Page 1

INDEX
SR.
NO
TOPIC
1. INTRODUCTION
2. A CRM PROJECT MANAGEMENT MODEL
3. METHODOLOGY
4.
5.
6.
7.
8.
9. FINDINGS
10. CONCLUSION
11. REFERNCES
12. BIBLOGRAPHY











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INTRODUCTION

In the financial service sector, the deployment of customer-focus strategy to re-engineer the
business operations is often through the development of the customer relationship
management (CRM) system. With a good CRM system, a financial institute can understand
customers better and is able to design and provide better services/products. A financial
institute can then get more loyal and profitable customers, and earn more profit. Recently,
many retail banks in Hong Kong such as Citi Bank and Standard Chartered Bank have started to
develop different kinds of CRM systems such as sales force automation, marketing campaign
system, internet banking and phone banking. However, implementing CRM system is not easy.
Research studies of the Gartner Inc. Meta Group [8] indicate that 50% to 80% CRM
implementations fail. Our project aims to explore an effective software/CRM project
management model for the financial service industry in Hong Kong. In the next section, we
propose a software project management model for financial institutes. Section 3 focuses on the
survey approach. Section 4 presents some key findings coming from the responses from the
financial institutes and the software system vendors. It is expected that the research findings
could give us a substantial understanding of the current Software/CRM project management
practices, issues barriers as well as insights to improve the success rate of Software/CRM
implementation in the financial industry. Financial institutes could then realize the project
objectives in terms of lowest cost, on-time project completion, good quality system, minimum
disturbance to the business, and a high return of investment. In spite of the wide use of sales
force automation systems in sales [8], a Forrester study [9] observes significant deficits in
todays marketing, sales and service processes. It was found that just 22% of the companies
surveyed possess a uniform customer view and only 37% know which customers are looked
after by individual business units [10]. To eliminate weaknesses in customer contact, many
companies are either planning or in the process of implementing CRM systems. According to
Gartner survey [11], 65% of US companies intended to initiate CRM projects in 2002. In Europe,
roughly 3% of companies had fully implemented a CRM project in 2001, 17% had initiated more
than one local project and 35% were developing concepts for the introduction of CRM [12]. The
software CRM market is expected to increase from $7 billion in 2000 to 23 billion in 2005, even
though conventional wisdom is that 30 to 50 percent of CRM initiatives fall short of meeting
company objectives, while another 20 percent actually damage customer relationships [13].




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Different organizations are approaching CRM in different ways.

Some view CRM as a technology tool while others view it as an essential part of business. According
to Verhoefet al. [14], the success rate of CRM implementation varies between 30% and 70%.
According to industry analysts, almost two-thirds of CRM system development projects fail [15].
According to IDC (International Data Corporation) and Gartner Group, the rate of successful
CRM implementations is below 30% [16], hardly justifying the cost of implementation [17].
Another report estimates that between 60 and 90 percent of enterprise resource planning
implementations do not achieve the goals set forth in the project approval phase [18] Hence,
key factors of success or failures during CRM implementation have been the subject of active
research in recent years [19]. The study performed by Forsyth took a sample of 700 companies,
with regards to the causes of failure to reach the CRM benefits [20]. The main causes of failure
were:
Organizational change (29%
Company policies/inertia (22%)
Little understanding of CRM (20%)
Poor CRM sills (6%)
The results show that there is no unique CRM project and that successful implementations are
rarely technical projects [10]. Therefore the objective of this paper is to report successful CRM
implementation and lessons learned in an organization involved in many countries with
operations in different segments.

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DEFINITION OF CRM

Customer Relationship Management is a comprehensive approach forcreating, maintaining and
expanding customer relationships.

Significance of the words used in the definitions:

(a)Comprehensive:
CRM does not belong to just sales or marketing. Itis not the sole responsibility of customer
service group or an IT team; i.e. CRM must be a way of doing business that touches all the
areas.
(b)Approach
An approach is broadly a way of treating or dealing withsomething. CRM is a way of thinking
about and dealing with thecustomer relationship. We can also use the word strategy
becauseCRM involves a clear plan. In fact, CRM strategy can usually serve asa benchmark for
other strategies in your organization, because anystrategy sets directions for your organization.
We can also considerthis from a department or area level. Just as a larger organization
hasstrategies for shareholder management, marketing etc. Each strategy must support
managing customer relationships. Thus CRM isstrategic. To realize this, one can make a list of
key strategies, to brief



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WHAT IS CRM?

