DISADVANTAGE OF CRMSome of the main disadvantages of Customer Relationship Management (CRM) occur when professionals do not use software in a way that is beneficial to their organizations. When salespeople neglect to update customer records, for example, the software ends up costing more than it benefits a business. A customer relationship management system that is incorrectly implemented can also cause problems for a business. If an executive decides to implement this kind of system, for instance, but does not include all departments, the information generated by can be inaccurate. Some opponents point to other disadvantages of customer relationship management, such as the depersonalization of sales processes, the difficulties of implementing these systems into preexisting business systems, and the comparatively time consuming tasks associated with retrieving and recording data.Customer relationship management is a strategy that allows sales and marketing professionals to record, access, and track information related to customers and potential clients. This strategy normally requires use of computer programs that allow users to keep records that can help professionals to determine how to sell and market to new clients and how to satisfy current customers. Proponents of customer relationship management believe that is a more cost effective way for service and retail professionals to increase profitability.One of the most commonly cited disadvantages of CRM is that it can lead to dehumanization in sales processes. Instead of learning from firsthand experience which services and products clients prefer, salespeople access information digitally stored in databases. Some professionals believe that selling is most effective when sales professionals are able to appeal to clients at a visceral level.Some critics point to the the technical disadvantages of customer relationship management. In most cases, these systems are implemented into business systems that may already include a complicated network of software and hardware. Some sales professionals have found that customer relationship management systems may not be compatible with other management systems. This can lead to confusion among users, and inconsistent results.One of the most commonly cited advantages of customer relationship management is that it helps organizations cut costs and become more efficient. Detractors, however, believe that the opposite is true. The amount of time it can take for professionals to access and record data is thought by some to be greater than the time it takes to use conventional filing methods. Other detractors point to the time and money required to train employees to use new software.Disadvantages of CRMHowever, despite the significant advantages of CRM, there are several disadvantages: First, a mistaken tool choice may make CRM more complicated. This is why you need to consider in advance what kind of tools would be appropriate to your structure in order to follow its relationship with its customers and prospects. CRM is not easy to put in place, attention must be given to the choice of tools, but also to the effective implementation of CRM process that will be undertaken by the company.Definition of Indian overseas bankian Overseas Bank (Hindi: ) (IOB) is a major bank based in Chennai (Madras), with about 3350 domestic branches, including 1150 branches in Tamil Nadu, 3 extension counters, and eight branches and offices overseas as of 30 September 2014. Indian Overseas Bank has an ISO certified in-house Information Technology department, which has developed the software that its branches use to provide online banking to customers; the bank has achieved 100% networking status as well as 100% CBS status for its branches. IOB also has a network of about 3300 ATMs all over India.IOB has branches in Singapore, Hong Kong, Colombo, Seoul, and Bangkok. It has representative offices in Guangzhou, Vietnam, and Dubai. IOB also is part-owner of a joint-venture bank in Malaysia.The net profit for the quarter ended 30 June 2014 stood at INR 272 Crores. The Business touched INR 4,20,739 Crores(YoY Growth 8.16%) for the quarter ended 30 September 2014. Deposits stood at INR 2,39,223 Crores(YoY Growth 12.47%), CASA stood at 23.76%, Advances stood at INR 1,81,515 Crores(YoY Growth 2.96%) Operating Profit for Q2 14-15 is INR 729 Crores.ntroduction:The facility of Internet Banking is provided only as a convenience to the Customer and the Customer may avail the facility at his own risk. By having an Account with the Bank and/or using of this facility the Customer agrees unconditionally not to contest any transaction carried out or not carried out by the Bank, over Internet Banking, and shall accept the record of the transaction maintained by the Bank, without any demur or protest, and hold the Bank harmless and blameless against any loss, or consequences thereof, arising from any transaction carried out or not carried out over Internet Banking. Against the above background, the Customer can use any services provided by the Bank over Internet. In addition to conditions and features as mentioned elsewhere in the Terms & Conditions, some of the additional conditions and features and the basis on which the Services, are offered by the Bank over Internet are given below:Definitions:In this document the following words and phrases have the meaning set opposite them unless the context indicates otherwise.