Facilitating Customer Relationship Management in Modern Business

Background

Effective CRM has emerged as a strategic imperative for companies in every business (Benmoussa, 2005). CRM has been recognized as a set of methodologies and organizational processes to attract and retain customers through their increased customer satisfaction and customer loyalty (Coussement & van den Poel, 2008). CRM is used to define the process of creation and maintain relationship with customers (Hassan et al., 2015). CRM is defined as the adoption of IT to develop new customers and retain old customers so as to keep the long-term customer relationship, which aims to improve customer relationship and can help increase customer loyalty, customer retention, and customer profitability (Hennig-Thurau, Gwinner, & Gremler, 2002).

The rapid growth of CRM systems raises the opportunity within many firms to effectively utilize the customer data over time to secure competitive advantage in modern business (Eichorn, 2004). CRM data is among the most important and comprehensive information available to executives in many organizations (Stein, Smith, & Lancioni, 2013). With the increasing importance of CRM in every industry domain, CRM classification practitioners demand a standardized framework with the streamlined data mining processes capable of delivering the satisfactory result for CRM data with all data mining challenges (Tu & Yang, 2013). CRM leverages information, technology, and people to create and deliver value to the targeted customer at a profit (Salim & Keramati, 2014).