Goal Of Customer Relationship Management Research Articles

Customer opinion towards crm practices of selected private sector banks in sivakasi

Customer Relationship Management (CRM) is an intelligent blend of marketing and information technology for serving the customers with greater care and value. CRM is a process of identifying, attracting, differentiating and retaining customers. CRM in banking is a key element that allows a bank to develop its customer base and sales capacity. The goal of CRM is to manage all aspects of customer interactions in a manner that enables banks to maximize profitability from every customer. Retaining customers is a major concern for banking institution which shows the importance of CRM. Banks have to come out with innovative measures to satisfy the needs of both the present and potential customers and at the same time they must adopt procedures to bring back the lost customers through establishing an excellence in customer relationship. So, in this paper, i have tried to point out private Sector banks. The aim of this paper is to analyze the customer opinion towards CRM practices of selected private sector banks and to know the CRM practices adopted by the selected private banks in sivakasi.

Data mining techniques for analyzing bank customers: A survey

In today’s business world, identifying the customers and analysis of their behavior is important for banking industry. Customer Relationship Management (CRM) is the process of maintaining profitable customer relationships by delivering customer value and loyalty. Moreover, CRM helps to improve the business relationships with customers. The goal of CRM is to maximize the lifetime value of a customer to an organization. Customer Lifetime Value (CLV) can rank and classify customers based on their lifetime value to identify valuable customers and retain them. There are several models for CLV estimation using the past data of customers. This subject helps organizations in their attempts to retain valuable customers. The banks must use appropriate data mining techniques to extract pattern and information from the existing data to gain competitive advantage. Therefore, data mining techniques have an important role to extract the hidden knowledge and information. The goal of this study is to review data mining techniques used for analyzing bank customers in order to help the banks to better identify their customers and design more efficient marketing strategies. The literature covered in this paper is related to the past seventeen years (2001–2017) and these approaches are compared in terms of data sets, prediction accuracy, and so on. We also provide a list of data sets available for the scientific community to conduct research in this field. Finally, open issues and future works in each of these items are presented.

Model analitičkog CRM-a u funkciji optimizacije maloprodajnih zaliha

Customer relationship management is a modern business philosophy that grew out of relationship marketing focusing on a consumer as an individual, i.e. on satisfying consumer needs in order to foster their loyalty and turn them into repeat customers. Although the primary goal of customer relationship management is to ensure the stability of revenue generation from a long-term partnership between a supplier and a consumer, it is also a philosophy that rationalizes operations primarily through reducing the costs of attracting new customers, thereby optimizing inventories. Inventory optimization involves adjusting the production process to the needs of consumers. In the modern retail environment, characterised by high level of competition, maintaining inventories not readily marketable can mean the difference between survival and going out of business. Therefore, modern retail systems tend to optimize inventory. Today, this would be impossible to do without the possibilities provided by CRM systems, in particular its subsystem, analytical CRM. Monitoring consumer behaviour in retail is within the scope of CRM system. Data obtained from such systems serve as the basis for inventory management. However, for inventory management to be possible, one has to consider which models, especially stochastic, can be used in inventory optimization. These models then need to be applied in the analytical subsystem of the CRM system. For such models to have use value, it is necessary to adjust the transaction part of the CRM system in terms of collecting the data needed for selected retail inventory optimization models. The answers to these and other questions relating to the use of analytical CRM in optimizing retail inventory are contained in the results of this research.

Customer Opinion Towards CRM Practices of Selected Private Sector Banks in Sivakasi

Customer Relationship Management (CRM) is an intelligent blend of marketing and information technology for serving the customers with greater care and value. CRM is a process of identifying, attracting, differentiating and retaining customers. CRM in banking is a key element that allows a bank to develop its customer base and sales capacity. The goal of CRM is to manage all aspects of customer interactions in a manner that enables banks to maximize profitability from every customer. Retaining customers is a major concern for banking institution which shows the importance of CRM. Banks have to come out with innovative measures to satisfy the needs of both the present and potential customers and at the same time they must adopt procedures to bring back the lost customers through establishing an excellence in customer relationship. So, in this paper, i have tried to point out private Sector banks. The aim of this paper is to analyze the customer opinion towards CRM practices of selected private sector banks and to know the CRM practices adopted by the selected private banks in sivakasi.

