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Hub You - The History of CRM -- Moving Beyond the Customer Database
Are you familiar with dialysis? If not, dialysis is the medical term for cleaning up the waste within your blood whenever your kidney starts to break down and is incapable of sanitizing your blood system. If you’ve undergone the procedure, you know that it is not a one-time process that solves the problem. In fact, once your body starts requiring dialysis, chances are, until you get a kidney transplant, you will be dependent on this process for the rest of your life. It is a recurring process and a very expensive one. Kidney transplant, though the best solution, is not an easy option. There are many patients worldwide who are in line waiting for a kidney donor. The easiest way for you to get a donor, is if you have a relative who is willing to donate a kidney. Once the kidney has been transplanted, there is a chance of rejection is the new kidney is not compatible with your body. In this case, the organ is rejected and dialysis is started againAs you can see, dialysis is a very costly process, but a very important process as it means life and death for the patients. Since this is a very specialized task, there are requirements for specialized people (traveling nurses) who help execute the process. Chances are, if you live in the United States or in Canada, you’ve heard of traveling nurses. With the recent decline in the number nurses in Northern America, hiring traveling nurses is on the rise and are quick fixes for major shortages in health care throughout the US and Canada.Traveling dialysis nurses are one of the most sought after specialized nurses needed right now. Given the severity of the process and the impact the process of dialysis has on a patient, hospitals and medical facilities are willing to offer irresistible compensation for the services of such nurses. If you are a dialysis nurse, then becoming a traveling nurse with this specialized knowledge will be beneficial for you.
The Internet provided a huge boon to the development of these huge databases by enabling offsite information storage. Where before companies had difficulty supporting the enormous amounts of information, the Internet provided new possibilities and CRM took off as prov
Recognise and focus on the HighsMaking a list of all of your career achievements no matter how large or small will help you to stay positive and motivated. Stick the list up on a wall so that you can look at it any time that you need to be reminded of all the great things that you have done in your job and career.Set Long Term and Short Term Career GoalsSetting clear long a short term career goals you will keep you focused even in low times because you will see the big picture and what you are working towards and that you are getting there even if it is not fast enough. In addition by setting goals you can identify in advance any possible career obstacles and make a plan of action to overcome those obstacles before they become a career block.Get a MentorFinding a mentor is a great way to overcome a career slump because your mentor can inspire you with their successes and assist you in building your career and overcoming obstacles. You will also benefit by learning from their experiences including the mistakes that they may have made so that you don’t have to experience them for yourself. Another advantage is that a mentor may be able to assist you in building a network of contacts.CommitJust as it can be hard to commit to a lifetime relationship with one partner it can also be hard to commit to one clear well defined career direction. But take the plunge, it is worth it! Firstly do your research by finding out about all of your career options and when you think you have played the field enough then focus on and commit to the one career that is the best fit for you.SalesmanshipWhatever you do in your career and life remember that you are also a sales person. Sell yourself to your employer by doing a great job so that you win promotions and payrises. Sell yourself to your internal and external clients by being friendly, available and caring so that they praise your work to management. Sell yourself to yourself to stay motivated by regularly reviewing your list of career highs.
In the last several years, however, newer software systems and advanced tracking features have vastly improved CRM capabilities and the real promise of CRM is becoming a reality. As the price of newer, more customizable Internet solutions have hit the marketplace; competition has driven the prices down so that even relatively small businesses are reaping the benefits of some custom CRM programs.
In the beginning…
The 1980’s saw the emergence of database marketing, which was simply a catch phrase to define the practice of setting up customer service groups to speak individually to all of a company’s customers.
In the case of larger, key clients it was a valuable tool for keeping the lines of communication open and tailoring service to the clients needs. In the case of smaller clients, however, it tended to provide repetitive, survey-like information that cluttered databases and didn’t provide much insight. As companies began tracking database information, they realized that the bare bones were all that was needed in most cases: what they buy regularly, what they spend, what they do.
Advances in the 1990’s
In the 1990’s companies began to improve on Customer Relationship Management by making it more of a two-way street. Instead of simply gathering data for their own use, they began giving back to their customers not only in terms of the obvious goal of improved customer service, but in incentives, gifts and other perks for customer loyalty.
