In the article "Transforming Financial CRM from Retention Mode to Growth Mode," the author, Darryl Pratter, discusses how the financial sector of businesses will be affected in the next year and how a solid CRM system will be the key to increasing profits. The article states that in the last year call volume has increased to financial institutions based on the complexity of the current economic situation. For organizations to keep up with this call demand, and the strain on its systems, they must find ways to speed up the process. The solution to this is a CRM system.
There are many companies that are making CRM systems specifically designed for financial companies. These systems help track client habits, i.e. where they bank, how often they bank, and how often a person call the institution. The CRM has also enabled some companies to implement IVR systems, or interactive voice response, to help customers get answers to basic questions and complete minor transactions.
Over the next few years as the economy recovers and more people begin to invest again, these banks will have to compete to win customer loyalty. These CRM systems can help to focus on what the client want and how the company can achieve these goals in the most efficient manner. All members of the company must know how to use the system, and know what goals the company is trying to work towards. The article talks about how in the past the main reason for customer satisfaction in the financial sector was to maintain clients, and how as we move forward the CRM systems will allow institutions to use customer care to generate increases in revenue.
The article also talks about how using the CRM system, call center representatives will be able to offer new products to the customer based on their profile, and past transactions. This will help the companies to increase the number of mortgages, and investments that it is able to sell. For instance, when a customer calls to ask about their saving account, a representative will be able to offer the client a Certificate of Deposit based on the current balance of the account.
The cost of these CRM systems will also be a major factor in how they are used. A company must see that they will gain more from the system than it will cost to install or upgrade. If the system reduces the call volume to its center or increase the ease of access for clients to their information, this should lead to sales and a greater profit for the institution. If they do not see a large profit gain, some smaller firms may choose to not implement the system or phase the system in over time.
I think overall the CRM systems will help financial institutions to recover and to serve their clients better. If when I, the customer, have a question and I have to wait twenty minutes on hold for a customer service agent, I will think about whether to bank with the company in the future, but if I call and the wait is minimal I will be more likely to stick with this institution. Reducing the call wait time seems to be one of the major advantages to these CRM specifically designed for the financial sector. The road to recovery for the banks may be long, but the CRMs will help to eliminate some of the obstacles in the road.
See Article:
“Transforming Financial CRM From Retention Mode to Growth Mode,” TechNewsWorld, January 19, 2010, http://www.technewsworld.com/story/69138.html (accessed January 29, 2010).
Saturday, January 30, 2010
Wednesday, January 27, 2010
CRM system in the Cloud
The article specifically addresses the fact that many businesses are trying to focus on customer service. Tony Castle, CEO of Castle CRM, explains that the new cloud computing program, along with Castle CRM, is focusing on improving and increasing customer benefits instead of focusing on making things easiest for the companies themselves. However, that is not to say that all company conveniences should be dismissed. In order for a program to work properly, I believe, a company must be able to successfully implement it. If the program disregards the ease of implementation, it will not be profitable. A program that is too difficult to use will not be utilized.
In order to promote Sage SalesLogix, Castle CRM is offering to implement the new cloud computing program at no additional cost when replacing competing CRM systems. This data migration tool allows for companies to upgrade their CRM systems without having to pay out of their pockets for the new technology. Also, Sage SalesLogix provides a CRM program that is easy to implement. Steve Cloud, president of M. Frank Higgins and Co., Inc, a commercial flooring contractor that has applied the Sage SalesLogix version 7.5.2, explains that this program can be executed without numerous amounts of IT personnel and infrastructure.
Cloud computing is changing the technology world by bringing “together all the elements of hardware, software and services in a single package.”[v] This new programming will allow for all business operations to be done online and will eliminate the need for excessive purchases as well as larger labor forces. This is a benefit that M. Frank Higgins and Co. recognized as stated earlier. Cloud computing is still being defined in the technological world but is being recognized for its growing importance.
See Article:
“Castle CRM Developing Cloud Computing Practice Based on Sage SalesLogix,” Marketwire, January 26, 2010, http://sap.sys-con.com/node/1260469 (accessed January 26, 2010).
Endnotes:
[i] Castle CRM Developing Cloud Computing Practice Based on Sage SalesLogix,” Marketwire, January 26, 2010, http://sap.sys-con.com/node/1260469 (accessed January 26, 2010).
[ii] Jeremy Geelan, “Twenty-One Experts Define Cloud Computing,” Cloud Expo, January 24, 2009, http://cloudcomputing.sys-con.com/node/612375, (accessed January 26, 2010).[iii] Jeremy Geelan, “Twenty-One Experts Define Cloud Computing.”
[iv] Jeremy Geelan, “Twenty-One Experts Define Cloud Computing.”
