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How to Benefit from Partner Relationship Management (PRM)

Management blogger

How is PRM different from CRM?

In this demanding economy, companies are on the never-ending quest for solutions / tools that will help them accrue / maintain their loyalty and business with their customers. Customer Relationship Management (CRM) is one such application that has attracted a lot of attention from organizations worldwide.

Though containing the word “relationship”, CRM is actually not concerned with managing customer relationships. It lays emphasis on creating customer profiles by accumulating and advocating data regarding customer’s buying habits and personal preferences. These profiles are then used by businesses to directly target their niche market.

Talking about relationships, Partner Relationship Management (PRM) is an affair about understanding and satisfying the needs of your business partners with dexterity. As compared to gathering sales data, PRM is a much more complex application as it involves building and maintaining trust between you and your business channel partners. Many discussions on PRM, in correlation with CRM, have argued over personifying PRM either as seperate entity or merely an element of CRM.

CRM was fundamentally structured to manage direct sales engagements between a seller and a buyer. This function concentrates on gathering and sharing data throughout customer/s buying cycle. On the other hand, PRM has been designed to manage a complex system revolving around aligning business processes across the entire chain of vendors to partner and to customers. PRM technology enables companies to generate more work efficiency and profitability with all partner types, including channel, distribution, reseller, strategic alliance, system integration and consulting partners.

Since, every partner organization has a unique way of executing business, it is difficult to manifest a perfect process alignment between partners and vendors. This discrepancy makes it practically impossible to report and measure channel results accurately. CRM systems were not designed to accommodate this level of complexity. To effectively manage indirect business relationships, companies require a dedicated PRM system to co-ordinate activity between all the participants in the process loop.

Making PRM Work for You

Partners provide a cost-effective way to expand your enterprise by providing you with broader geo-market reach. When leveraged properly, they help you to accelerate revenue growth, streamline operations and improve efficiency.

Partner relationship management (PRM) is a business strategy for improving communication between companies and their channel partners. At a time when businesses need to maximize every resource available to them, building strong partner relationships and effective channel strategies has become a critical practice. Working with PRM dynamics, you must also focus on: –

1.Communicating with your partner, using your self-disclosure skills to articulate your needs.

2.Identifying and then sharing your personal most trusted strategies with your partner.

3.Evolving mutually beneficial agreements while working through a conflicting situation.

With businesses becoming global and interdependent in nature, PRM has a more vital role to play. This worldwide interdependence is only based on trust factor. The call-center industry sets a major example on this front. American businesses, having formed alliances with partners in India, Africa, and other distant regions, hire thousands of call-center executives to meet American and worldwide consumer demands. Such alliances require a high degree of partnership intelligence. Without establishing and managing such trusting and mutually beneficial alliances, the level of investments made by the call center and other industries will only face a doom.

Advantages of Partner Relationship Management

Businesses and organizations can immensely benefit from Partner Relationship Management (PRM) programs as follows: –

* Extend your enterprise reach and increase revenues through a well-managed partner network.

* Optimize partner program profitability through better understanding of partner’s value and performance.

* Streamline operations and reduce costs by automating manual processes and integrating partner operations throughout the enterprise.

* Develop a mutually trusting and beneficial partnerships

* Challenge you to change and focus on the future so you do not continually dwell on past glories and stay stagnant.

* Helps you focus resources on critical activities throughout the customer sales cycle and product lifecycle to maximize revenue rates and margins.

* Help companies deliver services that maximize product availability and customer productivity and minimize cost, time and energy.

* Links your future with that of your partner in a positive and exciting way.

* Efficiently manage your association with important customers, suppliers, outsourcing partners and partner alliances.

Web-based PRM software applications enable companies to customize and streamline administrative tasks by making real-time information available to all the partners over the Internet. Several CRM providers have incorporated PRM features in their software applications in the shape of web-enabled spreadsheets shared over extranet.

Salesforce.com’s comprehensive on-demand PRM:

As one of the leading companies offering on-demand CRM application, Salesforce.com provides capable solutions for managing your indirect sales channels. The PRM system, integrated with Sales Force Automation, helps to deliver unmatched visibility to your company’s sales pipeline for direct and indirect channels.