This was the beginning of the now familiar frequent flyer programs, bonus points on credit cards and a host of other resources that are based on CRM tracking of customer activity and spending patterns. CRM was now being used as a way to increase sales passively as well as through active improvement of customer service.
True CRM comes of age
Real Customer Relationship Management as it’s thought of today really began in earnest in the early years of this century. As software companies began releasing newer, more advanced solutions that were customizable across industries, it became feasible to really use the information in a dynamic way.
Instead of feeding information into a static database for future reference, CRM became a way to continuously update understanding of customer needs and behavior. Branching of information, sub-folders, and custom tailored features enabled companies to break down information into smaller subsets so that they could evaluate not only concrete statistics, but information on the motivation and reactions of customers.
The Internet provided a huge boon to the development of these huge databases by enabling offsite information storage. Where before companies had difficulty supporting the enormous amounts of information, the Internet provided new possibilities and CRM took off as provi
Retail shops are nearly always teeming with people. They come in a large number and on a busy day, during peak hours, it might become almost impossible to deal with so many customers. The task of managing accounts in such a situation can be really tough due to the sheer variety of the products people buy.Therefore, for a retail shop owner it is very important that he knows what has been sold for how much and when so as to keep his business profitable. It is to assist such business owners that the computer programming wizards have come up with a number of retail business accounting software that have made accounting far easier than ever it was.The software is made keeping in mind the necessity of a shop owner to know exactly how much stock is there in the shop and how much has been sold. The monitoring of this kind helps one understand which product is selling well and on what occasions. This further helps the business owners decide which products must always be in stock and which do not sell. Besides, it also helps one know which ones sell on all occasions and which ones are occasion specific. The information helps the business owners invest wisely to maximize their profits.Retail business accounting software is tailor made to take into consideration the criteria that are considered important by the retail business industry. All you have to do is to fill the required data and processing is done by the software on its own, after which a set of statistics are displayed. The only thing left for the business owners to do is understand the statistics as best as he can and take his decisions.The software removes the laborious manual computations that the businessmen of yesteryears had to necessarily perform to make sound business judgments. So, now you only have to be a sound businessman to succeed. The requirement of your being something of a statistician has been ruled out by retail business accounting software. Just ensure that you buy a reasonably user friendly software so that you are not bogged down by software technicalities. The rest is easy.
In the beginning…
The 1980’s saw the emergence of database marketing, which was simply a catch phrase to define the practice of setting up customer service groups to speak individually to all of a company’s customers.
In the case of larger, key clients it was a valuable tool for keeping the lines of communication open and tailoring service to the clients needs. In the case of smaller clients, however, it tended to provide repetitive, survey-like information that cluttered databases and didn’t provide much insight. As companies began tracking database information, they realized that the bare bones were all that was needed in most cases: what they buy regularly, what they spend, what they do.
Advances in the 1990’s
In the 1990’s companies began to improve on Customer Relationship Management by making it more of a two-way street. Instead of simply gathering data for their own use, they began giving back to their customers not only in terms of the obvious goal of improved customer service, but in incentives, gifts and other perks for customer loyalty.
This was the beginning of the now familiar frequent flyer programs, bonus points on credit cards and a host of other resources that are based on CRM tracking of customer activity and spending patterns. CRM was now being used as a way to increase sales passively as well as through active improvement of customer service.
True CRM comes of age
Real Customer Relationship Management as it’s thought of today really began in earnest in the early years of this century. As software companies began releasing newer, more advanced solutions that were customizable across industries, it became feasible to really use the information in a dynamic way.
Instead of feeding information into a static database for future reference, CRM became a way to continuously update understanding of customer needs and behavior. Branching of information, sub-folders, and custom tailored features enabled companies to break down information into smaller subsets so that they could evaluate not only concrete statistics, but information on the motivation and reactions of customers.
