On the other hand, a CRM is also used as a data repository, but the functionality differs. As the business grows, additional modules are added. When building a centralized data hub, companies typically start by acquiring some of the ERP modules that help the back-office teams with accounting, finance, human resources (HR), logistics, supply chain, and procurement. This enables each department to share error-free information to streamline business processes and optimize sectors to lower the overall upkeep costs. Although CRM and ERP tasks overlap at times, they support different business functions.Īt its core, ERP focuses on connecting a business’s financial and operational activities through a centralized database. Many believe that if you already have Enterprise Resource Planning (ERP), you don’t need a CRM. What Is the Difference Between CRM and ERP? However, this is only a broad description of a CRM and is often compared to an ERP. When interpreting from its name only, Customer Relationship Management (CRM) is often defined as software that manages “relationships” between a company and existing or potential clients. What Is a Customer Relationship Management Tool? This white paper will help you understand what a CRM tool is, how it can help you become more productive, and guide you in choosing the perfect solution for your needs. In a world where time equals money, you need to empower your sales representatives with a sales tech stack like a CRM so they can work more efficiently on their primary task: closing deals. Sales teams feel overwhelmed by the high burden of administrative tasks, such as maintaining sales records and seeking multiple deal approvals for their pipelines. This includes the broad spectrum of lead generation, sales management and forecasting, data organization, team management, and other tasks.Ī lot of work demands a lot of effort, contributing to 90% of sales professionals feeling burned out. We aren’t just talking about the actual time your salespeople spend with a customer in meetings, but the process beyond that. And with more competitors in the game, buyers become more skeptical and are easily swayed if you can’t build trust with them.īuilding customer relationships is labor-intensive and time-consuming. ![]() In fact, if you start a business today (2023), you will have 15.8 times more competitors than a decade ago. Markets are crowded, and growth is a challenge. Now that you have got the primer on CRM tools and a checklist of features, let’s head to the list.This may be old sales jargon, but today, the premise is even more accurate.
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