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Customer Relationship Management (CRM):

Customer Relationship Management is a business philosophy that provides a customer-centric view of the business process. CRM emphasizes optimizing the lifetime value of a customer. It is supported by information systems that allow companies to integrate every touch point of the customer experience - what is called a 360 view of the customer. The CRM system allows members of the sales department to view customer interactions with the support department, the marketing department to see sales outcomes, and allows the support department to see past and projected sales activity. With CRM, online contacts (web visits, email correspondence, etc.) are an integral part of customer communications, and are tracked right alongside phone, mail and meeting notes. In its full expression, CRM is integrated with accounting, allowing all authorized personnel to be aware of finance status and terms, regardless of department. CRM systems usually present a "dashboard" view of customer status. The dashboard enables each staff member who communicates with a client to understand the total value of the customer, any outstanding support issues, and the current step of the sales cycle.