The Internet provided a huge boon to the development of these huge databases by enabling offsite information storage. Where before companies had difficulty supporting the enormous amounts of information, the Internet provided new possibilities and CRM took off as prov
Quality credentialing verification organizations (CVO’s) create an environment beyond simply generating credentialing reports for medical providers. A CVO with good customer service responds quickly to questions; has trained staff that is assigned to a particular client; can streamline the credentialing process; has good technology resources; and offers extra support, such as internal audits and tracking license renewals. An emphasis on customer service means that the CVO can supply substantive information and support to establish a true working relationship with a medical organization.There are five areas of a CVO’s customer service to consider: flexible credentialing processes which can be adapted in response to client needs; a range of quality services; quick responses to clients; individual support; and solid technology practices. Although some service points, such as a fast response to questions, can seem small, these areas display the quality of the CVO, which will define the long-term relationship between the CVO and its clients.Adapting credentialing services to client needs. CVOs should be responsive to their clients’ needs. The CVO should be accredited by either accrediting organization: National Committee for Quality Assurance (NCQA) or the Utilization Review Accreditation Councile (URAC) or comply with their credentialing standards. In addition, the CVO should add new credentialing standards for their clients and should also be able to adapt their credentialing processes by adding special criteria or using a subset of criteria. This flexibility includes making recommendations to streamline processes and working with clients to determine what they need rather than following a preset checklist.Individualized support and quality controls. Individualized service means that there is a dedicated representative for each client. There should be a known manager to handle difficult situations and an established route to lodge complaints. All personnel should be trained to perform credentialing reports according to the accrediting organization’s standards.There should also be an established quality control system and regular internal audits for managing feedback, rewarding good service, and evaluating bad practice.
Advances in the 1990’s
In the 1990’s companies began to improve on Customer Relationship Management by making it more of a two-way street. Instead of simply gathering data for their own use, they began giving back to their customers not only in terms of the obvious goal of improved customer service, but in incentives, gifts and other perks for customer loyalty.
This was the beginning of the now familiar frequent flyer programs, bonus points on credit cards and a host of other resources that are based on CRM tracking of customer activity and spending patterns. CRM was now being used as a way to increase sales passively as well as through active improvement of customer service.
True CRM comes of age
Real Customer Relationship Management as it’s thought of today really began in earnest in the early years of this century. As software companies began releasing newer, more advanced solutions that were customizable across industries, it became feasible to really use the information in a dynamic way.
Instead of feeding information into a static database for future reference, CRM became a way to continuously update understanding of customer needs and behavior. Branching of information, sub-folders, and custom tailored features enabled companies to break down information into smaller subsets so that they could evaluate not only concrete statistics, but information on the motivation and reactions of customers.
The Internet provided a huge boon to the development of these huge databases by enabling offsite information storage. Where before companies had difficulty supporting the enormous amounts of information, the Internet provided new possibilities and CRM took off as prov
With the lack of nurses in the United States and Canada, hiring has actually extended to the international scene. There are hospitals and companies that have started recruiting from the Philippines, South Africa, United Kingdom, Canada, Australia, New Zealand, India and others.If you are from one of these countries and are interested in working in the US or Canada as a traveling nurse, there are certain credentials that you will have to meet. You have to be a graduate from a 3-year general nursing accredited university. You must have basic background in adult clinical medicine, adult clinical surgery, pediatrics, midwifery and psychiatric care. You should also possess a nursing license in your home country, and you must qualify for a US Visa without any criminal records. In addition, you need to pass three exams: Test of English as a Foreign Language (TOEFL), with a 540 score or higher; Test of Spoken English (TSE), with a 50 score or higher and Test of Written English (TWE), with a 4.0 score or higher. If you originate from Australia, Canada (with the exception of Quebec), Ireland, New Zealand and the United Kingdom, it is no longer necessary for you to take the English-related exams.Traveling nurses are paid higher than the usual nursing staffs, especially if you come from a third world country. The benefits for you are exponentially higher than those you would get from your own country. Aside from the financial benefits, you usually receive a comprehensive health, life, dental and vision insurance, housing benefits and other amenities. All your official trips can be reimbursed. You can also take advantage of continued education allowances and retirement plans. Joining the pool of traveling nurses opens you up to a whole lot of job opportunities.
True CRM comes of age
Real Customer Relationship Management as it’s thought of today really began in earnest in the early years of this century. As software companies began releasing newer, more advanced solutions that were customizable across industries, it became feasible to really use the information in a dynamic way.
Instead of feeding information into a static database for future reference, CRM became a way to continuously update understanding of customer needs and behavior. Branching of information, sub-folders, and custom tailored features enabled companies to break down information into smaller subsets so that they could evaluate not only concrete statistics, but information on the motivation and reactions of customers.