Pareto-principle application in non-IT supported CRM processes

Purpose – This research covers a rather unexplored area of customer relationship management (CRM) by questioning the mechanism between on the one hand the Pareto-principle and on the other hand traditional non-IT supported operational CRM processes. Thus, the paper aims to explore whether a minority of processes and process-aspects deserves credit for achieving a majority of CRM goals. Design/methodology/approach – A qualitative approach is the most appropriate due to the assumption that access to the reality of a situation is only possible through social construction. A qualitative approach seeks to answer questions posed by studying different social settings. As noted by Berg, qualitative techniques make it possible for researchers to participate in understanding and perceiving others, as well as permitting them to discover how people structure their daily lives to make them more meaningful. Findings – The questioned mechanism of on the one hand traditional non-IT supported operational CRM process-aspects and on the other hand the Pareto-principle is confirmed by the majority of interviewees who answered affirmatively to small things making big differences in customer contact. Research limitations/implications – Regarding the limitations of this study, the results are hard to generalise as the research context depends on a single case study. However, the high levels of detail that allows for greater insight into manufacturing SMEs in HGV-Trailer that want to adopt non-IT support operational CRM where there is lack of financial resources justify the choice of this case study. Practical implications – This study is important for management to focus and develop social on top of technical competencies. This was clear from the importance of social intercourse as the glue that links all the non-IT supported operational processes from break down to invoices. It helps in removing the uncertainty from the view point of customers and highlights the importance of the care that companies need to give to the human side of the process more than objectifying things. Moreover, the finding provides an important implication for practitioners involved spare-parts purchasing process and the warranty claiming process should continuously assess whether they operate in support of a breakdown or not and subsequently use this insight to prioritize their tasks. Originality/value – This research tried to answer how the Pareto-principle applies to traditional non-IT supported operational CRM process-aspects by concluding that the first social intercourse, as well as problem ownership, belongs – from a customers' viewpoint – to the “vital few” leading to “trivial many” results of rational and emotional nature. This is especially true in the breakdown process, and processes that operate in support of breakdowns.

Technology failing CRM: current issues in the Indian banking industry

Successful Customer Relationship Management (CRM) has emerged as a vital tool for the Indian banking sector as it helps in building a customer-centric organisation. The goal of CRM in the banking sector is to provide high touch in this high-tech environment. Technology changes, deregulation, increasing competition, mobile revolution and the internet have all increased the customer expectations. Customers are expecting more from the banks in terms of customerised offerings, attractive returns, ease of access and transparency in different transactions. CRM helps to manage different aspects of customer interactions in a manner that facilitates banks in creating a connection with its customers and in maximising profitability from every customer. There are many factors hampering the successful implementation of CRM in different banks. This paper is based on literature review and explores the issues related to the CRM implementation in the banking industry in India.

A Review on Customer Loyalty as a Main Goal of Customer Relationship Management

The purpose of this paper is to make more clarification by reviewing on customer loyalty as a main goal of customer relationship management (CRM). It is because; despite of all findings provided by researchers and practitioners, customer loyalty confronts high percentage of failure in CRM implementation. In this study customer loyalty is reviewed and classified into those aspects which should be considered in order to enhance lifetime value of the customer. In this sense, customer loyalty is discussed by offering a review on the importance of customer loyalty, and customer loyalty dimensions. Furthermore, the most frequent measurements of customer loyalty are provided as well. Finally, the paper finds out, in spite of having almost complete perspective and understanding of customer loyalty, there is still a gap in the main precedents of customer loyalty theoretically and empirically. In this regard, more investigation required to specify the most important precedents which have significant impact on customer loyalty.

Application Research of Data Warehouse in CRM

Customer relationship management (CRM) is an integral part in the manufacturing enterprise information. The content of CRM is based on customer information and business transaction data, and using computer information technology to deeply analysis massive data of data warehouse. The purpose is to identify customers’ different features and analyze customer behaviors, then dig out the information of commercial value to help business planning and decision-making related business activities. The thesis introduces the system of the CRM based on Data Warehouse: to describe and predict the model of enterprise customers’ behavior by data warehouse and data mining theory and technology. The purpose is to optimize the entire CRM process, and effectively realize customer relationship management ultimately. Research and analysis of data warehouse in CRM to achieve other functions such as customer behavior analysis, key customers found and market performance evaluation. It can further analyze amounts of customer information in data warehouse, acquire efficient information about how to enhance the advantages of market competition, make the concept and goal of CRM can be achieved and satisfy the demand and challenge in modern e-commerce times. It can help enterprises increase market decision-making ability, gain competitive advantages and perfect business plan.

