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Customer Relationship management, Knowledge Management and Customer Knowlede Management by Anvesh Sharma
- 3. Customer relationship management (CRM) is a process to identify, select, acquire, develop and retain profitable customers.
- 4. CRM enables the managers to employ customers’ data to increase their production, provide better SERVICES and boost their long-term profit.
- 16. Knowledge management (KM) is the process of capturing, developing, sharing, and effectively using organizational knowledge.
- 18. I d e n t i f i - c a t i o n
- 30. K N O W L E D G E S O U G H T I N
- 31. R A T I O N A L E
- 32. M E T R I C S
- 33. B E N E F I T S
- 34. R E C E P I E N T S O F I N C E N T I V E S
Editor's Notes
- CRM is a modern tool to analyze customers’ information ? which acquires its data from various sources such as internet, stores, interaction centers, exhibits, etc.
- Customer Knowledge (CK): The dynamic combination of experience, value and insight information which is needed, created and absorbed during the process of transaction and exchange between the customers and enterprise.
- To hearten the other companies’ customers as well as the potential customers to embark on the first purchase.
- 2.To encourage the first-time customers for further purchase,
- 3.To keep the temporary customers as permanent customers and
- 4. To provide decent services for faithful customers.
- The primary goal of CRM systems is to integrate and automate sales, marketing, and customer support. This provide client’s information, past sales, previous marketing efforts, and more, summarizing all of the relationships between the customer and the firm.
- The role of analytical CRM systems is to analyze customer data collected through multiple sources, and present it so that business managers can make more informed decisions . These anaytics help improve customer service by finding small problems which can be solved, perhaps, by marketing to different parts of a consumer audience differently.
- Nowadays, providing and utilizing knowledge in organizations has become a procedure which can lead to competitive advantage. Availability of knowledge in organizations is such a valuable fund that empowers them in various complicated situations. Knowledge management includes supporting innovations, brainstormed ideas.
- KMS is an network of Knowledge Workers in …… with the purpose of supporting dynamics of organizational learning and organizational effectiveness.
- Knowledge management includes Three levels: first, accessible knowledge inside the organization must be identified, collected and stored in proper medium. Next, information should be shared with others to add to the data and regenerate information. In this way, the acquired knowledge can be utilized to achieve the aspired objectives
- Knowledge Sharing , Storytelling, After action reviews, Expert Systems, Collaborative software technologies
- 85% of corporate knowledge is unstructured!!! Individual knowledge is available to everyone (the costs of „reinventing the wheel“are eliminated). Product quality is increased (knowledge of best and worst practices is included into the product)
- Just now, we have discussed about Knowledge Managent and now we will go through Customer knowledge management, So I just wanna say that there no need to get confused, just be calm and built a separate mind place for CKM for understanding it and then we will discuss the differences b/w them at the end. OK So, We will not talk about definations or the statement but will try to understand it in very simple language.
- Starting with the process of CKM Ok So, we will start from Customer knowledge, that what CK is? than we will move on to the process. Customer knowledge refers to understanding your customers, their needs, wants and aims., Actually it is essential for a business to build real Customer relationship, As Pankaj have talked about. Now-a-days Customer knowledge has become a big topic. One recent study of business failures concluded that often failure occurs due to creation of gap between what you think customers want to what customers really want and for what they will go to your competitors.
- Customer knowledge should be determining what to offer, when to offer it and how much for. In the long term the company has to design new products, offer new services, compete in new markets, but even in the short term if you lost a top salesman, would you know enough about her customers in order to keep her key accounts?
- There are several sources of customer knowledge. Some is structured data i.e. gathered from transactions and others comes from interactions with customers. It is known that personal interactions with customers lead to richer content and can help explain why customers do, what they do. While transactional data is useful to identify problems and preferences, it is difficult to determine the reasons of customer decisions. With personal interactions firms can ask cutomers directily and have and idea of the source of problems, preferences and needs.
- Customer knowledge can be approached from two viewpoints. Firstly, you could say that customer knowledge is the "collection of information and viewpoints that an organisation has about its customers". Using this definition, the role of customer knowledge management is to capture and organise this data to allow it to be shared and discussed throughout the organisation. This can include sales and Customer Relationship Management (CRM) systems, account reports, but also includes detailed analysis of more quantifiable factors such as purchasing patterns or contact activity. An alternative definitive of customer knowledge is that it is the "collection of information and insight that you need to have to build stronger customer relationships". From this point of view what you currently know about your customers may not be sufficient. You may need to put in processes and systems to gather more information and data about who your customers are, what they do and how they think. It is likely that the business only has a partial view of customer activity. You may know what the customer spends with you, but not what they spend with competitors for instance.