents. Six variables from the research data were gathered through an instrument model invalid form that structured to be measured through reliable questionnaires. Statistical Analysis of the research data used partial least squares structural equation modeling with the significance in accordance with the output of SPSS 22.0. The findings indicate that the social CRM technologies of the firms improve the innovation activities on Both (services and products). This has a positive effect on the ability to achieve high performance through building customer-linking capabilities by adopting innovations, resulting in higher levels of efficiency. In exchange, higher levels of consumer contribution lead to having positive levels of customer and financial performance.

Sentiment analysis for customer relationship management: an incremental learning approach

In recent years there has been a significant rethinking of corporate management, which is increasingly based on customer orientation principles. As a matter of fact, customer relationship management processes and systems are ever more popular and crucial to facing today’s business challenges. However, the large number of available customer communication stimuli coming from different (direct and indirect) channels, require automatic language processing techniques to help filter and qualify such stimuli, determine priorities, facilitate the routing of requests and reduce the response times. In this scenario, sentiment analysis plays an important role in measuring customer satisfaction, tracking consumer opinion, interacting with consumers and building customer loyalty. The research described in this paper proposes an approach based on Hierarchical Attention Networks for detecting the sentiment polarity of customer communications. Unlike other existing approaches, after initial training, the defined model can improve over time during system operation using the feedback provided by CRM operators thanks to an integrated incremental learning mechanism. The paper also describes the developed prototype as well as the dataset used for training the model which includes over 30.000 annotated items. The results of two experiments aimed at measuring classifier performance and validating the retraining mechanism are also presented and discussed. In particular, the classifier accuracy turned out to be better than that of other algorithms for the supported languages (macro-averaged f1-score of 0.89 and 0.79 for Italian and English respectively) and the retraining mechanism was able to improve the classification accuracy on new samples without degrading the overall system performance.

Eco-efficient sustainable service supply chain management hierarchical model based on qualitative information and quantitative data

PurposeThis study integrates economic/ecology (eco)-attributes and performance to build a sustainable service supply chain management (SSCM) model.Design/methodology/approachThis study proposes the use of the fuzzy Delphi method to screen for the less important attributes and applies a network data envelopment analysis to explore the hierarchical and eco-efficient network interrelationships. The causality and hierarchal eco-efficient model is acquired using a fuzzy decision-making trial and evaluation laboratory analysisFindingsThe findings are as follows: (1) the information and technology management process is derived by enhancing sustainable customer and supplier relationship management, and (2) the eco-efficient model is improved based on long-term relationships with suppliers – that is, synergistic suppliers improve the service chain quality and provide services in an appropriate and timely manner – and research and development coordination. The theoretical and managerial implications are discussed.Research limitations/implicationsThe eco-efficient model reveals that the sustainable customer relationship management process, sustainable supplier relationship management process and information and technology management process are the major causal attributes in the model.Practical implicationsThe eco-efficient model must be based on (1) long-term relationships with suppliers, (2) synergistic suppliers to improve service chain quality, (3) the provision of services in a timely manner and (4) research and development coordination.Originality/valuePrior studies neglect to build an ecological economy model using the efficiency causality model of hierarchical interrelationships. Traditional SSCM fails to involve the triple bottom line performance toward sustainability.

Employees Outlook Regarding Quality and CRM Link for Enriched Competitive Strategy

The business environment is dynamic and faces frequent changes driven by macro and micro factors. Due to these changes, businesses are forced to either evolve or exit. Those that evolve choose the path of advancement and are determined to sustain their competitive positions. The financial services sector is one sector that is particularly undergoing changes and banks particularly in this sector face changes from all front. All segments in which banks operate from payment transfers to home loans are under serious pressures due to FinTechs and technology. The banking sector in Namibia is no exception. Hence, adopting a qualitative research approach with content analysis, primary data gathered by questionnaires from Standard Bank employees, the study aims to investigate employees' outlook regarding quality and CRM nexus for enriched competitive strategy in an ever-changing and competitive environment. The findings reveal that quality and customer relationship management processes do influence customers' experiences, satisfaction levels, and loyalty.