[v] “Cloud Computing Ushers in a New Business Age,” The Economic Times, January 28, 2010, http://economictimes.indiatimes.com/infotech/ites/Cloud-computing-ushers-in-a-new-business-age/articleshow/5506654.cms (accessed January 27, 2010).
Tuesday, January 26, 2010
Enterprise Resource Planning Plus Knowledge Equals a Successful Organization
A recent article titled, “Microsoft Unveils ERP For Midsized Retailers,” published by InformationWeek, discusses a new Microsoft program called Dynamics AX for Retail. This program allows midsized, specialty retailers to perform multiple functions such as “integrate point-of-sale, store management, supply chain and finance in a single platform.”1 Furthermore, Dynamics AX for Retail is compatible with other Microsoft products. An organization that has employed this program claims it has increased information sharing minus the high costs.
Without a doubt, information is an extremely important part of business. In a society where globalization reigns, one must be omniscient. As a result, technology has developed Enterprise Resource Planning, commonly referred to as ERP. ERP “[allows] companies to implement a single integrated system.”2 The reason Microsoft’s ERP has been publicized is that it is making ERP much easier and more cost effective. It is important to realize that Microsoft has not released the final price of this product. Speculation indicates that this cost effectiveness comes from the fact that less employee training may be required in addition to the lower administrative costs. This point can be substantiated by HDS Retail’s CFO who lauds over this product since he believes that Dymanic AX for Retail “eliminates the need for back-end customizations, eliminates duplication of data and effort, and reduces training time.”3
If HDS’s CFO is being honest then it is fair to say that Microsoft has hit the nail on the head. Research indicates that ERP’s success is “subject to proper implementation, training and use… It is alarming to note the time taken to implement the system in the organization”4 Ignoring the need for ERP will only raise costs and decrease the efficiency of an organization.5
Like anything, despite the negative side there is usually a positive. A majority of ERP programs provide the core functions of accounting, financials, manufacturing, production, transportation, sales and distribution, human resources, supply chain and e-business.6 Generally, ERP will reduce costs over the long term, providing “reliable information access” while allowing for “global outreach.”7 ERP provides the knowledge that is needed to build a successful organization. Knowledge is a must have in a global society in order to be at the top of the market.
As Microsoft releases this product to more retail companies it will definitely be a success. According to Microsoft, this program is a solution that will lower costs while making ERP much easier for the retail industry.8 Common sense dictates that efficient organizations must be directly related to happier customers. Why? Simply put, efficiency, especially in the retail industry, allows operations to run smoothly. Therefore, well-organized operations provide little frustration to management and clients. Essentially, this is what will make Dynamics AX for Retail successful. An inclusive ERP program that is potentially easier to use will benefit the value chain of the retail industry.
See Article:
Paul McDougall, “Microsoft Unveils ERP For Midsized Retailers,” InformationWeek, January 11, 2010,
http://www.informationweek.com/news/software/erp/showArticle.jhtml?articleID=222300398&subSection=ERP (accessed January 23, 2010).
References:
1 Paul McDougall, “Microsoft Unveils ERP For Midsized Retailers,” InformationWeek, January 11, 2010, http://www.informationweek.com/news/software/erp/showArticle.jhtml?articleID=222300398&subSection=ERP (accessed January 23, 2010).
2 Stephen Haag and Maeve Cummings, Management Information Systems for the Information Age, 7th ed. (New York: McGraw-Hill, 2008), 80.
3 McDougall, “Microsoft Unveils ERP For Midsized Retailers.”
4 ERPwire.com, Advantages and Disadvantages of ERP, http://www.erpwire.com/erp-articles/erp-advantages-disadvantages.htm (accessed January 23, 2010).
5 Exforsys Inc, The Advantages and Disadvantages of ERP,
http://www.exforsys.com/tutorials/erp/the-advantages-and-disadvantages-of-erp.html
(accessed January 23,2010).
