In answer to the challenges Nelnet faces in servicing a growing volume of studen

Question

In answer to the challenges Nelnet faces in servicing a growing volume of student loans, the company chose to deploy a knowledge management system called OpenText Process Suite. Go online and investigate the features and capabilities of this suite of software products. What functions does Open Text provide that can augment and assist customer relationship management (CRM) systems? Find and briefly summarize a customer success story of an organization that integrated Open Text with its CRM system.

Explanation / Answer

Answer:

OpenText Process suite: This is a knowledge management system used for the purpose of serving growing volume of student loans cases by the company. This is the solution of Nelnet for the challenges they are seeing in term of support to their growing volume of student loans. The OpenText Process suite is the capable software products to meets the requirements of online serving for customers. Following are the features of this system as below

5.Better Information management: The system and software is capable in managing the information properly. It can manage the information in very effective ways to suite the digitize processes.

The importance of effective customer relationships as a key to customer value and hence shareholder value is widely emphasised. In order to enhance these relationships, the application of IT to marketing through customer relationship management (CRM) software, e-commerce and other initiatives is growing rapidly. This study examines the factors that influence the successful deployment of CRM applications, with particular emphasis on those factors which are distinct from other areas of application. Using the analytic induction method, success factors were derived from five in-depth case studies. Resulting factors underemphasised in previous literature include: the need for project approval procedures which allow for uncertainty; the need to leverage models of best practice; the importance of prototyping new processes, not just IT; and the need to manage for the delivery of the intended benefits, rather than just implementing the original specification.

The popularity of this term has presumably influenced the adoption of the term ‘customer relationship management’ (CRM) over more recent years. Although some use the term as a synonym for relationship marketing – Hobby (1999) for example defining it as “a management approach that enables organisastions to identify, attract and increase retention of profitable customers by managing relationships with them” – others apply it to “using information technology (IT) in implementing relationship marketing strategies”

Customer relationship management (CRM) is an approach to manage a company's interaction with current and potential customers. It uses data analysis about customers' history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth.One important aspect of the CRM approach is the systems of CRM that compile data from a range of different communication channels, including a company's website, telephone, email, live chat, marketing materials, and more recently, social media.

Types
Strategic
Strategic CRM is focused upon the development of a customer-centric business culture
Operational
The primary goal of customer relationship management systems is to integrate and automate sales, marketing, and customer support. Therefore, these systems typically have a dashboard that gives an overall view of the three functions on a single customer view, a single page for each customer that a company may have. The dashboard may provide client information, past sales, previous marketing efforts, and more, summarizing all of the relationships between the customer and the firm. Operational CRM is made up of 3 main components: sales force automation, marketing automation, and service automation

Analytical

The role of analytical CRM systems is to analyze customer data collected through multiple sources, and present it so that business managers can make more informed decisions.Analytical CRM systems use techniques such as data mining, correlation, and pattern recognition to analyze the customer data. These analytics help improve customer service by finding small problems which can be solved, perhaps, by marketing to different parts of a consumer audience differently. For example, through the analysis of a customer base's buying behavior, a company might see that this customer base has not been buying a lot of products recently.

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.