Customer relationship management
(CRM) has the business purposeof intelligently finding, marketing, selling to and servicing
customers.CRM is a broadly used term that covers concepts used by companies,
and public institutions to manage their relationships with customers and stakeholders.
Technologies that support this business purpose include thecapture, storage and analysis of
customer, vendor, partner. Functions that support this business purpose includeSales,
Marketing and Customer Service, Training, ProfessionalDevelopment, Performance
Management, Human Resource Development and comp

NEED OF CRM
The experience from many companies is that a very clear CRMrequirement with regards to
reports, e.g. output and input requirements, isof vital importance before starting any
implementation. With a properdemand specification a lot of time and costs can be saved based
on rightexpectations versus systems capability. A well operative CRM system can be an
extremely powerful tool for management and customer strategies.CRM is not just a technology, but
rather a comprehensiveapproach to an organizations philosophy in dealing with itscustomers.
This includes policies and processes, front-of-house customerservice, employee training,
marketing, systems and informationmanagement. Hence, it is important that any CRM
implementationconsiderations stretch beyond technology, towards the broaderorganizational
requirements.The objectives of a CRM strategy must consider a companys specificsituation
and its customers needs and expectations.The data gathered as a part of CRM must consider
customer privacyand data security. Customers want the assurance that their data is notshared
with third parties without their consent and not accessed
illegally by third parties.Customers also want their data used by companies to provide a benefit
to them.


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A CRM PROJECT MANAGEMENT MODEL

In developing our model, we first review various CRM models [1, 2, 5, 7, 8] and the popular
software project management models [3, 6, 9, 10, 12]. The implication of each model on
software project management in financial industry is identified. In addition, after reviewing
several case studies of CRM implementation [11], we identified some key success factors for
software project management in the financial industry. We then developed a Software/CRM
Project Management model for financial institutes, as shown in Figure 1. Four primary
business factors forming the software project management environment in financial service
industry are identified as technology, CRM/IT strategy, customer requirements and
organization culture & characteristics. Financial institutes that implement CRM project have to
consider their existing technology level as well as the technology level that they are going to
acquire in the future. The considerations of existing technology level include operational tools,
analytical and collaboration systems, degree of process automation, the diversity or complexity
of legacy systems and other hardware and software systems. However, the future
technologyacquired has to be in line with their CRM/IT strategy, at the same time, meeting the
customer requirements. The organizational culture and characteristics affect all aspects of the
project management. Organization of different size and complexity requires different system
requirements. Quick decision making, agile to business changes, ability to take risk and keen
for efficiency improvement are also some of the culture and characteristics that shape
thebehavior of the management and employees.




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METHODOLOGY

The objective of our study is to validate the CRM / software project management model
proposed and its assumptions as well as to obtain a better understanding of how to
implement a successful CRM / software project in local financial institutes in Hong Kong. To
testify the proposed model and its assumptions, a research study was conducted with both
financial institutes and software vendors. In particular, our study focused on testing the
hypotheses given in Table 1. To understand CRM / software implementation of financial
institutes from different perspectives, we decided to invite both executives from financial
institutions and software vendors to participate in a survey. We planned to conduct face-to-
face interviews whenever possible.Two sets of questionnaires (one for software vendors and
another for financial institutions) were designed. Both open-end and closed-end questions
were developed.Each questionnaire contained more than 20 questions. Section I of
questionnaire focused on the background of company and interviewee. Section II focused on
project management and covered the CRM / software project implementation in respect of
difficulties, cost management, resources management, conflict management, risk management,
change management and best practices.



