Customer Relationship Management

Running head: CUSTOMER RELATIONSHIP MANAGEMENT 1

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CUSTOMER RELATIONSHIP MANAGEMENT 2

Customer Relationship Management

Customer relationship management refers to strategies, terminologies, and practices that

organizations embrace to analyze and manage data and customer relations all through the

consumer lifestyle with the aim of strengthening business interactions with consumers driving and

retaining customers(Propa, Banwet & Goswami, 2015).

Balanced Score Card

According to Ibrahim (2015), Balanced Scorecard refers to a strategy performance

supervision tool or semi-standard designed report that is supported by automation tools as well as

design methods that managers embrace to maintain track of the implementation of activities by the

personnel within their reach to monitor and control the arising consequences of the activities.

Basically, the term balanced scorecard means a performance management report that the

management team uses. The tool enables the management team to focus on handling the

implementation of operational activities or a strategy. The balanced scorecard can also be used by

individuals in tracking their personal performance even though this is not commonly applicable.

The balanced scorecard has the following characteristics that define it. The characteristics include:

The balanced scorecard lays focus on the strategic agenda of the concerned firm. The balanced

scorecard also has the choice of data items that should be monitored. It also has a combination of

non-financial and fiscal data items (Propa, Banwet & Goswami, 2015). The balanced scorecard is

a very good example of cybernetic control that is applied to the administration of strategy

implementation or closed-loop controller. Cybernetic control or closed-loop controller refers to

where the real performance is measured and the value that was measure is then compared with a

CUSTOMER RELATIONSHIP MANAGEMENT 3

reference figure. Therefore, in the strategy management context, the features of the balanced

scorecard should be derived from the firm’s strategy and they should portray the ability to monitor

the firm’s performance and later intervene. Currently the balanced scorecard has turned out to

become a fundamental component of the planned approaches CSR (Ghawana et al., 2016).

Value chain

Value chain refers to a set of actions that an organization that is running in a particular

industry undertakes for it to provide valuable services or products. Value chain arose from business

management and was popularized and described in 1985 (Ghawana et al., 2016). The issue of value

chain is founded on the process view of firms where manufacturing companies are viewed as

systems that are buildup of mini- systems that have inputs, outputs as well as transformation

processes that entail the consumption and acquisition of resources. The manner in which value

chain activities are undertaken affects profits and defines costs (Ghawana et al., 2016). A

company’s value chain makes part of the big stream of undertakings which are referred to as value

system. A company’s value chain or value system comprises of sullies which provide necessary

inputs to the organization together with the value chains. After the company manufactures the

inputs to products, the products are taken to the value chains of suppliers down to consumers

(Ghawana et al., 2016).

Cloud computing

Cloud computing is also called line computing. It refers to a type of internet oriented

computing which provides data as well as mutual processing resources to PCs and other services

that have been demanded (Hashem et al., 2015). Cloud computing enables firms to emphasize on

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their core businesses and it helps the firms to spend less on IT infrastructure as well as

maintenance. Cloud computing helps companies to minimize or avoid costs that are incurred in

upfront computer infrastructures. Additionally, cloud computing allows applications of companies

to run faster with less maintenance costs and advanced manageability. Therefore, this makes IT

teams of organizations to adjust resources rapidly to meet the unpredictable and fluctuating

demand.

According to Propa, Banwet & Goswami (2015), the central importance here shows the

relationship that underlies between people as well as communication of receiving commodities in

the market, quality assurance and assurance of commodities that are demanded highly via

consumer relationship management. The consumer plays an important role in the marketing sector.

On the other hand, the consumer is the final user of the commodity. The consumer buys products

for his family and purposes. Therefore communication plays a fundamental function in the

consumer association administration.

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References

Ghawana, T., Bennett, R., Oliveira, J., Zevenbergen, J. A., Paixão, S., & Carneiro, A. F. (2016).

Applying the knowledge innovation value chain model to land administration research. In

Proceedings of FIG working week 2016: recovery from disaster, 2-6 May 2016,

Christchurch, New Zealand.

Hashem, I. A. T., Yaqoob, I., Anuar, N. B., Mokhtar, S., Gani, A., & Khan, S. U. (2015). The

rise of "big data" on cloud computing: Review and open research issues. Information

Systems, 47, 98-115.

Ibrahim, M. (2015). Investigating the use of the four perspectives of balanced score card (BSC)

as technique for assessing performance by Nigerian banks. Journal of accounting and

taxation, 7(4), 62.

Propa, G., Banwet, D. K., & Goswami, K. K. (2015). Sustainable Operation Management Using

the Balanced Score Card as a Strategic Tool-A Research Summary. Procedia-Social and

Behavioral Sciences, 189, 133-143.

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