For every organization, it is crucial to accurately monitor and measure customer service. To efficaciously manage customer relationships, organizations must determine priorities to serve key customers through understanding buying behavior and customer satisfaction metrics for various market segments, products and services.
Integration of CRM with BI
Most CRM applications today are built with a small suite of analytic tools. However, very few of them have the capability to do advanced analytics on data.
By applying BI to data collected from CRM applications, one can extract more information that’s relevant to go the extra mile for customers and prospects. At its extreme levels, BI lets organizations predict their future. It also helps in determining customer retention ratio, market for the product (whether it will grow or decline) and customer behavior. BI brings the CRM data together with all the other company information. This ensures complete control of not only intra-departmental CRM processes but also cross-departmental processes including sales, customer service, logistics and finance.
Integration of a CRM with BI provides a holistic approach to customers by focusing on transactions to build long-term, profitable customer relationships.
Major advantages of CRM embedded with BI
- Display and analyze information for finance and HR, partner relations, customer service, executives, sales, and marketing
- Make informed business decisions and projections
- Spot trends
- Automate annual business plans, budgets, forecasts, period-end reporting packages, incentive compensation plans, product price elasticity exercises, workforce analysis, regulatory compliance
- Manage the overall health of the organization
To learn more about the intersection of CRM and BI, check out the latest updates to Dynamics CRM 2015