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USING CUSTOMER RELATIONSHIPS EFFECTIVELY FOR SUCCESS

Customer relationship focus is not simply a marketing catch phrase. It is a strategic
imperative. Financial institutions incapable of acting on insights from a multi-dimensional
customer view risk rapid erosion of their customer base to competitors who can aggressively
increase wallet sharetended to be locally concentrated. Bank managers made decisions based
on personal contact and knowledge of the local business environment. The local bank or
securities firm can now create online services with global reach, but must also compete with
hundreds of other firms providing similar services. Increasing competition, deregulation, and
the internet have all contributed to the increase in customer power. Technology has reduced
customer barriers to exit, making it easier to change banks or brokers without feeling the pinch
in the wallet. Retaining customers and minimizing attrition are both major concerns for
financial services institutions, and financial companies need to effectively leverage existing
customer relationships and make better use of customer information across the enterprise.
Customer intelligence translated into effective action is key.
The full integration of these systems and their associated business processes forms the basis
for customer relationship management or CRM. A CRM system links together the disparate
customer data residing in transactional legacy systems as well as ERP systems into a single,
complete view of the customer. The goal of CRM is to enable companies to maximize the
profitability of every customer relationship.




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Improving customer service


CRMs are claimed to improve customer service. Proponents say they can improve
customer service by facilitating communication in several ways:

Provide product information, product use information, and technical assistance on web sitesthat
are accessible 24 / 7

Help to identify potential problems quickly, before they occur

Provide a user-friendly mechanism for registering customer complaints (complaints that arenot
r egi s t er ed wi t h t he company cannot be r es ol ved, and ar e a maj or s our ce of
cus t omer dissatisfaction)
Pr ovi de a f as t mechani s m f or handl i ng pr obl ems and compl ai nt s ( compl ai n
t s t hat ar eresolved quickly can increase customer satisfaction)

Provide a fast mechanism for correcting service deficiencies (correct the problem
beforeother customers experience the same dissatisfaction

Identify how each individual customer defines quality, and then design a service strategy
for each customer based on these individual requirements and expectations

Use internet cookies to track customer interests and personalize product offerings accordingly

Use the internet to engage in collaborative customization or real-time customization

Provide a fast mechanism for managing and scheduling follow up sales calls to
assess post
pur chas e cogni t i ve di s s onance, r epur chas e pr obabi l i t i es , r epur chas e t i mes ,
and r epur chas e frequencies

Provide a fast mechanism for managing and scheduling maintenance, repair, and on-
goingsupport (improve efficiency and effectiveness)

Provide a mechanism to track all points of contact between a customer and the company, anddo
it in an integrated way so that all sources and types of contact are included, and all
users of the system see the same view of the customer (reduces confusion)



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Improving customer relationships


CRMs are also claimed to be able to improve customer relationships . Proponents say this can
bedone by:

CRM technology can track customer interests, needs, and buying habits as they
progressthrough their life cycles, and tailor the marketing effort accordingly. This
way customers getexactly what they want as they change.

The technology can track customer product use as the product progresses through
its lifecycle, and tailor the service strategy accordingly. This way customers get what they need
as the product ages.

In industrial markets, the technology can be used to micro-segment the buying
centre and help coordinate the conflicting and changing purchase criteria of its members

When any of the technology driven improvements in customer service (mentioned
above)cont r i but e t o l ongt er m cus t omer s at i s f act i on, t he y can ens ur e r epeat
pur chas es , i mpr ove cus t omer r el at i ons hi ps , i ncr eas e cus t omer l oyal t y, de
cr eas e cus t omer t ur nover , decr eas emarketing costs (associated with customer
acquisition and customer ?training?), increase salesrevenue, and thereby increase profit
margins.



















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Technical functionality


A CRM solution is characterized by the following functionality:

scalability - the ability to be used on a large scale, and to be reliably expanded to
what ever scale is necessary.multiple communication channels - the ability to interface
with users via many differentdevices (phone, WAP, internet, etc)

workflow - the ability to automatically route work through the system to different
people based on a set of rules.

dat abas e - t he cent r al i z ed s t or age ( i n a dat a war ehous e) of al l
i nf or mat i on r el evant t ocustomer interaction

customer privacy considerations, e.g. data encryption and the destruction of records to ensurethat
they are not stolen or abused.


