Human Resource Management
15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine
249 solutions
Information Technology Project Management: Providing Measurable Organizational Value
5th EditionJack T. Marchewka
346 solutions
Human Resource Management
15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine
249 solutions
Human Resource Management
15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine
249 solutions
Primary reason firms lose customers is
negative customer service experiences
CRM (customer relationship management) Technologies that can assist organizations with improving customer service experiences
1. Contact Center: where customer service representatives answer customer inquiries and solve problems by email chat or phone
Services provided by
contact centers:
-Automatic Call Distribution: you call and directs you to available agent
-Interactive Voice Response (IVR): Press button or say to direct customers and provide info
-Predictive Dialing: they call you and agent answers when you pick up
2. Web-based self service:customers use web to find answers to questions or solution to problems
-Click to talk functions: allow customers to click on button and talk with a representative via the internet
3. Call scripting: have employees follow a script so same level of customer service (automatically generate details)
Integrations
allow separate systems to communicate directly with each other
-eliminates need for manual entry into multiple systems
-expensive and difficult to build and maintain
2 common methods used for integrating databases
1. Forward and backward integrations
-Forward integration: moves info downstream towards customer
-Backward integration: takes info and sends up upstream to supplier
-organization wants both forward and backward
2. Central Repository
Users can create, update, and delete customer info only in the central customer database
both do not entirely eliminate information redundancy, but they do ensure information consistency
Enterprise Systems
provide enterprise wide support and data access for a firms operations and business processes
Enterprise Application Integration (EAI)
connects the plans, methods, and tools aimed at integrating separate enterprise systems
-make all systems work together
Legacy System
current or existing system that will become the base for upgrading or integrating a new system
-UPDATING
Middleware
several different types of software that sit between and provide connectivity for two or more software applications
-SHORTER DEFINITION
Enterprise Application Integration (EAI) Middleware
takes
a new approach to middleware by packaging commonly used applications together, reducing the time needed to integrate applications from multiple vendors
-LONGER DEFINITION
Supply Chain
Consists of all parties involved, directly or indirectly, in obtaining raw materials or a product
5 basic Supply Chain Activities (components)
1.
Plan
2. Source
3. Make
4. Deliver
5. Returns
Supply Chain Management (SCM)
the management of information flows between and among activities in a supply chain to maximize total supply chain effectiveness and corporate profitability (market demand, resource, and capacity constraints, and real time scheduling)
-*SCM systems that are effective can enable an organization to have impacts on porters five
forces model
-INCREASE SUPPLIER POWER
SCM performs three main business processes
1. materials flow
2. materials are transformed
3. products are distributed
Benefits of SCM
1. Supply chain visibility: ability to VIEW ALL AREAS up and down supply chain in real time
-everyone sees everyone else
2. Supply chain planning systems: REDUCE INVENTORY which is good bc we don't want bc its expensive to hold onto
3. Supply chain executive systems: AUTOMATES different activities in supply chain
-Electronic Data Interchange: standard format for the electronic exchange of info between supply chain participants
-bullwhip effect is issue that can occur
4. Demand planning systems: generate demand FORECASTS using statistical tools and forecasting techniques
Bullwhip Effect
occurs when distorted product-deans info ripples from one partner to the next throughout the supply chain
ex. ordering too much or too less
inventory issue that happens when company does not have a clear vision of its entire supply chain
Supply Chain Management (SCM) metrics
1. Back order: an unfilled customer order for a product that is out of stock (don't want)
2. Inventory Cycle Time: time it takes to manufacture product and deliver to retailer (want low)
3. Customer Order Cycle Time: time between purchase of product and delivery (want low)
4. Inventory Turnover: every time we get shit we sell it (want high)
* they use these bc supply chain is only as strong as its weakest link so these metrics allow them to measure performance of supply chains to identify weak links
Challenges of SCM:
Cost and complexity
Future of SCM
Home-based supply chain- no more running to store to replace products bc store will come to you
-Walgreens kinda already does this
Fastest Growing SCM components