- Bank refers to IOB, a body corporate constituted under Banking Companies (Acquisition and Transfer of Undertakings) Act 1970 having Central Office at 763, Anna Salai, Chennai-2, Tamil Nadu, India.-Internet Banking is the trade name of the banks Internet Banking service which provides access to account information, products and other services as advised by the Bank from time to time to the Bank's customers through the Internet. Internet Banking, Electronic Banking, E-Banking and Internet Banking services/facility may be interchangeably used.- Customer refers to any person who has an account with the Bank and who has been authorised by the bank to avail of the Internet Banking facility or for any other services.- Account refers to the Customer's Savings and / or Current Account and / or Fixed Deposit and / or any other type of account so designated by the Bank to be eligible account(s) for operations through the use of Internet Banking. An account in the name of a minor or an account in which a minor is a joint account holder, is not eligible to be an Internet Banking account- Personal information refers to the information about the Customer obtained in connection with Internet Banking.- Terms refer to Terms and conditions for use of Internet banking as specified in this document. In this document, all references to the Customer being referred in masculine gender will also include the feminine gender.The technical terms shall be governed by the definitions given under the provisions of the Information Technology Act, 2000.Applicability of Terms:These Terms form the contract between the Customer and the Bank. By applying for Internet Banking and accessing the service the Customer acknowledges and accepts these Terms. These Terms will be in addition to the terms and conditions relating to any account of the customer, agreed by the customer at the time of account opening. In the event of any conflict between these terms and those agreed at the time of opening of such account, these terms will prevail.Application for Internet Banking: The Bank may provide Internet Banking to selected Customers at its discretion. The customer would need to be a current Internet user or should have access to the Internet and knowledge of how the Internet works. Application for Internet Banking has to be made through the online registration. The acceptance of the registration does not automatically imply the acceptance of application for Internet Banking.Software:The Bank will advise from time to time the Internet software such as Browsers, which are required for Internet Banking. There will be no obligation on the Bank to support all the versions of the Internet software. The Customer shall upgrade his software, hardware and the operating system at his cost from time to time so as to be compatible with those of the Bank. The Bank shall be at liberty to change, vary or upgrade its software, hardware, operating systems etc from time to time and shall be under no obligation to support the software, hardware, operating systems of the customer. It shall be the sole responsibility of the customer/user to ensure support for the software/ hardware / operating systems, etc.Where the customer operates from a country other than India, the customer is responsible for complying with the local laws of that country, including (but not limited to) obtaining any license.The customer has to take appropriate measures at his cost to protect his systems from the likes of hackers, virus attacks, etc. Measures include installation of effective anti-virus scanners, firewalls, etc.ow will the entry of new banking players change the banking landscape in India?Challenges of iobThe entry of new banking players may not bring a drastic change in the banking scenario in the country. However, they will be starting to make a perceptible impact. The advantage for these new players may be that they will be able to commence their operations with the support of state-of-the-art technology. By using the latest updated product, they will be able to offer niche products, having an edge over other competitors. Public sector banks will continue to have the advantage of the broad network of branches and ATMs across the country. But, the new banks may also plan to increase their presence in rural areas. Hence, I feel that the new banking players may not be an immediate threat to other existing banks. However, in the long run, they might be giving good competition for others. This will compel all banks to continuously innovate and improve their performance.-OB and Society:

IOB has been committed to and involved in various social causes, the most prominent being women empowerment - the Sakthi IOB Chidambaram Chettiar Memorial Trust and IOB's Promotion of the Agricultural Seed Bank.

The Sakthi IOB Chidambaram Chettiyar Memorial Trust is a public charity trust initiated by the Bank and its Staff Representative organisations in February 1996 in memory of Shri M.Ct.M.Chidambaram Chettiyar, the founder of IOB.

Objective:

To enable women in the lower strata of society to equip themselves with the essential skills and knowledge required for embarking on a career of their choice.

The Sakthi IOB Chidambaram Chettiar Memorial Trust

IOB's Promotion of Pulses Seed Bank is a project in association with M.S.Swaminathan Research Foundation, Chennai for the establishment of Seed Banks in various villages under Dryland farming.

Objective:

Most small and marginal farmers in the rain fed areas pay less attention to cultivating pulses consequently leading to the decline of productivity in this sector. This scheme is intended to increase the production of pulses in dryland farming.

Activities:

The Districts of Ramanathapuram and Pudukottai in Tamil Nadu were chosen for the 1st Phase of this project.

The aim of this project is... To increase the availability of good quality seeds at the right time to the small and marginal farmers The provision of market linkages for pulses Sending in experts from the MSSR Foundation for demonstration of pulses cultivation in the rain fed areas

wards &Accolades > Bank won the Platinum Award for the category Training Excellence HR Award for the year 201112 from the Greentech Foundation, New Delhi. > Bank won I PE BFSI Awards 2013 under three categories namely Best Bank in PSU Sector, Best Bank in Rural Outreach and Best CSR. > Bank has been accorded as the Best Public Sector Bank under Priority Sector lending in Dun &Bradstreet Polaris Financial Technology Banking Awards 2013. > Bank has won the Skoch Awards 2013 for High Availability of WAN and Paperless Board. > Bank has won The Sunday Standard Best Bankers Awards 2013 under three categories namely Best Indian Bank Large, Best Public Sector Bank Large and Best Public Sector Bank Customer Orientation. > Bank was declared Runner up in the ASSOCHAM's Social Banking Excellence Awards 2013. > Bank won Development Leadership Award 2013 under Agriculture Leadership Awards. > Bank won National Award for the inhouse Magazine in Hindi for 201213 First Prize under C Category. > Bank was nominated as winner of FIPS Awards 2013 for the project of integration of Payment Gateway.

> 2 RSETIs were awarded AA ranking and 3 RSETIs were awarded A ranking in RSETI Awards. > CIMSME gave the Bank MSME Banking Excellence Award 2013 in three categories namely Financial Inclusion Award, Jury Award for New Initiatives &MSME Excellence Award (Runner up) > Bank was adjudged as the First Runner Up in the category of Best Use of Business Intelligence among Public Sector Banks in IBA Banking Technology Awards 201213 by Indian Banks Association. > Public Relations Council of India in their Collateral Awards 2013 declared Bank winner for Wall Calendar and CSR Initiatives. > Tamil Nadu Government declared the Bank as the Best Bank Award for Excellence in Credit Linking Self Help Groups for 201112. > Bank won National Award for Outstanding Performance in Implementing PMEGP in South Zone level for 201213. > India Business Journal's IBJ Business Excellence Award 2013 Customer Focus Award. DEFINITION CRMCustomer relationship management (CRM) refers to the practices, strategies and technologies that companies use to manage, record and evaluate customer interactions in order to drive sales growth by deepening and enriching relationships with their customer basesCharacteristics of CRM Relationship management is a customer-oriented feature with service response based on customer input, one-to-one solutions to customers requirements, direct online communications with customer and customer service centers that help customers solve their issues. Sales force automation. This function can implement sales promotion analysis, automate tracking of a clients account history for repeated sales or future sales, and also oordinate sales, marketing, call centers, and retail outlets in order to realize the salesforce automation. Use of technology. This feature is about following the technology trend and skills of value delivering using technology to make up-to-the-second customer data available. It applies data warehouse technology in order to aggregate transaction information, to merge the information with CRM products, and to provide KPI (key performance indicators). Opportunity management. This feature helps the company to manage unpredictable growth and demand and implement a good forecasting model to integrate sales history with sales projections.[7] CRM in developing and maintaining client relationships Increasingly CRM is expanding outside of the core sales and marketing areas and systems are available that incorporate support and finance data also into the CRM view that a user gets, enabling a wider holistic view of a customer from one screen for a user. Customer relationship management systems track and measure marketing campaigns over multiple networks. These systems can track customer analysis by customer clicks and sales.Definitions (2)Add to FlashcardsSave to FavoritesSee Examples1.A management philosophy according to which a companys goals can be best achieved through identification and satisfaction of the customers' stated and unstated needs and wants.2.A computerized system for identifying, targeting, acquiring, and retaining the best mix of customers.Customer relationship management helps in profiling prospects, understanding their needs, and in building relationships with them by providing the most suitable products and enhanced customer service. It integrates back and front office systems to create a database of customer contacts, purchases, and technical support, among other things. This database helps the company in presenting a unified face to its customers, and improve the quality of the relationship, while enabling customers to manage some information on their own.