Privacy and ethical concerns


CRMs are not however considered universally good - some feel it invades customer privacy
andenable coercive sales techniques due to the information companies now have on customers -
see persuasion technology. However, CRM does not necessarily imply gathering new data, it can
beused merely to make "better use" of data the corporation already has. But in most cases they
areused to collect new data.








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Identify the Problem and the Solution


Before you start thinking about vendors, you should define your problem in clear business
terms.Do you need to improve management visibility into the sales pipeline? Reduce customer
supportcosts or improve customer support? Reduce customer-related administrative overhead?
Makingyour CRM challenges specific will help you determine which technologies or
components aremost likely to deliver ROI and how you can prioritize your development and
deployment plans.Most companies' CRM goals fall into a couple of main categories:If your
CRM goals fall into more than two of these categories, you'll likely want to prioritize oneover
the other and plan a phased deployment. It' s also a good idea to know at this point
whatyour likely budget is, how flexible it is, and what your procurement officer or
CFO will belooking for in terms of business justification. If you know walking into
the project that you'llneed to show a six-month payback period, for example, you can plan
accordingly

Make the Short List


Regardless of your relationship with existing vendors, previous experience, and
technologyenvironment, you should make a short list of potential vendors and give
them a fair evaluation before you make a decision. Your short list should be easy to define
based on these factors: Y o u r C R M g o a l s . T h e v e n d o r s
w h o s e f u n c t i o n a l i t y m e e t s y o u r n e e d s w i l l d e p e n d
o n whet her you' r e l ooki ng f or i mpr oved s al es , i mpr oved r epor t i ng and f or
ecas t i ng, i mpr ovedsupport, improved marketing, or a combination of different customer-
related technology







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Aims of CRM

The CRM is a new technique in marketing where the marketer tries to develop long
term relationship with the customers to develop them as life time customers. CRM
aims to make the customer climb up the ladder of loyalty.
The company first tries to determine who are likely prospects i.e. the people who have
a strong potential interest in the product and ability to pay for it. The company hopes
to convert many of its qualified prospect into first time customers and then to convert
those first time customers into repeat customers. Then the company tries to convert
these repeat customers into clients they are those people who buy only from the
company in the relevant product categories. The next challenge for the company is to
convert these client into advocates. Advocates are those clients who praise the
company and encourage others to buy from it.
The ultimate challenge is to convert these advocates into partners where the customers
and the clients work actively together to discover ways of getting mutual benefit.
Thus in CRM the key performance figure is not just current market share but share of
life time value by converting customers into partners.
In CRM the company tries to identify that small percentage (20%) of key account
holders whos contribution to the company revenues is high (80%). So from this point
of view, CRM is also known as KEY ACCOUNT MANAGEMENT.







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Why customer relationship management
A satisfied customer in 10 years will bring 100 more customers to the company.
It costs 7 time more to attract a new customer than to serve an old one.
20% of the companys loyal customers account for 80% of its revenues. (Paretos
principle).
The chances of selling to an existing customer are 1 in 2, the chances of selling to
a new customer are 1 in 16
Eight ways to keep customers for life
1. Every part of the companys marketing effort should be geared towards building
lifetime relationships.
2. People want to do business with friendly people. To have effective relations a
friendly attitude must permeate in the organization.
3. Information technology developments should be positively used to serve the
customers.
4. The company should always be flexible to bend its rules and procedures in the
clients favor.
5. The company should communicate with its customers even when it is not trying
to sell something.
6. The company can communicate and develop stronger customer bonding by
providing financial and social benefits.

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7. The company should try to know all its customers including their lifestyles,
hobbies, likes and dislikes etc.
8. The company should make it a point to deliver more than what is promised.













