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Client Relationship Management - Essay Example It will encompass the details of the topic of discussion on how it has been leveraged by the companies to gain the competitive advantage over the others. It will also contain important industrial examples to justify the statements. The client relationship management (CRM) of an organization involves the interaction of company with its customers and other external business partners. The interactions with the clients are mostly conducted in such a manner that it leads to a long-term working relationship with them. CRM has come to the vanguard of organizational practices only since the last ten years (Ed, 2008). The terminology of CRM may be relatively new, but the underlying concept is being used for a relatively long period of time. The business houses have tried out different forms of customer retention techniques to ensure a steady cash flow and gain a strong position in the industry. However, the CRM that is commonly used today is quite different from that of the past practices. Previously, the employees used to keep track of the loyal customers by memorizing their identities and keeping track of their preferences. This process may be effective in maintaining a good relationship with the customers, leading to customers’ retention by increasing the likelihood of the customers’ return. Over time the business market scenario has changed. This is mostly because of the increased competition from newly developed firms and changing demand of customers. Customer or Client Relationship Management becomes quite difficult when the business of the company starts to grow with the increased customer base and increased product portfolio (Buttle, 2008). It then becomes almost impossible for the employees to memorize the identity and preferences of all the customers. Modern client relationship management is mostly technology driven. There are several CRM softwares available for the firms which can be utilized to track the consumers’ behavior and their purchase pattern (Fjermestad, 2006).