n Overview of the History of CRM (Customer Relationship Management)While Customer Relationship Management (CRM) can be traced back to the 1980's, the actual term did not come about until the 1990's. One reason that drove the CRM software boom in the 90's was the explosion of technology. As advancements in different database features came about, it paved the way for early CRM adopters to truly improve the CRM software and make it more effective for customers. Some of the earliest companies to really embrace this and invest in the use of CRM software were the banking and telecommunications industry, as so much of their business was customer-related. For them, this was the easiest way to do it. This eventually led to other industries of all shapes and sizes, to get involved in CRM software.It was not always an easy ascent for CRM software though. During the 1990's, the CRM industry ran into a few issues; fees for CRM use were very expensive and the buyers were not getting as much bang for their buck as they would have liked. Customers thought that for what they were paying they should be getting more and were underwhelmed with the finished product they had purchased. This has all changed for the better over the past decade. Not only have developers made CRM simpler to use, but the price has also become less expensive.Over the past two decades, CRM has changed from just a storage base system to evolve in to an all around product that a company can manage every aspect of their business data. Companies can now use CRM software to constantly track customers needs and wants. The numbers follow these statements as well; as of 2007 the annual sales of CRM software had multiplied over eighteen times compared to what it was 10 years prior, in 1997.Many other factors drove the CRM boom, including the enhancements of the Internet. When the Internet came about, this helped companies who were not able to support a full database at their own site. Offsite storage would be easier for many companies, and is also a cheaper investment then on-premise solutions. The emergence of mobile technology has also boosted CRMs as well. Now that CRMs are offering more mobile solutions, more companies want to put CRM to use since it gives them easy access at their fingertips when they are away from their office.With today's CRM solutions, companies are able to incorporate pretty much any section of their company into one database. Whether it be sales, marketing, customer service, support, etc. with today's CRM solutions consumers are able to manage each of those extremely effectively, under just one database. CRM solutions are now a great way to combine your front-office integration with your back-office. This was something that was only dreamed about when the idea of Customer Relationship Management originally came about. Now look how far it has come!Check back with us at the beginning of 2012 to read Part 2 of CRM: Then and Now. Part 2 focuses on the CRM landscape and how it is still ever changing from an On-Premise Solution to a Cloud Solution and how it is affecting the industry.Feature pf crmustomer Relationship Management is a strategy which is customized by an organization to manage and administrate its customers and vendors in an efficient manner for achieving excellence in business. It is primarily entangled with following features:1. Customers Needs- An organization can never assume what actually a customer needs. Hence it is extremely important to interview a customer about all the likes and dislikes so that the actual needs can be ascertained and prioritized. Without modulating the actual needs it is arduous to serve the customer effectively and maintain a long-term deal. 2. Customers Response- Customer response is the reaction by the organization to the queries and activities of the customer. Dealing with these queries intelligently is very important as small misunderstandings could convey unalike perceptions. Success totally depends on the understanding and interpreting these queries and then working out to provide the best solution. During this situation if the supplier wins to satisfy the customer by properly answering to his queries, he succeeds in explicating a professional and emotional relationship with him. 3. Customer Satisfaction- Customer satisfaction is the measure of how the needs and responses are collaborated and delivered to excel customer expectation. In todays competitive business marketplace, customer satisfaction is an important performance exponent and basic differentiator of business strategies. Hence, the more is customer satisfaction; more is the business and the bonding with customer. 