CRM helps businesses build a relationship with their customers that, in turn, creates loyalty and customer retention.
A business application is a collection of components that provides a business functionality that you can use internally, externally, or with other business applications.
You can create business applications of individual components, which are related to each other.
For example, Order Management, Inventory Management, and Billing are business applications that might use individual components such as a Java EE application server, LDAP, and a database that runs on the Solaris server.
CRM stands for customer relationship management. It's a category of integrated, data-driven software solutions that improve how you interact and do business with your customers. CRM systems help you manage and maintain customer relationships, track sales leads, marketing, and pipeline, and deliver actionable data.
CRM solutions increase your profitability by streamlining administrative processes in your sales, marketing, and service divisions, and letting you focus on building and maintaining the customer relationships that matter. A strong CRM solution is a multifaceted platform where everything crucial to developing, improving, and retaining your customer relationships is stored. Without the support of an integrated CRM solution, you may miss growth opportunities and lose revenue because you’re not optimizing your operating processes or making the most of your customer relationships or sales leads.
Imagine misplacing customer contact information, only to learn that your delay resulted in losing your client to a competitor. Or, picture your top two salespeople pursuing the same prospect, resulting in an annoyed potential customer and some unfriendly, in-house competition. Without a centralized and automated CRM system, your people can lose track of customer interactions and miss business opportunities.