CRM (Customer Relationship Management)
Definition:
CRM is software used to manage interactions with customers before, during, and after a sale.
Purpose
- Manage customer information.
- Track leads and sales.
- Handle customer support.
- Improve customer satisfaction.
- Features
- Customer database
- Lead management
- Sales tracking
- Email and phone communication
- Customer support (tickets)
Example
A customer buys a laptop.
CRM stores:
- Customer name
- Phone number
- Purchase history
- Support requests
This helps the company provide better service.
Companies using CRM
- Banks
- E-commerce companies
- Telecom companies
- Insurance companies
- Popular CRM Software
- Salesforce
- Zoho CRM
- HubSpot CRM
- Microsoft Dynamics 365 CRM
ERP (Enterprise Resource Planning)
Definition:
What is an ERP system?
Enterprise Resource Planning (ERP) is a type of software used by companies of all sizes to integrate core parts of their business processes. Connecting business processes allows companies to streamline their processes and data across organizations, gaining better visibility and improving reporting and decision making. It enables automation and improves business processes resulting in increase productivity and saving costs.
ERP software is mainly focusing on back-end departments and processes of a business such as:
- Finance
- Purchasing
- Procurement & Sourcing
- Supply Chain
- Manufacturing
- Sales
Benefits of ERP system
Since digitalization is a big part of every industry, ERP strategy became at the heart of every company’s digital transformation regardless of the size and industry of a company.
And because ERP system can connect your business core process, it brings many benefits for your company. The primary benefits of implementing a robust ERP system are:
Improved and Speed Up Reporting: Manually pulling data from different sources and combining it not only requires a lot of your time but as your company grows it will require more workforce, thus, more prone to making mistakes and still not having all the data. ERP system centralizes your data into one database and helps you to create reports near real-time.
Streamlined Processes: Because ERP connects your departments, it helps you to streamline day-to-day business tasks easily and quickly with powerful workflows and automation. This can include common tasks such as automatic approval requests, PO to SO, and others. This is especially important when your company grows and processes become more complex.
Increased Productivity: One of the top benefits of an ERP system is increased productivity. Many employees will be able to complete their tasks using only one app, which reduces wasted time between switching the apps. It also helps automate repetitive and manual tasks and so much more.
Increase Collaboration: ERP software also improves your collaboration across departments which also results in increase productivity. Having a centralized database for your business enables employees to easily pull data and quickly share it with their coworkers. This also reduces human andmiscommunication errors.
Cost Saving: Can come in many different forms. For example, ERP can help your employees, do more with less, thus avoiding extra hires to manage the increased workload. Another great example is better inventory planning and management to ensure you always have the right amount of stock to avoid too much stock, too little stock, or a longer lead time. The cost-saving benefits are endless.
Better Inventory Management: ERP does a great job of helping with automating tedious and manual inventory tasks, predicting and planning stock orders, tracking inventory turnover, and saving business costs by better managing your entire inventory and supply chain.
Detailed Analytics & Insights: Because ERP works as a centralized database it helps provide you with detailed analytics and transform them into actionable insights with the power of AI. Thus, enabling you to collect and analyze a large amount of data across different sources and get information to make the right decisions.
Reference : https://adynamics.com.my/erp/erp-vs-crm/
Top comments (0)