It would be hard to top Answer Wiki, but here are some points about CRM that I’d like to emphasize.
CRM refers to customer relationship management. One of the industry’s leading CRM software companies, Salesforce, captures CRM succinctly with this definition:
CRM is a strategy for managing all your company's relationships and interactions with your customers and potential customers.
Thus, CRM involves all practices, tools, and policies regarding customers and interactions with them. The ultimate goal of CRM is to increase sales, which it hopes to accomplish by enhancing customer relationships, increasing customer retention, and aiding the sales funnel.
The main tool we use to implement this strategy is the CRM software. Modern CRM software performs a variety of functions, which is why many consider it a core component of any organization’s tech stack. It acts as a database for customers, contacts, and even employees. It’s also capable of analyzing customer behavior based on a customer’s history and data. Other CRM software even offers automation of sales processes like lead scoring, email integration, calendar functions, etc.
A CRM system, for me, is the totality of everything a company does to manage customer relationships. So it’s having one location for all your data, plus the software you mainly use in managing customer interactions, and the set of procedures you have when it comes to relating to customers and prospects. A well-oiled CRM system is a combination of excellent strategy, efficient technology, and the right people.
Businesses need CRM now more than ever, as the competition gets fiercer and customers become more difficult to satisfy, especially in B2B. Leading companies today don’t just invest in their product; they also invest in relationships.
I find this article
https://diceus.com/crm-development-effective-algorithms-carrying-projects/ where you can get a lot of useful information on this topic. Hope this helps. Good Luck