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What is CRM?


CRM, or Customer Relationship Management, is a software tool used for the effective and efficient management of relationships between a company and its customers and prospects for long-lasting and mutual benefit.


There are two types of CRM systems – on-premise and on-demand. The advent of CRM systems hosted on the internet, so called ‘on-demand’ or SaaS (software as a service) solutions, has drastically cut the traditionally high costs involved of adopting a CRM solution, opening the market to SMEs.


Examples include Salesforce, Microsoft Dynamics CRM and Netsuite.