Sales Force PRM makes it easy for partners to access leads, collaborate on deals and locate all the lucrative information. Through a set of easy-to-use services, Sales Force PRM offers: –

1.Higher level of Partner Adoption.

2.Complete Channel Visibility via real-time access to channel sales.

3.Leading Partner Lifecycle Management, including recruitment, marketing, selling and measurement.

4.Integrated SFA application for planning and forecasting.

5.100% on-demand partner solutions resulting in fast deployment and customized partner experience.

Where else will you find such a powerful combination under one-roof? If you need more reasons to get Sales Force PRM solution, download Sales Force PRM Datasheet – Free. Contact Salesforce.com Today!

Author Information:

For more information contact us at: Sales Force

Debt management program Your way to financial freedom

Management blogger

Debt management program helps people to mange their debts effectively. With debt management program you can easily do away with all your debts with minimum effect on your credits. This program is carefully charted out based on your current debts and financial situation so that you get out of debts and remain debt free in future also.

Debt management program includes debt elimination, debt negotiation, credit counseling and debt consolidation. With the help of these you can easily reduce your pending burden.

Debt elimination requires you to pay only a minimum amount to close all your debts. By closing all your existing debts you will be free from paying interest to all those sources. The money saved in this way may be used to repay the existing loan which will be having a little bit more interest. By doing this you can relieve yourself from all your debts.

Debt negotiation is also an important part of the debt management program. In this case you can with out any help or with the help of an expert interact with the lenders to agree for a reduced amount for lump sum payment. That is the lender will reduce the total amount so that you can repay it completely and come out of your debt.

Your financial advisor will give you tips to effectively repay debts so that your credit score increases while your debts are eliminated. You will get benefited from the vast experience of your advisor to manage your debts within your budget. With credit counseling you can learn to remain debt free and handle your financial obligation in a better manner.

Another important part of debt management program is debt consolidation. Debt consolidation allows you to merge all your outstanding debts and unpaid expenses into one loan. This new loan carries lower interest rate so that it becomes easier for you to settle all your debts. The monthly installments on this loan are low and manageable.

A debt management program is a simple and effective way of solving your financial mess. Once all your debts are settled in full your credit score will also improve and will be able to enjoy a life without debts.

Alex Jonnes is associated with Easy Debt Consolidations. He is Masters in Business Administration and writes on various finance related topics. To find Debt management program ,debt consolidation loan bad credit, online debt consolidation loan, easy debt consolidations visit http://www.easy-debt-consolidations.co.uk/

Importance Of Management Development

Management blogger

Basically, management development is a term that describes any number of activities that reflect a planned effort to enhance employees ability in various individual and team management techniques. Very simply put, management development includes development of skills such as planning, organising, leading and developing resources. A key skill for any employees is the ability to manage their own work and control their career path. Highly motivated and self-directed individuals can gain a massive amount of learning and other benefits for their organisation by implementing an aggressive management development programme.

Management development refers to the process of training and developing managerial talent within a company or organisation.

But why do I need to waste time on training and development? Why not just hire the people I need when the time comes?

Nurturing in-house management talent may not seem important, but it is one of the most important aspects of the development of any organisation. This is the case for several reasons, some of which are listed below:
1. In-house management development programmes give employees the chance to utilise special leadership skills that may posses. These employees will certainly bring an enhanced perspective to management as they will know the working of the company from the ground up as opposed to managerial talent that is brought in from outside the company.

2. Employees will feel more loyal towards the company as they will see that the company is also invested in promoting their career growth and progress.

3. Finally, the overall cost of developing management talent in-house as opposed to trying to recruit talent from the outside world will be much less. A good management development programme may cost during the initial setting up phase, but will not cost much more after that. Individuals who have risen up from the management development programme will be happy to volunteer their time and mentor other employees. In general, a good management development programme will save a lot of money for any organisation.

