What is CRM?
CRM stands for customer relationship management. CRM is basically the strategies used by a company to interact with their customers and how they deal with it. Companies analyze this information so that they can improve on their Customer Experience. CRM systems collect data and represent it in such a way so that a company can is able to also identify room for improvement within their current business processes.
The basic feature of any CRM System is compiling customer information and documents properly in the database so that it is easily available when needed. With time, additional features were added to these CRM Systems to make them better and help drive business growth.
Nowadays a good CRM system has all the basic functionality which includes: –
- Automated marketing – For example, the system automatically sends promotional emails to a prospective client.
- Automation of Sales Force: – The system studies customer interaction in order to gain new customers.
- Automation of Customer Support: -Pre-recorded messages and audio to save time and energy and direct support to concerned departments or individuals.
There are multiple kinds of CRM available, namely On-Premises CRM Technology, Cloud-Based, and Open source. Some of the major players in the CRM Space are Microsoft, Salesforce, Oracle, and SAP themselves.
What is SAP?
SAP CRM is one of the high-end CRM systems available in the market today. SAP is a German multinational software corporation that makes enterprise software to manage business operations. They have about 335,000 customers in over 180 Countries.
SAP CRM also consists of the major functions like Marketing Planning, Lead Management, Social Media and Internet Marketing, Analytics and Customer Segmentation.
What is C/4HANA?
SAP made 3 major acquisitions since 2013.
The first acquisition SAP did was Hybris – A CRM and Commerce Software for around 1 Billion US dollars. Then in 2017, they bought Gigya (Customer Identity Management Software) for around 350 Million USD followed by the accusation of Callidus cloud in 2018 for $2.4 Billion. Callidus Cloud is solution that helps businesses improve on their Sales Effectiveness, Sales Performance Management and Sales Execution
Now SAP has combined all these three things mentioned above, and it is known as SAP C/4HANA. SalesForce has been a clear leader in the CRM market until now, but SAP C/4HANA may change things in the near future. SAP C/4HANA is aimed towards Business Supply Chain which helps users get a 360 degree view of the customer interaction.
Here Is What SAP CEO – Bill McDermott Had To Say About SAP C/4HANA:
McDermott stated that SAP was the last to accept the status quo of CRM but it will be the first to change it. According to him, all the CRM systems out there are inclined more towards Sales, however the new SAP C/4HANA will be inclined towards Consumers. Their CEO also said that they need to focus on the single view of a customer for which they have bundled all SAP applications in an intelligent Cloud Suite. SAP C/4HANA includes SAP’s Marketing, Commerce, SAP Service, Customer Data and Sales Cloud.
SAP has a huge customer base in ERP but acquiring new customers for their CRM solution is not going to be an easy task even though they have managed to introduce up a great tool. There is a new player in the market with C/4HANA, and a lot of time and resources have been spent by SAP to take a shot at CRM Systems.