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How to introduce CRM in the company

There are four key steps for putting one to one marketing program to work
Step 1 : Identify your customers
To launch a one to one initiative the company must be able to locate and contact a fair
number of customers or at least a substantial portion of its valuable customers. It is
crucial to know the customer details as much as possible, not just their names or
address, but their habits, preferences and so forth.
Step 2 : Differentiating your customers
Customers are different in two principal ways, they represent different levels of
value and have different needs. Once the company identifies its customers
differentiating them will help the company to focus its efforts to gain the most
advantage with the most valuable customers.
Step 3 : Interacting with the customer
Interaction is also a crucial component of a successful CRM initiative. It is important
to remember that interaction just not occur through marketing and sales channels,
customer interact in many different ways with many different areas of the
organization so to foster relationship all the areas of the organization must be
accessible to the customer.
Step 4 : Customize your enterprises behavior
Ultimately to lock a customer into a relationship a company must adapt some aspect
of its behavior to meet customers individually expressed needs this might mean
mass customizing a manufactured product or it might involve tailoring some aspect
of the service surrounding the product.

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Focus of the problem
The textile industry is basically manufacturing based industry. Through this study we
are going to identify the importance of CRM in the textile industry. How it is
benefited from CRM? Is their any relevance of implementing CRM? And what role
does information technology can play in CRM?

Objectives of Customer Relationship Management

1. To study the current practices of CRM.
2. To find out the impact of CRM on the profitability of the organization.
3. To study the factors affecting the CRM practices.
4. To study the role of information technology in CRM.











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Impetus for CRM

CRM can be defined as a management process of acquiring customers by understanding their
requirements; retaining customers by fulfilling requirements more than their expectations; and
attracting new customers through customer specific strategic marketing approaches. This
requires total commitment from the entire organization. CRM uses IT to track the ways in which
a company interacts with its customers; analyses these interactions to maximize the lifetime
value of customers while maximizing customer satisfaction. The company has a large customer
base, though the value of business from each customer is currently low. CRM would help the
company in identifying customers who provide the greatest revenues for every marketing or
service dollar spent or customers who cost little to attract. Typically, these good customers
present 80 to 90 percent of the companys profits, though they are only 10 to 20 percent of the
client base. The motivation for selecting CRM in the company was to increase business value
due to the following:
Information about customers is stored in disparate applications as the employee
empowerment is very high. This customer related information from various systems needed to
be brought in, analysed, cleansed and distributed to various customer touch-points across the
enterprise, so that the various stakeholders marketing, sales and engineering teams see a
single version of truth about the customer. This single source of customer data can be used for
sales, customer service, marketing, etc. thereby enhancing customer experience and reducing
churn-rate. Churn-rate measures the number of customers who have stopped using the
companys products. By storing information about past purchases, sales team can make
customized selling or personal recommendations to the customer. Also, this helps in up-selling
or cross-selling opportunities. Capability to improve current sales forecasting, team selling,
standardizing sales and marketing processes and systems.Support direct-marketing campaigns
by capturing prospect and customer data, provides product information, qualified leads for
marketing, and scheduling and tracking direct marketing communication. Also, it helps the
marketing team fine-tune their campaigns by understanding the prospect of customer
conversion. To help engineering in understanding market demand for specific product designs
and act accordingly.




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CRM Implementation Process

ERP Selection
Since there were two different ERP systems in the company, with one mail system, it was
difficult for the company to choose the right CRM system. In the end, a relatively unknown
system called Relavis was selected as the preferred ERP system. Relavis was chosen because it
tightly integrated with IBM Lotus Notes which is the common infrastructure across the whole
enterprise. Relavis is a small company. The product is more economical than a Seibel, SAP or
Oracle. The system has modules to cater to eMarketing, eSales and eService.
Scoping
The scope covered sales and marketing processes and followed the service platform approach.
A service platform integrates multiple applications from multiple business functions (in this
case, sales, marketing, engineering), business units or business partners to deliver a seamless
experience for the customer, employee, manager or partner. As shown in Figure 1, the new
system (Relavis) was implemented to gain integrated information from marketing and sales
departments to provide input to the ERP and Data warehousing applications and finally create
analytical reports to make better business decisions e.g. to understand the sales results of
specific leads, recommend better selling techniques and target specific leads etc. The new
application could track the status of a lead through all stages of the sales and marketing
lifecycle.