1. Collaborative Demand Planning: REDUCES INVENTORY= planning
2. Collaborative Engineering: REDUCES COSTS of making products
3. Selling Chain Management: AUTOMATES order processes- applies technology to activities from inquiry to SALE
4. Supply Chain Event Management (SCEM): reduces response time to unexpected events (fast responses)
Customer Relationship Management (CRM)
means of managing all aspects of a customers relationship with an organization to increase customer loyalty and retention and an organizations profitability (sales forecasts, sales strategies, marketing campaigns)
-allows company to gain insights into customers shopping behaviors
-important bc customers are one of firms most valuable assets so strong relationships = competitive advantage
-need to know when and why customer is communicating with the company
-* both a technology and a strategy
Benefits of CRM
identifies customers needs and designing market campaigns tailored to each
Can find most valuable customers by RFM formula: recency, frequency, monetary value
- (how recently a customer purchased items, how frequently a customer purchases items, and the monetary value of customers purchase)
-After getting this info, firm can analyze it to identify patterns and create marketing campaigns and sales promotions for different customer segments
Three Phases of Evolution of CRM
1. Reporting- CRM reporting technologies: identify their customers
2. Analyzing- CRM analysis technologies: find best and worst customers
3. Predicting - CRM predicting technologies: predict/identify which customers are at risk for leaving and their behavior
Operational CRM (low pyramid)
low pyramid- supports traditional transactional processing for day-to-day front office operations that deal directly with customers
Analytical CRM
high pyramid- supports back office operations that don't deal directly with customers -strategic analysis or management decisions
Three primary operational (low pyramid) CRM Technologies
1. List generator: compile customer list (tells us who they are)
2. Campaign management: GUIDES USERS through marketing campaigns by PERFORMING TASKS
3. Cross-selling and upselling
crosselling: selling diff products together
up-selling: selling more of one product
Sales Force Automation (SFA) (top of pyramid)
automatically tracks all steps in sales process
3 Primary operational CRM technologies sales department can adopt
1. Sales management CRM systems: AUTOMATES each phase of sales process
2. Contact management CRM Systems: maintains EXISTING CUSTOMER info and identifies prospective customers
3. Opportunity management CRM systems: finds NEW CUSTOMERS for future sales
Primary difference between contact management and opportunity management
contact management deals with existing customers while opportunity management is new customers.
Analytical CRM
provide info about customers and products that was once impossible to locate , such as which type of marketing and sales campaign to launch and which customers to target and when
USES BI TO IDENTIFY PATTERNS IN PRODUCT SALES AND CUSTOMER BEHAVIORS
Website Personalization
occurs when a website has stored enough data a person likes and dislikes to fashion offers more likely to appeal to that person
Analyze CRM Success by
sales metrics: # of new customers
customer service metrics: average time to resolution
marketing metrics: cost per interaction by marketing campaign
Future of CRM
make everyone happy
Supplier relationship management (SRM): keeping suppliers satisifed by evaluating an categorizing suppliers for different projects.
Partner relationship management (PRM): discovers optimal sales channels by selecting the right partners and identifying mutual customers
Employee relationship management (ERM): provide web based tools and automate the human resource department employees are backbone
Enterprise resource planning (ERP)
DOES EVERYTHING, SYSTEM OF ALL SYSTEMS
integrates all departments and functions throughout an organization into a single IT system
=all of operations feed into one database
What is heart of ERP
Central database that gathers transactional data from operations systems across the company
Primary components of ERP
1. Core ERP components: traditional components included in most ERP systems and focus primarily on internal operations
-1. accounting and finance ERP components
-2. production and materials management ERP components
-3. human resources
2. Extended ERP: extra components that focus on external operations
-1. business intelligence components-
decisions
-2. CRM components
-3. SCM functions
-Ebusiness components: elogistics (transportation and storage of goods) and eprocurement (business to business online purchases and sale of goods)
Balanced Scoreboard
Measures if ERP is working
-management system that firms use to translate business strategies into executive tables
-uses 4 perspectives to monitor an organization: (vision and
strategy)
1. financial
2. internal business processes
3. learning and growth
4. customer perspective
Unit testing
tests individual units or pierces of code for a system