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Customer Relationship Management

Mandeep Khera. What is CRM?. Customer Relationship ManagementMethodologies, strategies, software, and other web-based capabilities that help an enterprise organize and manage customer relationships. Cliff Findlay. Why CRM?. How important is customerShorter product lifecycles makes service and su

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Customer Relationship Management

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    1. Customer Relationship Management

    2. Mandeep Khera What is CRM? Customer Relationship Management Methodologies, strategies, software, and other web-based capabilities that help an enterprise organize and manage customer relationships

    3. Cliff Findlay Why CRM? How important is customer Shorter product lifecycles makes service and support more important To instill greater customer loyalty

    4. Bronwyn Fryer History A next step of ERP Companies move from a product-centric view to a customer-centric one Customer information was stored in many different places in a company. Network technology’s maturation makes CRM possible.

    5. Ashley Friedlein eCRM vs. CRM Fundamentally the same eCRM than CRM: More real-time Better interaction with customer More ways to track customer behavior trends More ways to empower customers Exploit the benefits of internet

    6. Ashley Friedlein Who provides CRM solution? Top vendors of CRM software Siebel http://www.siebel.com Oracle http://www.oracle.com/ PeopleSoft/Vantive http://www.peoplesoft.com/ Nortel/Clarify http://www.nortelnetworks.com/ Onyx http://www.onyx.com/

    7. Susannah Patton CRM – Not perfect Expensive Hard to implement Time consuming May not work

    8. Josh Mills, Denis Pombriant Future Growth expectation More than $20 billion by 2004 Compound annual growth rate of 29% through 2004 Trends From managing customer data to actually managing customer relationships customer retention, delivery, ROI, better benchmarking and analysis, cutting costs

    9. A CRM example: Royal Bank of Canada

    10. NCR Background Royal Bank of Canada: Canada’s premier financial services group 52,000 employees and 10 million clients 1400 retail branches, 4500 ATM’s 87,250 point-of-sale terminals Assets of $165 billion and profits of $1 billion

    11. NCR Why should RB invest in CRM? Logistics of servicing every customer across a continent are difficult Differentiation in the FS industry depends on realizing CRM Customer needs are varied and complex, and they demand a wholly integrated banking experience no matter what medium they choose to engage.

    12. NCR A CRM App for Royal Bank One of the first Financial Service Institutions to commit to CRM First System - Early 1990’s – implemented client segmentation within data warehouse: 3 distinct client profitability segments

    13. NCR Problems with original system Lack of clear segmentation rules resulted in inconsistent strategies. Front-line employees made judgment call as to which segment a client belonged. No opportunities for: Employee Proactivity Performance measurement Predictive modeling

    14. NCR Aligning Business Processes with CRM RB embraced CRM as a business strategy in 1997 and set out to remove internal operational barriers: Repetitive, routine paperwork was moved into centralized sites allowing branch employees to focus more on sales and service, which consumes 40-70% of their time TowerGroupTowerGroup

    15. Aligning Business Structure with CRM To further align with CRM, Royal Bank reorganized CRM into five customer platforms: Personal Commercial Banking Wealth Management Corporate & Investment Banking Insurance Specialized Transactions TowerGroupTowerGroup

    16. NCR The CRM Solution In 1997, Royal Bank began construction of a spreadsheet-based sample profitability prototype. Within the new system, nine customer segments would be identified, with 5 dedicated to individual consumers and 4 for commercial customers

    17. NCR New System Capabilities The new CRM strategy addresses several CSF’s: Behavioral Based – CRM-centric Flexibility – aggregate segments according to user-defined items Data Warehouse and rule-based Scalable Legitimate – based on rigorous application of GAAP

    18. NCR The application provider The critical CRM application was provided by NCR’s Value Analyzer Uses client behavioral data as the basis of the critical client metrics Creates a comprehensive view of each customer’s contribution

    19. TowerGroup The “Finished” Product RB now has a system that stores customer sales and service data in terabyte data warehouse. Branches and Call-Centers have direct access to all needed customer information Eventually, Internet capabilities will be incorporated

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