Management development is a process that begins paying for itself very rapidly. You will begin to see the creation of a core team of individuals who are committed to the growth and progress of your organisation. In the long run, this can only mean increased efficiency and profitability as the management talent in your organisation grows stronger and stronger.

Time Management Tips – 3 Insights To Using Collaboration To Increase Your Priority Power

Management blogger

Time management tips are just as important when you work in tandem with others. But the dynamics can create complications. To make the most of your time, develop your collaborative skills. Keep in mind the following points as you enter into group projects.

When conceptualizing a project with multiple participants, structure the work flow in terms of dependencies. As you do this, your capacity to prioritize effectively will grow. .

A. Collaboration, Dependencies and Efficiency

Perhaps you have encountered the project management term, “dependency” before.

In essence, when a task you share responsibility for requires collaboration, the “dependency” is someone outside of your immediate work group who plays an essential role in your achieving your goals. When you prioritize tasks, dependencies must be factored in and accounted for.

For example, let’s say that you work closely with a few different departments at your job. You need to establish a working budget every quarter, so you look to the finance department to supply you with accurate figures. Because they generally take about a month to assemble and present you with the necessary data, prioritize your request. Therefore, you need to make it well in advance of your due date. This way, you get the data you need with time to spare.

B. When You Are At The Hub Of Others’ Plans

And of course, others depend on you as well.

In one scenario, your daughter needs your help in assembling her costume in the next school performance. In order for her to to succeed, she trusts you to provide essential support. As a result, you prioritize this task very highly indeed! Your love and respect for your child and acknowledgment that she relies on your assistance induces you to schedule the work in right away.

C. The Benefits of Considering Dependencies As You Schedule And Assign Priorities

You gain in any number of ways when your plans include dependencies from the onset.

1. Chances are that your productivity increases with every incremental step forward.

2. The more you think in terms of coordination, the more understanding you develop of the entire working system. In the same way that defensive driving helps you view the traffic patterns more astutely, you’ll find that a holistic overview of your workplace helps you establish more realistic priorities and due dates.

3. Finally, note how staying attuned to others’ needs and time constraints often promotes good will and flow. As you understand others’ priorities, they may in turn relate with more sensitivity to yours. Your time is enhanced, you become more efficient and effective, and general morale increases.

Remember, there are always new ways to develop more productivity while clarifying important relationships.

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This time template plus workbook will help you move beyond disappointment, and overwhelm. You’ll find 24 hours really are enough!

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Managing Risk and Crisis Management

Management blogger

If you work in an environment that offers a high risk to personnel it’s important that you are aware of Risk Management and Crisis Management procedures within your organisation.

What is the difference between Risk management and Crisis Management?

Risk Management is the simple procedure of identifying where issues might arise and putting procedures in place to prevent them from happening. In the workplace this might be as simple as providing goggles or protective clothing to workers. In more extreme conditions, for example convoy tracking in foreign countries, it might be installing GPS tracking technology into vehicles to help avoid serious conflict situations.

Crisis Management is the plan of action that is put in place should Risk Management plans not work as effective as they should. Once a situation turns into a crisis, the Crisis Management plan kicks into place.

So what makes a good Crisis Management plan?

In any crisis communication is absolutely critical. Usually a designated team or individual will manage the crisis from a central point and its imperative that information is relayed to the crisis management team to enable them to asses the situation and quickly make decisions. The time of decision-making is paramount. A few seconds here and there could make the difference between saving or losing a human life.

Risk Management and Crisis management should never be taken lightly. Many organisations have a dedicated team that constantly look at ways to prevent crisis, or manage crisis in the unfortunate event of it happening. The use of technology (hand held Radios, GPS tracking etc) has made Crisis Management very effective over the last few years. If you work with remote workers, aid workers or have convoy travelling on foreign land you should ensure that you are using the latest technology.

Although the price of Crisis Management technology has come down significantly over the last few years it might still be considered expensive. But then what is the cost of human life? Think about it.

As a leading supplier of crisis management solutions Track 24 specialise in a range of solutions for Personnel Tracking, Vehicle Tracking and location management.