What does Enterprise Relationship Management (ERM) mean?
Enterprise Relationship Management (ERM) is an over-arching term to describe a business strategy or solution, most often sold as a software solution. ERM involves analyzing data (data mining) to better understand internal enterprise relationships, and customers and customer use of produced products or services. The goals are long-term customer satisfaction and increased profitability.
Techopedia explains Enterprise Relationship Management (ERM)
ERM can take many forms as it addressed the complexities of both internal and external enterprise relationships, which includes: customers, business and channel partners, specialized service providers, suppliers, employees, management and executives. Adopting ERM is described as more of a cultural change than a technological change as more focus is given to the human side of business processes and how they are affected by enterprise relationships.
The central focus and ultimate purpose is the customer and customer satisfaction and how these relate to increased revenue and revenue streams. Related software, strategies, and business solutions include: CRM (customer relationship management); PRM (partner relationship management (PRM); ERP (enterprise resource planning); HRM (human resource management); and SCM (supply chain management).
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