What is the full form of CRM?

Full form of CRM: Here, we are going to learn what does CRM stands for? CRM – which is an abbreviation of "Customer Relationship Management" in Computer Acronyms/Abbreviations, etc.
Submitted by Anushree Goswami, on October 13, 2020

CRM: Customer Relationship Management

CRM is an abbreviation of "Customer Relationship Management". It is the collective approach of strategies, practices system of methods, tools, and technologies, which are used by companies and business corporations to administer and evaluate communications and dealings of customers and data all the means through the series of changes in the life of the customer, to enhance relationships of customer service and their management and to help out and support in the continued possession of customers and their dynamic sales expansion and growth.

CRM Categories

The system of Customer Relationship Management is classified into five categories, which comprise:

  • Strategic
  • Operational
  • Analytical
  • Collaborative
  • Customer Data platform

CRM History

  • At the beginning of the 1970s, the idea and model of customer relationship management began in progress. This was the time when yearly analysis and review through surveys or vanguard inquiring are used to examine the contentment of customers.
  • By 1986, Pat Sullivan and Mike Muhney launched a customer evaluation system called ACT!, which is a software application of CRM based on the standard of digital Rolodex, which for the very foremost time provided the contact management service.
  • In 1993, the first CRM product was developed by an American billionaire businessman technologist, Tom Siebel, the company was known as Siebel Systems.
    In 1997, the idea and model of Customer relationship management were publicized and turned out to be accessible for everyone, because of the significant efforts of Siebel, Gartner, and IBM.
  • In 1999, Siebel launched the first mobile application of CRM, which was called as Siebel Sales Handheld.
  • In 2004, the foremost original open-source CRM system was designed and created by SugarCRM.
  • In 2013 and 2014, the majority of the well-accepted products of CRM were associated with the business intelligence systems and communication software to develop and advance the skill, understanding, knowledge, and familiarity of end-user and communication in the corporate sector.

By 2018, the market had become disruptive. CRM no longer remained a prerogative for the funds-flush businesses alone. Powerful solutions like EngageBay have now made the playing field a lot more level by offering free CRM. Now small businesses can compete with the enterprises at par, powered by CRM.

Reference: Customer relationship management

Algo tagged in: Dictionary – 'C'

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