Customer Relationship Management System

Customer relationship management (CRM) systems are applications for tracking and coordinating interactions between customers and the company. CRM systems track customers across their lifecycle, from initial contact through their purchase, onboarding, and general use. The value of a CRM comes from improving the operational handling of customer needs, and the strategic value of improving the company’s insights into customer behavior and relationships.

CRMs often store some of a company’s most valuable commercial business data - getting insight from that data and analyzing it to help management make decisions is increasingly a feature of CRMs and other applications. Simulations, powered by CRMs, can be used for business intelligence and scenario planning (e.g. basic probabilistic forecasting, through the assignment of "likelihoods of closing" to leads).