Innovation Management and Entrepreneurship

Running Head: INNOVATION MANAGEMENT AND ENTREPRENEURSHIP
Innovation management and Entrepreneurship
Name of Student
Name of University
Author note

INNOVATION MANAGEMENT AND ENTREPRENUERSHIP
Introduction
The definitions of technology have been approached from different perspectives in
different ages. In the Stone Age technology was the development of tools out of wood and the
process ofigniting fire for cooking food, or for creating light and heat. The Bronze Age saw
mankind’s ability to work with metal for more advanced creations and better convenience.
Civilization reached a zenith in the Iron Age with the help of technology as people started being
able to engage in industrial activities like transportation and manufacturing. The birth of the
computer and internet was a modern phenomenon, proving that technology is nothing but a
strategic application of knowledge, either in physical objects or in organizational institutes, with
the purpose of attained certain goals. The selected topic of this assignment is Consumer
Relationship Management. The content of the paper aims to trace the development of CRM over
the years in business organizations. The paper will mobilize and reflect upon themes and
appropriate theories for addressing the questions concerning the social and organizational aspects
of technology, the instrumental factors involved in the development of the technology, the social
embeddedness of the technology and other relevant factors influencing or hampering the
diffusion and adoption of the technology. The structure of the paper is divided into two chief
topics of discussion: an explanation of the development, and the factors that influence the
development of the technology. Finally, the paper concludes with a discussion on the role of
government and institutional factors in supporting or regulating the technology.
Discussion
CRM as a social and organizational technology
CRM is more a strategy than a technology. It is concerned with the management of the
relationships and interactions of an organization with its consumers , potential consumers and

INNOVATION MANAGEMENT AND ENTREPRENUERSHIP
internal members. It also assists a company establish and maintain healthy consumer
relationships, improve profitability and streamline processes. In technical terms, CRM refers to a
tool used for better efficiency of contact management, productivity, sales management or more.
Improving business relationships is the primary of the CMR system. The software used in a
CMR system is responsible for recording the contact information of consumers such as
telephone, profiles on social media, websites and more (Reihnold 2013). The software also pulls
in other important information concerning the recent activities of the company. It is also
designed to store intricate details like the consumer’s individual preference of communication.
All these information is organized by a CRM software to help the company improve its
relationships with consumers and device better relationship management strategies. The
software can provide a thorough view of the consumer by effectively capturing their interactions
with the company and by collecting the information required by the company to improve the
conversations with the consumers. The system benefits the different operating bodies of the
management, including the sales team (by helping them understand the pipeline better), the
marketing team (by making their forecast more accurate and simpler), supply-chain management
(by helping them maintain better relationships with partners, and finally helping the HR team
accelerate recruitment and employee performance.
The development of CMR
The system of CMR was derived from database marketing, which dates back to the
1980s. Trailblazing pioneers used statistical modelling for facilitating marketing communications
directly. Digital rolodex was the first installed CMS software in 1986. The system enabled
business to organize and store thousands of customer information without hassle. In the late
1990s, the SFA or the sales force automation helped organizations streamline their sales

INNOVATION MANAGEMENT AND ENTREPRENUERSHIP
management apart from boosting productivity. The meticulous innovations in computing and
software led to the development of data and networking strategy, no known as the CRM. The
demand of the software was high for telemarketing businesses as the automation type
(Christopher eta al 2013) brought together the features of contact management and database
marketing. The CRM industry had made substantial transitions later in the early 20s.
Organizations now started infiltrating the marketplace with e-CRM vendors that focus on intra-
organizational relationships. By 2007, most companies have successfully installed the cloud-
based system of CRM. Currently, the use of CRM in regulating customer relationships on social
networking platforms as the businesses are enhancing their capacity to engage with consumers,
gather data and obtain feedbacks about their products and services.
The key factors involved in the development of CRM
The chief users of the CRM are obviously private firms that constantly require feedbacks
from consumers for improving the quality of their services or for simply securing a respectable
brand name. Apart from firms and individual entrepreneurs, educational institutions such as
Universities and High Schools use CRM for admission process, enhance conversation with
students and promote their retentions while engaging with key stakeholders and alumni. Students
today have myriad options to choose from while getting enrolled in a course. The reason for
choosing one university over the other with the same credentials has got a lot to do with the way
the Universities communicate with students and prospects. The system of CRM has developed
largely within the educational sector as institutions now focus on student empowerment; and that
includes equipping them with tools to use their potential fully. Finance-based companies have
also made considerable contributions to the development of CRM. Investment advisors have
requested to develop the software in a way that it provides a wide variety of continuous