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CRM is a mix of strategy and technology. It uses data to increase sales and help customers understand. Its success depends on the business creating an explicit plan for how to use the CRM tools, and then implement that plan across the entire company.

CRM is a software tool which allows businesses to keep track of customer and prospect information, monitor interactions and automate marketing campaigns and create reports. It lets businesses communicate and connect with their customers and prospects through a variety, including text messages, email and other social media platforms.

While many think of CRM as a sales tool but the reality is that it can be used by any department in the business. For instance the billing department could use CRM to track sales commissions and contracts, as well as review them and compare projections to actual revenues. And the marketing department can use it to determine patterns and opportunities to better target potential customers.

Sales teams create a flood of data every time they meet with an individual customer, meet with the new prospect, or follow up on a lead. Traditionally, this data went into analogue or unconnected devices like laptops and notebooks or was merely stored in team members in their heads. CRM systems allow data to be collected and stored in a central repository that is instantly shared with all employees of the company regardless of the channel they use.

The most advanced CRMs are now integrated with AI and machine learning to interpret the data and provide actionable insights for each opportunity. This way, businesses can optimize their customer experience, increase engagement, and increase retention and loyalty.