CRM or Customer Relationship Management software attempts to effectively communicate and provide efficient customer service. There are a variety of different CRM offerings for all sizes and types of organizations, but there are a number of features common to all of them.

Individual Data Access

CRM software allows customers to access data that is relevant to them in a more direct fashion. Employees having access to their 401(k) investments and being able to change their options themselves is an example of this.

Making Managerial Decisions

Businesses that use CRM software can take information collected and use it to make informed fiscal decisions based on real-time data. Examples include taking sales data coming into the system and using that to manage inventories.

Marketing

In addition to collecting customer contact information, you can, depending on the data gathered, be more selective in future communiques with your customers and offer them new services based on what they have previously bought from your company.

Faster Service

If the customer has access to a variety of valuable services at her fingertips, this results in quicker, more efficient services. Paying your electric bill online versus mailing a paper form is an example of faster service.

Scalability

If done right, a CRM solution can scale as your organization and needs grow. Web-based CRM solutions are becoming quite popular and provide a good foundation for being able to add additional services for future use.

Source:

CRM Software Guide

CRM Solutions: Business Benefits