Role of Accountancy in Society: CRM and Business

This assignment discusses the importance of accountancy in society, with a specific focus on customer relationship management (CRM) systems. CRM is a technology used to manage interactions and relationships between companies and customers, aiming to improve business relationships and profitability. The assignment explores how CRM can transform businesses, particularly in different industries such as manufacturing, professional services, and B2B companies. It also references relevant studies on the adoption and impact of CRM systems in various contexts.

Role of accountancy in society
Name of the student
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Author note

Answer 1
CRM or the customer relationship
management is the technology to
manage all the interactions and
relationships of company with the
customers and the potential customers.
The main objective of CRM is to improve
the business relationships. It also helps
the companies to stay connected with
the customers. Improve the profitability
and streamline the processes.

Answer 2
The CRM can transform the
business and at the same time can
improve profitability and make all
the customers happy. As the
engagement of customer is not an
easy job, the management shall
fingertip all the data under the
dashboard for being competitive.

Manufacturing company –
Large manufacturing companies
generally focus on up-sell and
renewal of the business and have
multi-phases contracts those are
required to be tracked. The CRM
function here will collaborate the
tools among marketing, sales,
manufacturing, support and
engineering. It will also make the
sales cycle clearly defined and
discrete.

Professional service firm –
The company that provides financial
services has no account manager or titled
sales. However, the relationships with the
clients are long standing and no classic
focus is there on sales. The CRM system
can be applied differently as compared to
the circumstance where the situation is
handled by the dedicated executives for
account.

B2B (Business to business)
Company –
The company focussed on the B2B
transactions in software, high-tech
space and electronics then it
requires high levels synchronization
among marketing, departments for
customer services and sales. The
company may have different
support or marketing systems that is
running in cycle. Therefore, the
company offers 2 versions of the
product – SME version and

References –
Choudhury, M. M., & Harrigan, P. (2014). CRM to social CRM:
the integration of new technologies into customer
relationship management. Journal of Strategic
Marketing, 22(2), 149-176.
H. Nguyen, T., & S. Waring, T. (2013). The adoption of
customer relationship management (CRM) technology in
SMEs: An empirical study. Journal of Small Business and
Enterprise Development, 20(4), 824-848.
Khodakarami, F., & Chan, Y. E. (2014). Exploring the role of
customer relationship management (CRM) systems in
customer knowledge creation. Information &
Management, 51(1), 27-42.
Stein, A. D., Smith, M. F., & Lancioni, R. A. (2013). The
development and diffusion of customer relationship
management (CRM) intelligence in business-to-business
environments. Industrial Marketing Management, 42(6), 855-