6 Stephen Haag and Maeve Cummings, Management Information Systems for the Information Age, 81.
7 Stephen Haag and Maeve Cummings, Management Information Systems for the Information Age, 317.
8 McDougall, “Microsoft Unveils ERP For Midsized Retailers.”
Without a doubt, information is an extremely important part of business. In a society where globalization reigns, one must be omniscient. As a result, technology has developed Enterprise Resource Planning, commonly referred to as ERP. ERP “[allows] companies to implement a single integrated system.”2 The reason Microsoft’s ERP has been publicized is that it is making ERP much easier and more cost effective. It is important to realize that Microsoft has not released the final price of this product. Speculation indicates that this cost effectiveness comes from the fact that less employee training may be required in addition to the lower administrative costs. This point can be substantiated by HDS Retail’s CFO who lauds over this product since he believes that Dymanic AX for Retail “eliminates the need for back-end customizations, eliminates duplication of data and effort, and reduces training time.”3
If HDS’s CFO is being honest then it is fair to say that Microsoft has hit the nail on the head. Research indicates that ERP’s success is “subject to proper implementation, training and use… It is alarming to note the time taken to implement the system in the organization”4 Ignoring the need for ERP will only raise costs and decrease the efficiency of an organization.5
Like anything, despite the negative side there is usually a positive. A majority of ERP programs provide the core functions of accounting, financials, manufacturing, production, transportation, sales and distribution, human resources, supply chain and e-business.6 Generally, ERP will reduce costs over the long term, providing “reliable information access” while allowing for “global outreach.”7 ERP provides the knowledge that is needed to build a successful organization. Knowledge is a must have in a global society in order to be at the top of the market.
As Microsoft releases this product to more retail companies it will definitely be a success. According to Microsoft, this program is a solution that will lower costs while making ERP much easier for the retail industry.8 Common sense dictates that efficient organizations must be directly related to happier customers. Why? Simply put, efficiency, especially in the retail industry, allows operations to run smoothly. Therefore, well-organized operations provide little frustration to management and clients. Essentially, this is what will make Dynamics AX for Retail successful. An inclusive ERP program that is potentially easier to use will benefit the value chain of the retail industry.
See Article:
Paul McDougall, “Microsoft Unveils ERP For Midsized Retailers,” InformationWeek, January 11, 2010,
http://www.informationweek.com/news/software/erp/showArticle.jhtml?articleID=222300398&subSection=ERP (accessed January 23, 2010).
References:
1 Paul McDougall, “Microsoft Unveils ERP For Midsized Retailers,” InformationWeek, January 11, 2010, http://www.informationweek.com/news/software/erp/showArticle.jhtml?articleID=222300398&subSection=ERP (accessed January 23, 2010).
2 Stephen Haag and Maeve Cummings, Management Information Systems for the Information Age, 7th ed. (New York: McGraw-Hill, 2008), 80.
3 McDougall, “Microsoft Unveils ERP For Midsized Retailers.”
4 ERPwire.com, Advantages and Disadvantages of ERP, http://www.erpwire.com/erp-articles/erp-advantages-disadvantages.htm (accessed January 23, 2010).
5 Exforsys Inc, The Advantages and Disadvantages of ERP,
http://www.exforsys.com/tutorials/erp/the-advantages-and-disadvantages-of-erp.html
(accessed January 23,2010).
6 Stephen Haag and Maeve Cummings, Management Information Systems for the Information Age, 81.
7 Stephen Haag and Maeve Cummings, Management Information Systems for the Information Age, 317.
8 McDougall, “Microsoft Unveils ERP For Midsized Retailers.”
Friday, January 22, 2010
BH251 Spring2010
Here are just a few pointers for how I will be grading your blog submissions. If you have any comments or are unsure of anything, please feel free to email me.
Criteria for Grading Blogs:
1)Focus on the issue (does your blog deal with a well defined topic or is it too unfocused)
2) Evidence (does the blog support its position with adequate data and well thought-through opinions or are you just making conversation with nothing of substance behind your words)
3) Coherence (does the argument hold together and move the discussion forward in a way that someone might be tempted to respond to your blog)
4) Scope (does it deal with all important aspects of the issue, not in an overly detailed way but in a way that convinces someone that you have carefully thought about the issue)
5) Originality (do you have an original point of view)
What you should see from the above is that blogging is not about shooting from the hip. It means that you need to get close to your subject matter in order to understand it better. After all, you are writing a critique of an article, not a summary. You may have to read outside the article that you are blogging about in order to build up your understanding. As a teacher, this is the great thing about blogs. It creates what educators call non-linear learning which means that students read something and then go off in a million different directions to try to figure something out.
Criteria for Grading Blogs:
1)Focus on the issue (does your blog deal with a well defined topic or is it too unfocused)
2) Evidence (does the blog support its position with adequate data and well thought-through opinions or are you just making conversation with nothing of substance behind your words)
3) Coherence (does the argument hold together and move the discussion forward in a way that someone might be tempted to respond to your blog)
4) Scope (does it deal with all important aspects of the issue, not in an overly detailed way but in a way that convinces someone that you have carefully thought about the issue)
5) Originality (do you have an original point of view)
What you should see from the above is that blogging is not about shooting from the hip. It means that you need to get close to your subject matter in order to understand it better. After all, you are writing a critique of an article, not a summary. You may have to read outside the article that you are blogging about in order to build up your understanding. As a teacher, this is the great thing about blogs. It creates what educators call non-linear learning which means that students read something and then go off in a million different directions to try to figure something out.
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