Customer relationship management (CRM) is a process that businesses use to manage and analyze customer interactions and data throughout the customer lifecycle. The goal of CRM is to improve customer service relationships, assist in customer retention, and drive sales growth. CRM systems compile customer data across different channels, such as the companys website, telephone, live chat, direct mail, marketing materials, and social networks. The data is stored in a central database and is accessible to multiple people within an organization. Companies use CRM to capture customer sentiments, such as the likelihood they will recommend products and their overall customer satisfaction, to develop marketing and service strategies. CRM software can automate menial sales funnel and customer support tasks, freeing up time for employees to focus on more complex tasks. Key components of CRM include:

• Customer data management: CRM software consolidates customer information and documents it into a single CRM database so business users can more easily access and manage it.

• Sales automation: CRM software can automate sales tasks such as lead generation, lead scoring, and sales forecasting.

• Marketing automation: CRM software can automate marketing tasks such as email marketing, social media marketing, and customer segmentation.

• Customer service and support: CRM software can automate customer service tasks such as ticket management, case management, and knowledge management.

• Analytics and reporting: Collection of and access to customer data can help businesses identify trends and insights about their customers through reporting and visualization features.

CRM is used by businesses of all sizes and industries, from small businesses to large enterprises. A CRM system can give businesses a clear overview of their customers, including their previous history with the company, the status of their orders, any outstanding customer service issues, and more. By embedding CRM in all aspects of the business, from finance to customer services and supply chain management, companies can ensure that customer needs are at the forefront of business process and innovation cycles.