The impact of the magnitude of service failure and complaint handling on satisfaction and brand credibility in the banking industry

The present research aims to investigate the effects of service failure and complaint handling on customer satisfaction with complaint handling which consequently impacts overall satisfaction and brand credibility. To examine the objectives of the present research, the authors deployed a sample of 384 respondents in Persian banks within Iran. Structural equation modeling has been used to analyze the data. The findings suggest that the magnitude of service failure negatively effects customer satisfaction with complaint handling. Complaint handling positively affects customer satisfaction with complaint handling. In addition, the results suggest that customer satisfaction with complaint handling positively influences brand credibility and overall satisfaction. Finally, overall satisfaction positively impacts brand credibility. The results revealed that if the complaint handling occurs instantly at the right time, it would have been a positive influence on customer satisfaction and ultimately develop brand credibility. Therefore, banks can adopt customer relationship management systems and processes which enable quick responses to customer complaints. Bank managers could find the results of the present study useful and beneficial in developing complaint handling efforts and expanding appropriate service recovery and brand credibility strategies.

THE ROLE OF NONVERBAL COMMUNICATION IN CUSTOMER RELATIONSHIP MANAGEMENT PROCESS: A STUDY ON 5-STAR HOTELS IN TURKEY - MÜŞTERİ İLİŞKİLERİ YÖNETİMİ SÜRECİNDE SÖZSÜZ İLETİŞİMİN ROLÜ: TÜRKİYE'DEKİ 5 YILDIZLI OTELLER ÜZERİNE BİR ÇALIŞMA

Business organizations competing with various rivals, think by the illusion of the modern age; the best way to reach their target consumers is to use benefits of technology. They collect data and use them for customer satisfaction. But the importance of face to face communication is generally underestimated or neglected. This study aims to get Customer Relationship Management (CRM) applications to make a return from high-tech to interpersonal communication, which is a timeless sales technique.In order to present the role of nonverbal communication (NVC) in CRM process, 643 participants, who stayed in 5-star hotels in Turkey in the previous year were asked about their hotel choice, evaluations about hotel employees considering the last accommodation. The most important of the research results are the most important expectation from a 5-star hotel is the quality of service; the customers’ perception about quality is shaped by the quality of communication; the employees’ NV communication skills are very highly minded by the customers.

Integration of Social Media Platform in Their Customer Relationship Management Process (CRMP) and Its Impact on Performance of SMEs

Background/objectives: Organisations in general need to have innovative strategies to tackle today’s business environment and demonstrate that they are adopting sustainable and new business practices. Accordingly, SME Companies aim to use the potential offered by social media for customer relationship management (CRM) to build up added value and long-term relationships based on a high customer engagement. Methods/statistical analysis: We used a method to examine the relationship between social CRM media and performance outcome in SMEs. Social CRM is a business strategy supported by social media tools to provide added value for organisations and their target customers. While, SMEs can be identified by three main criteria; the number of employees, the annual turnover, and the assets. Findings: This research studies the relationship between the use of social media tools and customer relationship development in SMEs sector. In addition, it concerns with understanding the role that social CRM plays in improving the performance of SMEs. Improvements/applications: From this research, organisation will be benefited. Organisations in general need to have innovative strategies to tackle today’s business environment and demonstrate that they are adopting sustainable and new business practices. Accordingly, SME Companies aim to use the potential offered by social media for CRM to build up added value and long-term relationships based on a high customer engagement.Keywords: Social Media, Social CRM (sCRM), Resource Based View (RBV), Fit Viability Model (FVM)

STRATEGIC PROCESS INNOVATION PRACTICES ON CUSTOMER SATISFACTION AND MARKET SHARE

The business environment has become more complex due to the increase in new technologies, globalization. This paper seeks to examine if Strategic process innovative practices can permit companies to gain a higher market share, customer satisfaction, employee satisfaction and competitive advantage. Data was collected from forty small and medium size manufacturing companies in Cameroon. Variables used were innovative product process, customer relationship management process innovation and distribution innovation practices for market share, employee satisfaction. Dependent Variables were measured by Customer base, customer satisfaction and employee satisfaction. Our results show that even small innovative practices can enable companies to delight and satisfy customer

Effectiveness of Knowledge Management on Customer Relationship Management in Hotel Business Performance

Knowledge Management (KM) and Customer Relationship Management (CRM) have become indispensable strategic tool for the Hotel sector to gain competitive edge in the marketing environment. Hotels sustain and survive by exploiting customer knowledge for creating relationship to improve customer satisfaction, loyalty and thus, leading to better business performance. Hotel industries heavily rely on effective relationship management and CRM essentially depends upon effective and efficient utilization of knowledge resource. Therefore, effectiveness of customer relationship management depends upon effectiveness of Integration of knowledge management process with CRM process. Hotel managers are quick to realise the importance of CRM based marketing strategy to sustain and gain edge over the competitors. The paper presents a review study of literature regarding effectiveness of KM and CRM on hotel business performance with a proposal of an integrated conceptual framework between KM and CRM process.