The potential business value from a provider’s goods and services is stimulated, surfaced, and shaped by business relationship management, ensuring that it is optimized and recognized.
Customer Relationship Management (CRM) approaches and disciplines are related to and used in the notion of Business Relationship Management (BRM) (CRM). However, whereas BRM often deals with a company’s internal business partners or an internal provider’s products and services, CRM frequently relates to a company’s exterior clients.
Despite having its roots in CRM, BRM now has a variety of meanings, frequently dependent on the environment of a given business. For instance, a business relationship manager in banking and finance oversees and maintains current client relationships while seeking new ones. Small- to medium-sized business portfolios are often managed by banking BRMs. The term “BRM” has evolved into a euphemism for “account executive” or even “salesperson” in various professions.
The BRM Discipline is built on strong research-based foundations that have been proven and improved over ten years of successful implementations in top businesses around the globe. BRM principles have been widely adopted in IT since they have been proven to be equally beneficial for various internal providers, including Human Resources, Finance, Legal, external service providers, and others. Since 2011, when the BRM role and associated processes were formally recognized as an Information Technology Infrastructure Library (ITIL®) best practice and an ISO/IEC 20000 IT Service Management international standard requirement, the rate of BRM implementations in IT services has increased significantly.