4. Customer Loyalty- Customer loyalty is the tendency of the customer to remain in business with a particular supplier and buy the products regularly. This is usually seen when a customer is very much satisfied by the supplier and re-visits the organization for business deals, or when he is tended towards re-buying a particular product or brand over times by that supplier. To continue the customer loyalty the most important aspect an organization should focus on is customer satisfaction. Hence, customer loyalty is an influencing aspect of CRM and is always crucial for business success. 5. Customer Retention- Customer retention is a strategic process to keep or retain the existing customers and not letting them to diverge or defect to other suppliers or organization for business. Usually a loyal customer is tended towards sticking to a particular brand or product as far as his basic needs continue to be properly fulfilled. He does not opt for taking a risk in going for a new product. More is the possibility to retain customers the more is the probability of net growth of business. 6. Customer Complaints- Always there exists a challenge for suppliers to deal with complaints raised by customers. Normally raising a complaint indicates the act of dissatisfaction of the customer. There can be several reasons for a customer to launch a complaint. A genuine reason can also exist due to which the customer is dissatisfied but sometimes complaints are launched due to some sort of misunderstanding in analyzing and interpreting the conditions of the deal provided by the supplier regarding any product or service. Handling these complaints to ultimate satisfaction of the customer is substantial for any organization and hence it is essential for them to have predefined set of process in CRM to deal with these complaints and efficiently resolve it in no time. 7. Customer Service- In an organization Customer Service is the process of delivering information and services regarding all the products and brands. Customer satisfaction depends on quality of service provided to him by the supplier. The organization has not only to elaborate and clarify the details of the services to be provided to the customer but also to abide with the conditions as well. If the quality and trend of service go beyond customers expectation, the organization is supposed to have a good business with customers. Advantages Departmental Integration One thing that hinders an organization's performance and ability to serve a customer is the visibility of data throughout different departments. If a customer calls and speaks on one matter to someone in the sales department and moments later speaks to the billing department, departmental integration reduces the chance a customer is put on hold while the departments speak to each other. Having a CRM streamlines a customer's process from start to finish. Enhanced Customer Service CRMs are a great tool for auditing, trainingand tracking information such as complaint calls. They areuseful in identifying a customers needs. Customer service representatives will have a larger scale of information to better serve a customer. They can view contracts, prior pricing, shipping informationand even personal information about a customer to make it a more personable experience. Improved Sales and Marketing Tactics Witha CRM, an organization's sales team can work more efficiently. They can monitor their pipeline and track the lead-to-saleprocess, review each other's notes on customers and share product and contract information. A manager will be able to better measure productivity by having access to monitor the time the sales team spends on certain activities. This is avaluable tool because a manger can use this information inperformance evaluation of employees.Disadvantages System Integration CRM software may not integrate well with other email and accounting systems. If this is the case, a CRM could prove costly for a company because it is utilizing more resources than originally thought. Companies must evaluate all departments that will be involved in its use before the purchase. ResentmentCRM software's biggest disadvantage is the resentment employees may feel toward the software. Many employees disagree with change. Often, implementing new systems indicate growth or the need for cutbacks to save the company money. Older employees who have used older systems or their own methods may feel offended as though they are not competent in doing their jobs. Once a new system is brought around, it's important for an organization to keepemployees in the loop. A Learning Curve Another disadvantage to a newly implemented CRM software is the learning curve. Either implementing a CRM for the first time or upgrading an older version will require employees to take the time out to learn the system. People fear what they do not know. This may reduce productivityas they become familiar with the new system

