Role of External stakeholders in achieving effective CRM

CRM is that domain of management which deals with the effective management of all the individuals, parties and organizations associated with a particular organization. Apart from the internal members of the organization which consists of the employees, a healthy and fruitful interaction is required with the external agencies also which comprises of the external stakeholders which may comprise of shareholders, suppliers, customers and other agencies which are directly or indirectly associated with the company or its processes, since CRM deals with the overall management and flow of information between the different modules of the business, so in this case the role and the importance of the external stakeholders becomes even more crucial and important as it has a direct impact on the working and functioning of the business and effects the growth and profitability of the business directly.

The role of external stakeholders in achieving effective CRM could be described as follows-

Agreeing Strategies

External stake holders are of great importance to any kind of business concern and acts as a promoting agent for the organization in some way or the other, the modern management practices consider the stakeholders as a part of the organization and in case of CRM, these systems are applicable to the external stakeholders too. So these external agencies do form an integral part of the organization and implements the same principles as implemented by the organization, so both the organization and the external stakeholders have to agree on common platforms and mode of working, which brings in a systematic approach to the business approach, hence making the CRM more effective and efficient.

Reporting

A proper communication channel or method should exist between the senior management of the organization and the stakeholders as it will make the flow of information and knowledge much more easy and efficient between the parties. This reporting format when applicable to the external agencies triggers efficient flow of information which provides more intelligence to the top management.

Sharing Information

The main aim of an organization is to achieve some common goals and these are the goals for which the internal stakeholders as well as the external stakeholders are working for, so sharing information brings in uniformity to the business, thus directing the individuals as well as the organization to move towards the common goals, so sharing information makes the effort of the parties more focused and directed towards the attainment of the objectives.

Acting in Partnership

All the external stakeholders are in some or the other type of partnership with the organization and this partnership is necessary for the fulfillment of the individual objectives also, such kind of partnership is necessary as it adds on to the efforts of the organization and brings in more information to the company.

Feedback system

For an organization to succeed in the business, proper feedback is important to rectify the drawbacks and to make the system more effective in terms of the processes and services. CRM system relies a lot on the feedback as the main motive of the CRM is to make the communication process more effective and feedback is one of the major tools which bring in crucial and important information for the organization.