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Discussion

Whether outcomes are positive or negative, they are likely to change the organizational context
in some way. For example, a successful CRM implementation should increase knowledge
management capabilities, willingness to share data capabilities and to share data etc. Similarly,
an unsuccessful implementation may lead to an opposite effect making staff more reluctant to
collaborate or to use the new technology *4+. Sauers model [42] classifies the list of CRM CSFs
(Critical Success Factors) as follows:
Context: knowledge management capabilities, willingness to share data, willingness to change
processes, technological readiness.
Supports: top management support.
Project organization: communication of CRM strategy, culture change capability, and systems
integration capability.
These three serve to connect the CRM CSFs to the extant body of knowledge on information
systems success/failure and to provide a higher-level of abstraction to the CSF list. They also
suggest a set of high-level relationships between the CSFs.Alt and Puschmann [10] applied the
following benchmarking procedure to investigate the use of CRM in organizations to identify
successful practices. This approach has proved suitable for obtaining information on current
practices and results [43]. Alt and Puschmann [10] found that benchmarking showed that CRM
involves significant changes regarding the organization of marketing, sales and service
activities. Most organizations reorganized internal processes and implemented them on a cross-
functional and cross-organizational basis. It is also interesting to know from this study that
implementing a CRM system is not mainly driven by the possible savings, 55% of the
benchmarked companies agreed that strategic or qualitative goals have been the main drivers
for introducing CRM.



Differences between CRM for B2B (Business 2 Business) and B2C (Business 2 Customers)

B2B and B2C marketing operates differently, that is why they cannot use the same software. All the
differences are focused on the approach of these two types of businesses:
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B2B companies have smaller contact databases than B2C
The amount of sales in B2B is relatively small
In B2B there is less figure propositions, but in some cases they cost a lot more than B2C items
Relationships in B2B environment are built over a longer time
B2B operations require special CRM solutions that are not the same as for the B2C industry:
B2B industries require specialized CRM solutions, which are different from B2C companies
requirements. This is the main reason for ineffective adoption of applications, despite both B2B
and B2C industries having the same aim: to understand its own customers better
There must be different CRM solutions for industries within the B2B market, because of the
special needs of each one. Also there is a demand of designing solutions using special color
schemes.
B2B CRM must be easily integrated with other companies IT-solutions. Such integration
enables the creation of forecasts about customer behavior based on their buying history, bills,
business success, etc.
An application for a B2B company must have a function to connect all the contacts, processes
and deals among the customers segment and then prepare a paper
Automation of sales process is an important requirement for B2B solutions. It should effectively
manage the deal and progress it through all the phases towards signing
A crucial point is personalization. It helps the B2B company to save strong and long-lasting
relationships with the customer. To communicate with them more effectively, there should be
integration with the email solutions
So, all the B2B applications must be both personalized and be able to establish communication
channels for support of customers



CRM in B2B (Business-to-Business) market

The modern environment requires one business to interact with another via the web. According to a
Sweeney Group definition, CRM is all the tools, technologies and procedures to manage, improve,
or facilitate sales, support and related interactions with customers, prospects, and business partners
throughout the enterprise.
[10]
It assumes that CRM is involved in every B2B transaction.
[8]

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Despite the general notion that CRM systems were created for the customer-centric businesses,
they can also be applied to B2B environments to streamline and improve customer management
conditions. B2C and B2B CRM systems are not created equally and different CRM software applies
to B2B and Business-to-Customer (B2C) conditions. B2B relationships usually have longer maturity
times than B2C relationships. For the best level of CRM operation in a B2B environment, the
software must be personalized and delivered at individual levels.
[11]

Implementing CRM to the company[edit]
The following are general guidelines on implementing a CRM system.
1. Make a strategic decision on what problems you want your CRM system to address, what
improvements or changes it should bring in the business processes of the organization.
2. Choose an appropriate project manager. Typically IT will be engaged, however a manager
with a customer service/sales and marketing business focus should be involved, as the
impact of the project will be mainly on the business side.
3. Ensure executive sponsorship and top management support.
4. Empower team members with the required authority to complete the tasks.
5. Select the correct implementation partner. They must have both vertical and horizontal
business knowledge, as well as technical expertise.
6. Define KPI's that will measure the project's success
7. Use a phased approach. Work towards long-term enterprise-scale implementation through a
series of smaller,








