CRM stands for customer relationship management, defined as a software technology and overall business strategy that enables companies, large and small, to manage their sales leads, accounts, orders, and case management. The benefits of CRM software includes
1. Increased revenue from managing accounts and orders efficiently
2. More satisfied customers
3. Reduced costs stemming from less administrative tracking time
4. Greater turnaround time
For Large to small business it reflects as :
Large enterprise businesses — These global companies require CRM systems that integrate customer service management, sales force management, and IT management into the CRM package. For instance, customer service CRM helps these large companies keep track of extensive customer databases so that customer service support personnel can easily locate accounts, track and analyze orders, as well as track helpdesk tickets so that the questions get answered. Examples of CRM vendors that serve enterprise companies include Oracle and Microsoft Dynamics CRM. Usually large companies purchase a license from these vendors so that they can customize their CRM solution into their IT systems.
Small Business Enterprises and Small/Medium Enterprises — Since serving existing customers is always more profitable than spending resources for new ones, CRM helps small and medium sized businesses track and manage opportunities like sales leads, phone calls, and report generation. CRM allows smaller companies to keep abreast of customer needs and trends, while looking like a large business that operates 24/7. The right CRM package can provide a self-help, automated program that answers customer questions outside of normal business hours.