Business Intelligence, CRM can be defined as a set of business processes designed to gather and analyze business information. It is a vast category of applications that includes providing access to data to help an entrepreneur in business decisions, tasks of query and reporting, online analytical processing (OLAP), statistical analysis, forecasting, and data mining.
Big and small companies collect information to assess the business environment, i.e., to acquire a sustainable competitive advantage in the business environment and also cover the areas of marketing research, industry research, and competitive analysis. Every Business Intelligence, CRM system has a particular purpose (be it short-term or long-term) based on a vision statement or organizational goal.
Business Intelligence, CRM involves different strategies. The BI task can be handled with the aid of application software. Application software is broadly categorized under a class of computer software that enables a computer to function in accordance with what the user desires. The application software is different from system software, which integrates different capabilities of the computer but is not directly applied to the benefit of the user. The application software is designed to help people make prudent decisions by providing accurate, current, and requisite information. This is precisely why Business Intelligence, CRM is also referred to as a decision-support system (DSS).
Key Considerations for Implementing Business Intelligence
When framing and implementing a Business Intelligence, CRM program, several crucial points must be borne in mind:
- Define the Goal: The goal or purpose of the program, in simple terms, should address the organization’s objectives. There should be a rough idea of how the program will lead to better results.
- Cost and Risk Assessment: The expense of adopting a new Business Intelligence, CRM program should be estimated. Along with this, the risks involved in the program should also be calculated to allow for appropriate planning.
- Identify Stakeholders: Determine who will be direct and indirect beneficiaries and who will finance the initiative. Also, assess the quantitative and qualitative benefits concerning employees, shareholders, and distribution channels.
- Data Tracking: The information gathered must be tracked into well-defined metrics. A person should be sure of the kind of metrics adopted, their standardization, and their performance.
- Measurement Strategy: Establish a procedure to measure the requisite metrics accurately. Identify the best methods for data collection, set the pace of data acquisition, and ensure adherence to existing industry standards.
- Program Governance: The Business Intelligence, CRM program should be carefully governed to ensure the achievement of desired targets. Adjustments and modifications may be required periodically. Additionally, the program should be tested for accuracy, reliability, and validity.
One should also assess how the Business Intelligence, CRM initiative influences business outcomes and measure the extent to which changes result from strategic decisions rather than random variations.
