System Overview

IVK: Customer Relations Management

TA2: System Review

Contributors:

Jeremiah Clinchoc, Scott Sieber, Evan Fraundorfer, Jonathan Hanna, William D’Andrea

The primary intended purpose of a customer relationship management system is to manage all relevant sales, communication, analytics, and reporting relating to a company’s relationship with its customers to ensure that they receive the maximum benefit from a company’s products.  According to Brown (2017), if a company has a clear vision of what they stand, a CRM will help them obtain this vision by connecting with their customers on a personal level.  In considering these different factors and the needs of IVK, the OnSite Customer Relationship Management (CRM) system would fit the needs of the business.  Their philosophy states, “With a plethora of data and decades of experience, we have developed a cloud-based platform that is current, dynamic, and efficient to keep up with the fast-paced world of today’s business” (Onsite CRM, 2017).

URL: https://www.onsitecrm.com/company/

Customer relationship management is a crucial function in the ever-evolving landscape of business competition. Today, this system plays an important role in the acquisition, loyalty, and satisfaction of customers. Implementing a CRM system will allow IVK to store and manage customer information and gain a more focused understanding of their needs, evaluate their concerns, and identify opportunities. This system not only manages relative information, but it tracks their interaction with IVK. In turn, IVK will have a system full of Intel and will provide a more streamlined experience for its customers. Providing this improved experience will allow for increased customer retention and lead to more business. According to Anand, Begonha, and Caldo (2015), having a strong IT application in customer relationship management has a strong correlation to profit margin along with four other categories.   

            Furthermore, based on the review of IVK’s financials, they have substantially increased their revenue, but their net income has decreased. Therefore, they need to find ways to deplete their expenses. Having a CRM system will provide IVK with a more targeted marketing strategy, evaluate possible issues in the customer acquisition line, and allow them to become more efficient. These factors provided by the CRM system will help IVK grow in a more financially healthy way.

IVK is a company that is struggling to stay relevant in the rapidly changing business world of loan funding. IVK’s struggles are present by the firing and hiring of new management teams including the new CIO Barton (Austin, Nolan, & O’Donnell, 2016). As a result, Barton needs to find new ways to make the company relevant and be a strong competitor again. If Barton takes advantage of using onsite CRM to manage IVK, the process of collecting documents, managing loan updates, improving work productivity, increasing customer relationships, and increasing opportunities to become more mobile all become viable possibilities. In conclusion, if Barton invests in the OnSite Customer Relationship Management system, IVK will have an opportunity to be modernized, efficient, and harness cost-effective IT (Onsite CRM, 2017).

References

Book:

Austin, R., Nolan, R., & O’Donnell, S. (2016). Chapter 1: The New CIO. In The Adventures of an IT Leader (pp. 7-24). Boston, MA: Harvard Business Review Press.

IT related News letter:

Brown, C. (2017, April 24). Too Many Executives Are Missing the Most Important Part of CRM. Retrieved September 26, 2017, from https://hbr.org/2016/08/too-many-executives-are-missing-the-most-important-part-of-crm

Anand, A., Begonha, D., & Caldo, G. (2015, December). Lessons from Digital Telcos: Five initiatives to improve business performance. Retrieved from http://www.mckinsey.com/industries/telecommunications/our-insights/lessons-from-digital-telcos-five-initiatives-to-improve-business-performance

URL:

Onsite CRM. (n.d.). Retrieved September 22, 2017, from https://www.onsitecrm.com/company/