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FINDINGS

The customers of COMPANY are the wholesalers throughout India. COMPANY
also export the fabric to countries like Egypt and U.A.E.
The needs of the customers are clearly defined and the products are
customized according to the needs of the customers.
Customers comments and complaints are welcomed and resolved quickly and
positively. Comments and complaints are taken through face to face
interviews.
The company conducts customer satisfaction surveys through research
agencies.
The company provides credit facility to its customers up to 90 days. If the
customers pay within 7 days they are given 4% cash discount.
Sales persons of the company maintain frequent and informative
communication with the customers.
Business process is regularly reviewed to eliminate non value-adding activities.
The average sale per customer has increased by 15% and customers response
to the marketing activities is also improving. Customer retention is also
improving.
The factors which have an impact on the CRM are organization culture,
support from top management, interpersonal skill of the sales personals and
working environment of the company.

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ANALYSIS

The customers of the COMPANY are the wholesalers. It is because the number of
retailers is very large as compared to the wholesalers. So it is not possible for the
company to approach to the retailers. Therefore the company sells to the
wholesalers and then wholesalers sell to the retailers.
Customers are encouraged to give suggestions and complaints so that the company
can improve its working and services. If the customers complaints are not resolved
the customers will be dissatisfied and the company may lose its customers.
Different customers have different requirements. So the company customize its
product accordingly to satisfy the customers. It also gives more choice to the
customers.
To get the information about the customers and to measure the satisfaction the
company conducts surveys. Because of the expertise needed in the research the
company give this work to research agencies like AC NILSON.
The company gives credit facility to its customers to increase the sales volume. If the
company do not sell on credit the customers may switch over to other companies.
The company maintains frequent communication with the customers. As soon as the
product is ready or a new product is launched the information is provided to the
customers. Communication is also necessary to maintain the interest of the
customers in the company.
The company gives concession to its regular customers so as to retain its most
valuable and profitable customers.
The company regularly reviews the business process in order to eliminate non value-
adding activities, to reduce the cost and to make the whole work efficient and
effective. If the internal customers are not satisfied and there is lack of coordination
among the departments then it will affect the external customers also.


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CONCLUSIONS

With reference to the proposed software / CRM project management model, it was found that
for the four prime project management areas (scope management, quality management, time
and cost management), cost management was not as important as communication
management. In fact, it was found that the most important four project management areas
included project planning. Our findings imply that financial institutes implementing CRM project
could increase its success rate by having a good management on communication. All our
hypotheses are supported except H6 and H7.There are a number of limitations in our study.
Low response rate from both financial institutes and software project management vendors has
undermined the validity of the research results. Another limitation of the study is that it only
focuses on one specific region - HK. In future, a comparison of the software project
management practices with different service industries could be done.















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Limitations of Customer Relationship Management

1. Time constraint is unavoidable limitation of my study.
2. Financial problem is also there in completing this project in a proper way.
3. As no work has been done earlier in this regard so scarcity of secondary data is
also there.
4. Inadequate disclosure of information is also the problem.
















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REFERENCES

[1] Neil Russell-Jones. Customer Relationship Management, Financial World Publishing, 2002.
[2] N.L. Petouhoff, Jon Anton. Customer relationship management: The bottom line to
optimizing your ROI, Prentice Hall, 2002.
[3] Dwayne Phillips. The Software Project ManagersHandbook Principles that work at work,
IEEE Computer Society, 1998.
[4] Gartner. CRM Benchmarking Study Key Findings, 2001.
[5] KoosKoen. Technology and Customer Relationship
Management,http://www.suntimes.co.za/2001/11/25/business/news/news13.asp, 2001
[6] Terrence L. Foran. A Structured Approach to Implement CRM,
http://www.destinationcrm.com/articles/default.asp?ArticleID=1712 , 2001
[7] Stephen Redmond, http://workhelp.org/ index2.php?option=content&task=view&id=65
[8] META Group. 2002/2003 trends customer relationship management infusion.



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BIBLIOGRAPHY

www. Crm finance .in
www.weikepedia .org
www.crm in software.com