The Internet provided a huge boon to the development of these huge databases by enabling offsite information storage. Where before companies had difficulty supporting the enormous amounts of information, the Internet provided new possibilities and CRM took off as prov
I had a discussion with Erik Lie about the experiences with Stock Options Backdating (SOBD) and the economic impact of his work. According to Erik, at least 15% of the stock options grants between 1996 to August, 2002,were backdated. Some were within 30 days of the grant date, others more egregious. The number of companies though he said that were going to come clean would be far less than 15%. Here is what we came up with.First the assumptions:1. # of companies that actually are investigated or asked by the SEC (currenty June 03 is 42) by June 2006 = 1002. # of companies that will complete the 3 step process of preliminary investigation, comprehensive audit and finally restatement of results (approximately at 30-50%) = 403. Approximate amount of time spent performing the initial investigation = 4-6 weeks.4. Approximate time spent doing comprehensive audit = 20-32 weeks5. Costs in back taxes, delisting, restatement, defending lawsuits & fines = 30% of cumulative value of option grants6. Size of company assumed on average: $500M in revenues, 2500 employees, 25+ grants under inquiry7. Grant value net = $15M per incidentIf you want to do your own analysis (how much will this cost my company), feel free to use some of these estimations.# Expense Item Description Cost1 Initial Investigation Typically done by Board & Audit team $1.5 M 2 Communication expenses Economic impact of communication loss to company $4M 3 Audit fees Formal investigation fees for auditors $30M 4 Restatement costs Includes delisting, cost of documentation, $9 M 5 Taxes and fines Back taxes owed to IRS, Fines by SEC $15 M 6 Legal fees Defending lawsuits on backdating $20M Subtotal For each company, $500M revenue $79.5M Assuming 50 companies Completely go over the end to end process $3.975BAssuming remaining companies Remaining companies only go over steps 1 & 3 $1.75 BThe other part of the economic impact stems from losses in market capitalization. If you estimate currently (42 companies) lost over $63 Billion in Market capitalization (United Healthcare itself accounted for over 30% of this number) over the last 9 months. Assume that will be 50% less (since the bad news is out) for the rema
The Internet provided a huge boon to the development of these huge databases by enabling offsite information storage. Where before companies had difficulty supporting the enormous amounts of information, the Internet provided new possibilities and CRM took off as providers began moving toward Internet solutions.
With the increased fluidity of these programs came a less rigid relationship between sales, customer service and marketing. CRM enabled the development of new strategies for more cooperative work between these different divisions through shared information and understanding, leading to increased customer satisfaction from order to end product.
Today, CRM is still utilized most frequently by companies that rely heavily on two distinct features: customer service or technology. The three sectors of business that rely most heavily on CRM -- and use it to great advantage -- are financial services, a variety of high tech corporations and the telecommunications industry.
The financial services industry in particular tracks the level of client satisfaction and what customers are looking for in terms of changes and personalized features. They also track changes in investment habits and spending patterns as the economy shifts. Software specific to the industry can give financial service providers truly impressive feedback in these areas.
Who’s in the CRM game?
About 50% of the CRM market is currently divided between five major players in the industry: PeopleSoft, Oracle, SAP, Siebel and relative newcomer Telemation, based on Linux and developed by an old standard, Database Solutions, Inc.
The other half of the market falls to a variety of other players, although Microsoft’s new emergence in the CRM market may cause a shift soon. Whether Microsoft can capture a share of the market remains to be seen. However, their brand-name familiarity may give them an edge with small businesses considering a first-time CRM package.
PeopleSoft was founded in the mid-1980’s by Ken Morris and Dave Duffield as a client-server based human resources application. In 1998, PeopleSoft had evolved into a purely Internet based system, PeopleSoft 8. There’s no client software to maintain and it supports over 150 applications. PeopleSoft 8 is the brainchild of over 2,000 dedicated developers and $500 million in research and development.
PeopleSoft branched out from their original human resources platform in the 1990’s and now supports everything from customer service to supply chain management. Its user-friendly system required minimal training is relatively inexpensive to deploy. .
One of PeopleSoft’s major contributions to CRM was their detailed analytic program that identifies and ranks the importance of customers based on numerous criteria, including amount of purchase, cost of supplying them, and frequency of service.
Oracle built a solid base of high-end customers in the late
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