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MNG03218 Benefits of implementing Customer Relationship Management

26 Pages5863 Words301 Views
   

Southern Cross University

   

Managing Information Systems (MNG03218)

   

Added on  2020-05-28

MNG03218 Benefits of implementing Customer Relationship Management

   

Southern Cross University

   

Managing Information Systems (MNG03218)

   Added on 2020-05-28

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Running head: RESEARCH PROPOSALAssignment 2: Research Proposal- Benefits of implementing Customer RelationshipManagement (CRM) system in Business process of Macquarie GroupName of the Student:Name of the University:
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1RESEARCH PROPOSALCover letter to sponsorToCommonwealth BankSugarbird Lady Rd, Perth Airport WA 6105, AustraliaDate: 8th January, 2018Subject:Request to give fund for implementation of CRM system in business process ofMacquarie GroupRespected Sir,Macquarie Group is a financial and banking organization aims to implement of CRM system aswe have identified some issues into the manual business process of our organization. Due to ourmanual process, we have faced issues of loss of customer and therefore our productivity is alsoreduced. The CRM system helps our financial service to gain more productivity and profitabilityby attracting more customers. We have provided cost benefit analysis to analyze if the projectwill provide benefit or loss of our organization. In order to implement the proposed system, werequire some fund of $5 million. If you are interested to become sponsor for our company, pleasecontact us as soon as possible. Thanking you,Helen AnthonyProject Manager, Macquarie Group
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2RESEARCH PROPOSALExecutive SummaryCustomer relationship management (CRM) system becomes an inevitable growth, productivityand profitability into the banking sector by the rise into a competition, advancement oftechnology and demand of customers. The selected organization for this research study is"Macquarie Group" which proposes to change its manual banking operations into automatedoperations by an implementation of CRM system to answer customer's queries. MacquarieGroup utilizes to develop of CRM for customer's profitability, organizational productivity andgain of lifetime value. Development of CRM practices is adopted to understand the customer fortheir product development, proper target, maintenance of profitability and better mutualrelationships with the customers. Due to gaps in the manual process of Macquarie Group, thebanking industry decides to propose a CRM system to improve their customer satisfaction level.The queries of a customer are difficult to respond as information is stored in various places;therefore there is the reduction of customer services. In Macquarie Group, CRM should benefitto improve productivity, an increase of the share of wallet, consolidation of customer'sinformation and removal of operational efficiency. The paper investigates the system analysisand design for successful implementation of CRM system into the selected organization. Anattempt is also made to analyze the gaps in the manual process of Macquarie Group and benefitsof CRM system into the bank's internal and external operations. Cost-benefit analysis is alsodone to observe if the project is economically feasible or not. Risks, as well as changes, areidentified to overcome any huge effects on the research study.
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3RESEARCH PROPOSALTable of Contents1.0 Introduction................................................................................................................................51.1 Background of the study........................................................................................................51.2 Aim and objectives of the study............................................................................................52.0 Description of organizational context-Macquarie Group..........................................................63.0 Discussion of internal and external operating environments.....................................................64.0 Identification of problem statement for IS/IT............................................................................75.0 Justification of choice of proposed system................................................................................75.1 Identification of gaps of manual process into operational process of Macquarie Group......75.2 Cost-benefit analysis and feasibility study............................................................................95.3 CRM system supports the strategic goals of Macquarie Group..........................................116.0 System analysis and system design for intended system.........................................................147.0 Explanation of system development, testing and implementation..........................................157.1 System Development...........................................................................................................157.2 System Testing.....................................................................................................................167.3 System Implementation.......................................................................................................168.0 Post implementation activities.................................................................................................189.0 Project management, risk management and change management associated withimplementation..............................................................................................................................1810.0 Conclusion.............................................................................................................................20
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4RESEARCH PROPOSALReferences......................................................................................................................................21Appendix........................................................................................................................................251. Background of the organization- Macquarie Group..............................................................25
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5RESEARCH PROPOSAL1.0 Introduction1.1 Background of the studyThe study is based on improving the current business process of selected organization,Macquarie Group by an implementation of CRM system. The current business process ofMacquarie Group is such that the sales team handles the customer's transactions manually. Thereis a high volume of payment processing in the bank which is done in paper forms. Therefore thechallenges that the business faces are a duplication of customer's data, dropped handoff and errorinto entering of the data manually. This study is undertaken to propose the company forimplementing CRM system into their operations for bringing automation. The bank should useCRM tool to acquire of more customers and improve the relationship between the organizationand customer (Khodakarami and Chan 2014). Implementation of CRM system into the bankshould help to improve customer retention by customer feedback to provide of conveniencessuch as ATM in addition to online banking. The banks should use of CRM tools to improvecustomer loyalty by data collection throughout customer sign up, feedback along withtransactions. The CRM solution can speed up the marketing and sales activities and connect thesales team and customers online. The sales team can access to existing customers data andrespond to their queries. 1.2 Aim and objectives of the studyThis study aims to analyze the current business process of Macquarie Group and measurethe effectiveness of implementing of CRM system into the retail banking sector. This study aimsto better understand the requirements of the customers which allow assessing of informationabout buying the history of the customers.
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