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Deciding Whether To Implement A CRM System For Your Organization

Group 6 is comprised of 5 students: Akul Khullar, Ipsa Hardaha, Muskan Valbani, Rishav Badola, and Sreeranjini Gangadharan. The document discusses factors to consider when deciding whether to implement a CRM system for an organization. It defines CRM and lists its 8 essential building blocks. CRM systems can help with collaboration, processes, customer experience, information and metrics. 5 tools are described that can improve CRM implementation: conventional capital budgeting, case-based decision analysis, quantitative multiple scenario analysis, information aggregation, and qualitative scenario tools. Key factors to consider include business model type, ability to forecast performance, monitoring sales performance

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Muskan Valbani
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34 views2 pages

Deciding Whether To Implement A CRM System For Your Organization

Group 6 is comprised of 5 students: Akul Khullar, Ipsa Hardaha, Muskan Valbani, Rishav Badola, and Sreeranjini Gangadharan. The document discusses factors to consider when deciding whether to implement a CRM system for an organization. It defines CRM and lists its 8 essential building blocks. CRM systems can help with collaboration, processes, customer experience, information and metrics. 5 tools are described that can improve CRM implementation: conventional capital budgeting, case-based decision analysis, quantitative multiple scenario analysis, information aggregation, and qualitative scenario tools. Key factors to consider include business model type, ability to forecast performance, monitoring sales performance

Uploaded by

Muskan Valbani
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Group 6

1. PGP/24/436- Akul Khullar


2. PGP/24/446 – Ipsa Hardaha
3. PGP/24/456 – Muskan Valbani
4. PGP/24/466 – Rishav Badola
5. PGP/24/476 – Sreeranjini Gangadharan

Deciding whether to implement a CRM system for your organization


In order to ascertain whether an organization really requires a CRM, it is imperative to
understand what CRM exactly is and how it can benefit an organization and provide a
helping hand towards its sales progression.

Customer relationship management (CRM) is the process of managing interactions with


existing as well as past and potential customers. It is one of approaches which allows a
company to analyse its own interactions and experiences with all the potential customers.

There are eight essential building blocks of CRM initiatives:

Vision, strategy, customer experience, organizational collaboration, processes, information,


metrics and technology.

CRM systems are a part of these building blocks and can be implemented once vision has
been established. CRM Systems are part of your overall strategy and will help with
organizational collaboration, processes, customer experience, information and metrics.

We can implement the following 5 tools to improve CRM implementation in the organization.

1.      Conventional capital- budgeting tools - These tools use the estimated incremental cash
flows from potential investments to establish whether a project is worth being funded through
the firm’s capitalization.

2.      Case based decision: Analysis - These tools provide a systematic approach to aggregating
and synthesizing information from analogous past experiences and examples.

3.      Quantitative Multiple Scenario Tools - These tools analyze decisions by fully specifying
possible outcomes and their probabilities. They use mathematical, statistical, and simulation
methods to identify the risk/return properties of possible choices.

4.      Information aggregation tools - These tools are used to collect information from diverse
sources.

Traditional approaches, including the Delphi method, gather information from a variety of
expert sources, aggregate the responses, and generate a range of possible outcomes and
their probabilities.

5.      Qualitative Scenario Tools - These tools inform decisions by developing a set of
qualitative, representative scenarios of how the present may evolve into the future and
identifying the likely consequences of the decision under consideration.
 Following factors to consider if we need to implement a CRM or not - 

1. Type of business model 

It is imperative to understand what type of business model we have in order to understand


the implementability of a CRM. For instance a CRM system would be more efficient into a
B2B model where there are finite points of contact to track and target as compared to a b2c
model where there can be infinite data points. 

2. Forecasts

With extensively elaborated dashboards on different inputs collected from multiple data
sources, A CRM software is highly efficient in not only showcasing the company’s present
performance but also gives a forecast of the future performance as well. Efficient managers
analyse this information, identify the areas of improvement and make other necessary
inferences. 

3. Monitoring sales performance

A CRM helps an organization to keep a firm grip on the sales performance of the
organization. With every bit of information about a sales prospect available with a click of a
mouse, anyone in the organization can access and analyse their strategies on how to
efficiently close that sales lead. 

4. Sales Cycle

Sales cycle refers to the time taken from the initial point of contact till the deal closure.
Organizations with a longer sales cycle have the need to constantly analyse and monitor the
stage at which the lead exactly has reached and a CRM greatly assists in that regard.  Due
to this very reason, A CRM tool for Companies with smaller sales cycles makes less sense.

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