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future customers. It tries to analyze data about custom-
ers history with a company, to improve business rela-
tionships with customers, specifically focusing on cus-
tomer retention, and ultimately to drive sales growth.

One important aspect of the CRM approach is the sys-
tem of CRM that compile information from a range of
different communication channels including a
company's website, telephone, email, live chat, mar-
keting materials, social media, and more. Through the
CRM approach and the systems used to facilitate CRM,
businesses learn more about their target audiences and
how to best cater to their needs.

4. Sourcing & Procurement:
In business, the term sourcing refers to a number of pro-
curement practices, aimed at finding, evaluating and
engaging suppliers for acquiring goods and services.
1. Supply Chain Management (SCM) Outsourcing is the process of contracting a business
SCM is the management of the flow of goods and ser- function to someone else., select vendors for
vices. It includes the movement and storage of raw ma- sustainability rating for their products, services and
terials, work-in-process inventory, and finished goods operations.
from point -of- origin to point- of-consumption. Inter-
connected or interlinked networks, channels and node 5. Product Life Cycle Management:
businesses are involved in the provision of products and In industry, PLC is the process of managing the entire
services required by end customers in a supply chain.
lifecycle of a product from inception, through engineer-
 Adopt techniques and plans to minimize inventory ing design and manufacture, to service and disposal of
and wasted freight. manufactured products.
 Adopt networked design using a carbon foot print.  Design and offer banking products & services in such
a way that consume less resources and energy and
2. Enterprise Resource Management (ERP) thereby reduce carbon foot print.
ERP is a category of business-management software,  Implement effective systems for product end- of-
typically a suite of integrated applications that an or- life management that have minimal impact on
ganization can use to collect, store, manage and inter- environment.
pret data from many business activities, including prod-
uct planning, purchase, manufacturing or service deliv- Green Banking Services
ery ,marketing and sales, inventory management, ship-
Banks are developing new products and services that re-
ping and payment.
spond to customers demand for sustainable choices. Follow-
 It facilitates paper less transactions. ing are some of the options that banks should offer to their

 Adopt techniques for workforce and parts optimi- customers:
zation as well as intelligent device management.  Electronic and mobile banking facilitates customers to
perform most of their banking needs anytime, any-
3. Customer Relationship Management (CRM) where.
Customer relationship management is an approach to  Automatic payments reduce the need to write and send
managing a company's interaction with current and cheques by mail.

BANKING FINANCE | JANUARY | 2017 | 37

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