CRM stands for customer relationship management. CRM software provides a platform to track and manage a company's dealings with its customers in every aspect of sales, marketing and customer support.
CRM systems are meant to track every interaction with a customer to analyze the company's effectiveness in sales and customer service. This type of software also usually provides project management services for teams working in those fields, and it provides an effective way to manage and organize all of the contact information, meeting notes, plans and reactions from each customer. This allows information to be filed and shared effectively among those in customer-facing positions working in different roles, such as marketing and technical support.