Customer Information Management Essay Example | Topics and Well Written Essays - 1500 words

Customer Information Management - Essay Example Companies particularly doing e-business achieve decisive competitive advantages by knowing their customers' wishes in detail, guaranteeing them customized service, and establishing long-term relationships with them. By delivering 24/7 personalized access to customer service via the Internet, a call centre, or face to face, they can get the most from their company's existing customers, and develop an ongoing stream of satisfied customers in the future []. Customer information management covers methods and technologies used by companies to manage their relationships with clients. Information stored on existing customers (and potential customers) is analyzed and used to this end [1]. Automated information management processes are often used to generate automatic personalized marketing based on the customer information stored in the system. In its broadest sense, customer information management covers all interaction and business with customers. A good CIM program allows a business to acquire customers, provide customer services and retain valued customers. CIM applications often track customer interests and requirements, as well as their buying habits. This information can be used to target customers selectively. ... Providing a mechanism for correcting service deficiencies Storing customer interests in order to target customers selectively Providing mechanisms for managing and scheduling maintenance, repair, and on-going support CIM applications often track customer interests and requirements, as well as their buying habits. This information can be used to target customers selectively. Furthermore, the products a customer have purchased can be tracked throughout the product's life cycle, allowing customers to receive information concerning a product or to target customers with information on alternative products once a product begins to be phased out [2]. Repeat purchases rely on customer satisfaction, which in turn comes from a deeper understanding of each customer and their individual needs. Customer Information management is an alternative to the "one size fits all" approach. In industrial markets, the technology can be used to coordinate the conflicting and changing purchase criteria of the sector. The data gathered as part of Customer Information management raises concerns over customer privacy and enables coercive sales techniques (Goodhue, 2002). However, Customer Information management does not necessarily involve gathering new data, but also includes making better use of customer information gathered as a result of routine customer interaction. The privacy debate generally focuses on the customer information stored in the centralised database itself, and fears over a company's handling of this information, especially regarding third parties [3]. Profit from the numerous advantages of an innovative solution for customer relationship management [3]: Reduce your costs by transferring functions in a targeted manner from company to customer, simplifying