Week Ten - Customer Relationship Management and Business Intelligence
What is your understanding of CRM?
Customer relationship management (CRM) is that it's a widely implemented strategy used by companies to gain insights into customer's shopping and buying behaviours, in order to:
- To increase customer loyalty and retention
- Identify the best and worst customers
- Individualise services to cater more interactions with customers
Customer relationship management (CRM) is that it's a widely implemented strategy used by companies to gain insights into customer's shopping and buying behaviours, in order to:
- To increase customer loyalty and retention
- Identify the best and worst customers
- Individualise services to cater more interactions with customers
Compare operational and analytical customer relationship management.
The two primary components of a CRM strategy are operational CRM and analytical CRM. Operation CRM supports traditional transactional processing for day to day front office operations or systems that deal directly with the customers. While, Analytical CRM supports back office operations and strategic analysis and includes all systems that do not deal with the customers
The two primary components of a CRM strategy are operational CRM and analytical CRM. Operation CRM supports traditional transactional processing for day to day front office operations or systems that deal directly with the customers. While, Analytical CRM supports back office operations and strategic analysis and includes all systems that do not deal with the customers
Describe and differentiate the CRM technologies used by marketing departments and sales departments
Marketing CRM technologies for marketing help the enterprise identify and target potential clients and generate leads for the sales team. Three marketing operation CRM technologies:
Marketing CRM technologies for marketing help the enterprise identify and target potential clients and generate leads for the sales team. Three marketing operation CRM technologies:
1. List generator – compiles customer information from a variety of sources and segment the information for different marketing campaigns
2. Campaign management system – guides users through marketing campaigns
3. Cross-selling and up-selling
· Cross-selling – selling additional products or services
· Up-selling – increasing the value of the sale
Sales CRM technologies involves using software to streamline all phases of the sales process, minimizing the time that sales representatives need to spend on each phase. This allows a business to use fewer sales representatives to manage their clients. Features include:
· Calenders to help plan customers meetings
· Alarm reminders signalling important tasks
How could a sales department use operational CRM technologies?
By using list generators sales department can use . List generators are able to provide information on precise features of an organisation e.g. a marketing campaign would have list of customers in a geographic area and it can to arrange the lists of each customer in an area. Other strategies include campaign definition, planning and systems and cross sell or up sell.
By using list generators sales department can use . List generators are able to provide information on precise features of an organisation e.g. a marketing campaign would have list of customers in a geographic area and it can to arrange the lists of each customer in an area. Other strategies include campaign definition, planning and systems and cross sell or up sell.
Describe business intelligence and its value to businesses
Business Intelligence refers to the tools and analysis that provide access to data for strategic decision making in an organisation, e.g. data mining. Business intelligence has a value to an organisation in many different ways and can be used for many different aspects such as PivotTable on Microsoft Access. Business Intelligence is used for any tool that gives a longer length assortment of decision making and encourages types of decision making such as patterns and trends, e.g. allows business to do a SWOT analysis, identifying strength and weakness and competitor's strength and weakness to gain a competitive advantage.
http://etl-tools.info/en/bi/datawarehouse_concepts.htm
Business Intelligence refers to the tools and analysis that provide access to data for strategic decision making in an organisation, e.g. data mining. Business intelligence has a value to an organisation in many different ways and can be used for many different aspects such as PivotTable on Microsoft Access. Business Intelligence is used for any tool that gives a longer length assortment of decision making and encourages types of decision making such as patterns and trends, e.g. allows business to do a SWOT analysis, identifying strength and weakness and competitor's strength and weakness to gain a competitive advantage.
http://etl-tools.info/en/bi/datawarehouse_concepts.htm
Explain the problem associated with business intelligence. Describe the solution to this business problem
If there is too much data an organisation may have limited knowledge on where data is or who their competitors may be. Hence may be unable to make the best strategic implementation due to insufficient tools to back up data and support decision making to their strategic goals. The solution approach that they could take is business intelligence where it helps an organisation make decisions. Functional areas of an organisation can make decisions where they can be able to see more data analysis and reduce the latency of information in making good decisions.
If there is too much data an organisation may have limited knowledge on where data is or who their competitors may be. Hence may be unable to make the best strategic implementation due to insufficient tools to back up data and support decision making to their strategic goals. The solution approach that they could take is business intelligence where it helps an organisation make decisions. Functional areas of an organisation can make decisions where they can be able to see more data analysis and reduce the latency of information in making good decisions.
What are two possible outcomes a company could get from using data mining?
The two possible outcomes a company could get from data mining are that it can increase profits, improve sales and confined resources. Another two outcomes include cluster and statistical analysis. Cluster analysis is the searching of equal or non equal but alike data in the many types of databases. However to undertake the cluster analysis, behavioural traits need to be clearly identified through physically separating the individual information into set groups. Statistical analysis assesses the data trends through the assistance of a regression analysis and statistics. Statistical analysis gives opportunity to workers in an organisation a large variety of statistical capabilities in order to construct things such as statistical models. Through examination of the models, companies can extend to forecasting, prediction, validity and the comparison and contrasting the number of models to identify which is the better alternative for an issue within an organisation.
The two possible outcomes a company could get from data mining are that it can increase profits, improve sales and confined resources. Another two outcomes include cluster and statistical analysis. Cluster analysis is the searching of equal or non equal but alike data in the many types of databases. However to undertake the cluster analysis, behavioural traits need to be clearly identified through physically separating the individual information into set groups. Statistical analysis assesses the data trends through the assistance of a regression analysis and statistics. Statistical analysis gives opportunity to workers in an organisation a large variety of statistical capabilities in order to construct things such as statistical models. Through examination of the models, companies can extend to forecasting, prediction, validity and the comparison and contrasting the number of models to identify which is the better alternative for an issue within an organisation.
Baltzan, Phillips, Lynch, Blakey. 2010. Business Driven Information Systems. McGraw Hill. Sydney, Australia.
http://en.wikipedia.org/wiki/Statistics#Key_terms_used_in_statistics
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