What is CRM?CRM stands for Customer Relationship Management. Its French equivalent is GRC (Gestion de la Relation Client) but CRM still is a term well known by francophones to describe this practice.Customer Relationship Management brings together all techniques and tools that are used to enter into relation with customers and prospects, in order to retain them and offer them a product or a service that is most suitable for their needs. So we don't manage customer relationship internally with collaborators or partners.In concrete terms, CRM is managed through a software in which companies provide the following customer's information: last name, first name, telephone number, address, places where the client prefers to purchase, means of payment, average basket, etc. This information helps the company to better focus the client and to send him offers, to provide products and services that meet his needs, by reducing costs.Internally, the company has at its disposition a tool that sets out all the contacts. The use of this contact database can be wide. To be in contact with the customer or prospect, a range of techniques may be employed: Telephone is really convenient to get into the heart of the matter with the person and to directly get his attention, with an exchange. This tool enables you to make up your mind about the customer's needs and requirements and to adjust your arguments in accordance with what the customer says. Having that said, sometimes it can be difficult to break the telephone switchboard and office assistant barriers to contact the right person. Email is a double-edged tool. First of all, you must ensure that you have a valid mailing address that deals with the right person. Then, the email must be neither too short nor too long, and manage to get the attention of its recipient. Finally, this is a tool that doesn't imply response, whether immediate or not. That said, without going into endless descriptions, an email can contain a link, a video introducing the company, the product or the service better than by phone. Direct contact, as well as phone, has the benefit of having the person standing in front of you and getting directly his attention, adjusting the speech in line with what the customer or prospect says. In the case of an appointment, the advantage for the contact of the company is that the client or the prospect is inclined to receive him and thus supply and demand meet.2. What is the purpose of CRM?CRM enables the company to create or keep in contact with the customer or the prospect. In a first step, this allows the company to get known, to make its products and services known. However, the first use of CRM is customer loyalty. With the increasingly stiff competition, to retain customers gets very complicated. In addition, the customer is freer to select his partner companies, products and services. Therefore, it is more costly for a company to gain new customers than to maintain their loyalty. Indeed, a 5% rise customer loyalty rates can increase from 25 to 100% the value of the average customer, according to the Revue franaise de gestion (French Management Review February 2000). In addition, a loyal customer may also recommend the brand name and the company. CRM allows the company to be always present with the customer, to meet his needs, if possible to anticipate these needs and to propose offers that the clients may not have even thought about. Furthermore, customers who feel that they are given special treatment by a company are more likely to deal again with this company for the services delivered to them.Customer relationship management is a tool that can also serve as quality service. Following the sale of the product or service, it may be a good idea to turn to the customer in order to realize his satisfaction with his product expectation and with what has been delivered to him. This approach enables the company to review its technical practice, marketing or selling techniques in order to better correspond to the customer's expectations, in cases in which he would have been disappointed, to make an offer to compensate him and to remain a company present in his customer's life. Today, new means of communication such as social media are good tools to discuss, to nurture the relationship with the customer and to measure his satisfaction.3. Advantages of CRMThe advantages of carrying out a proper business CRM are many and varied:- First of all, it is a good way to expand the customer's portfolio. By contacting prospects, it is most likely that many of them are interested in the company activity, in its products and services. It is obvious that if the company does not initiate a process to go towards the customer, then the customer will not come to the company, unless he experiments a specific and urgent need. Naturally, CRM offers the advantage of gaining customer loyalty. As stated above, loyalty is less costly for a company and the loyal customer becomes a professional recommendation of the company and its services. Furthermore, the company can promote the work it has done for its customers in order to approach prospects. It is always more convincing to present a work carried out rather than to rely on our own theoretical expertise. A good CRM associated with a good tool ensures companies to have a good view over the list of customers and prospects, to know where it stands with relationship management, when to contact them again, etc. Furthermore, an improved customer and prospect insight ensures a better and more targeted communication. CRM also ensures enhanced productivity. By fostering customer's loyalty, the company spends less time acquiring new customers and saves then time on other projects.4. Disadvantages of CRMHowever, despite the significant advantages of CRM, there are several disadvantages: First, a mistaken tool choice may make CRM more complicated. This is why you need to consider in advance what kind of tools would be appropriate to your structure in order to follow its relationship with its customers and prospects. CRM is not easy to put in place, attention must be given to the choice of tools, but also to the effective implementation of CRM process that will be undertaken by the company.5. Tools for a proper CRMTherefore, to manage your customer relationship, you need to be well equipped. There is a multitude of structures that offer such tools. Nevertheless, some suit best certain types of structures and companies than others. For example, TALCOD offers a tool that ensures a CRM based on an open source software called civiCRM and originally created for associations and NGOs. Therefore, the contact and relationship manager offered by TALCOD enables you to manage a large contact database, to send personalized and targeted mailings, but also to manage events online (creation, invitations, client reminders online) and to manage membership.