The effect of behavioural activation and inhibition on CRM adoption

PurposeThis paper seeks to examine the effect of behavioural inhibition and behavioural activation systems on users' intention to adopt customer relationship management (CRM) applications.Design/methodology/approachData for this study were collected from among managers of a major player in the community banking sector within the European Union. A total of 274 valid responses were obtained from 398 managers.FindingsThe results indicate that individuals with different combinations of BIS‐BAS levels demonstrate varying degrees of willingness in adopting and contributing towards the CRM system.Practical implicationsThese results can be useful for human resources managers, who can screen individuals for positions requiring customer interface and effective use of CRM systems. The need to align employees' characteristics with CRM goals and strategies is critical to the successful application of CRM systems but has often not been given sufficient attention.Originality/valueThis paper demonstrates that individual behaviour can be attributed to different personality traits, which in turn can be traced back to physiological as well as psychological origins.

The Application of Neural Network Technology in Electronic Commerce Evaluation System

Customer relationship management data mining are introduced In this paper. BP neural network is used in intelligent business-to-customer relationship evaluation. The customer relationship evaluation model is built based on the evaluation index system, which can train data samples and then obtain evaluation results. This paper also describes analysis of a customer relationship evaluation system based on neural network technology that is implemented using ASP.NET 2.0, SQL Server 2005 and MATLAB, conceptual design of the system, and implementation of the system. It is worth mentioning that the system has solved the MATLAB mixed programming problem, which promote the programming development of MATLAB application. With the increasing popularity of e-commerce technology, customer relationship management (CRM) is increasingly becoming the wide attention and research focus in business community and academic world. Customers have become one of the most important and valuable intangible assets in a modern enterprise. Customer retention is an important issue in the research and practice of customer relationship management (1). In order to achieve customer retention effectively, the accurate customer relationship evaluation is especially important, which will help the enterprises carry out better targeted customer marketing decision-making management. Evaluating customer relationship effectively is the prerequisite and guarantee to customer relationship management goals. Evaluation methods like K- means, fuzzy analytic hierarchy process were used before. But the complexity of customer relationship evaluation being affected by various factors shows non-linear characteristics, which makes it difficult to meet evaluation requirements fully using general mathematical methods. Fuzzy analytic hierarchy process can solve the problem about the weight of evaluation index system, but human subjective factors and decisions affected the evaluation and customer relationship data stored in the databases with information technologies being widely used in enterprises can not be leveraged effectively. The data mining technology can effectively deal with the problem of obtaining useful information from the vast amounts of information. The information-processing capacity of non-linear and adaptive features of BP neural network in data mining technologies overcome the shortcomings of traditional methods to better simulate a variety of factors influencing on the evaluation complexly, which is advantage and feasible. This paper aims at customer relationship evaluation based on BP neural network, and develops an e-commerce customer relationship evaluation system based on Web. MATLAB neural network toolbox components are also embedded in the system. The customer relationship in a restaurant as a case is studied to implement a valid evaluation of customer relationship.

A Success Framework to Investigate Critical Factors Associated with Implementation of Customer Relationship Management

This paper suggests a novel success framework for customer relationship management (CRM) based on a conceptual implementation model to identify associated critical factors and their contribution to overall success/failure. Fuzzy analytic network process (FANP) is applied to identify the relative importance of each factor in successful implementation of each stage and the CRM initiative as a unified process. The results illustrate that CRM goals, change management, customer knowledge management, and top management support are the most critical factors for successful implementation of CRM projects within Iranian business contexts. The proposed success framework provides valuable insight into the CRM implementation process and its critical success factors (CSFs). It can be applied as a practical assessment tool that provides a pre-evaluation of the overall success of the CRM implementation project and identifies areas of weakness that negatively affect successful implementation of each stage of CRM initiative.

Strategic and operational issues in implementing a CRM tool

If recently published articles and opinions can be trusted, Customer Relationship Management (CRM) is still very popular and important to any kind of company. As an integrated approach, it helps to identify, acquire and retain customers and enables organisations to manage and coordinate customer interactions. CRM therefore supports organisations in their efforts to maximise the value of every customer interaction and to drive superior corporate performance. Yet in many cases, the strategic CRM goals are not reached to the fullest extent and so even fail. Roughly 70% of all CRM implementations do not live up to the expectations of managers (Lamberti, 2003). This paper tries therefore to identify the success factors, as well as the most important thoughts and relations to be taken into consideration, if CRM is to be successfully implemented as a tool for enhancing and supporting overall business success and customer relationship efficiency.

Personalization: Definition, Status, and Challenges Ahead.

As is often the case with a good marketing buzzword, the term personalization is used rather loosely today. It has come to stand for an ultimate goal of customer relationship management by businesses. It has also come to mean delivery of information of high relevance to an individual. In any case, given the huge and rapidly growing amounts of computerized information, and the unprecedented level of competition for customers, personalization is one of the most important trends in data processing and businesses. This article aims to offer a reasonably encompassing definition of personalization, examine techniques in use today to support personalization, and provide directions for future research and development for realizing the full potential of personalization.