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VRM + CRM
The real and effectual discipline which is exercised over a workman is that of his customers. It is the fear of losing their employment which restrains his frauds and corrects his negligence.
—Adam Smith1
Let me not to the marriage of true minds admit impediments.
—William Shakespeare2
In a narrow sense, VRM is the customer-side counterpart of CRM (customer relationship management). Just as CRM is how one company relates to many customers, VRM is how one customer relates to many vendors.
In the past, CRM systems were containers within which all relating between customers and vendors took place. With VRM, however, both sides can hold up their own ends of the ...
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