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CRM as a Business Intelligence tool

Hello, today we shall discuss the importance of CRM as a Business Intelligence Tool, CRM or Customer Relationship Management is a very useful tool, for reference on the Advantages of using a CRM software and Tips for choosing the right CRM software for your organization, you can visit my previous Blogs.

CRM software if used efficiently can considerably increase Profitability of a business; it gives the management an added advantage by forecasting the future needs of business and its customers preferences, this is done by analysis of the data stored in the CRM system which acts as a road map of the past events, this helps a great deal in making informed and alert decisions for the future.

When a company develops a new product or a service it is always made considering the needs and wants of the end user, even once the product or service is formally launched its commercial success is by no means guaranteed, this is because there are a lot of things which come into action once the service is launched into the open market where it is prone to a lot factors external to the businesses and which the business cannot really control,

One way to overcome such difficulty is to keep track of the changing customer preferences and take customers feedback on regular basis, a CRM system helps you do exactly that among other things vital for running a business efficiently, I shall discuss some of these important points in this blog.

VITAL DATABASE – CRM systems are nothing but a collection of information presented in a systematic and ordered fashion to help assist the sales executive close the sale with minimum time and effort, a typical inbound or outbound conversation with the customer can be efficiently recorded into the CRM database, and all this information can be effectively used during the next interaction with the customer, such can be done for all the customers the company has, done properly over the years this database would provide valuable insights into the core strengths and weakness that the business has.

CUSTOMER FEEDBACK – CRM systems help business by maintaining a steady stream of customer’s feedback on the various new products / services offered by the business, this data helps business in understanding customer’s needs and preferences, and further boost innovation and invention of new products and services, businesses today should take these feedbacks from customers very seriously as it can technically ensure the survival of the business in the long run.

STRENGTH’S AND WEAKNESSES – CRM systems can pinpoint the strengths and the weakness the company has as compared to other companies engaged in similar activities, this would help the firm in understanding not only its core areas of business where it should expand its activities by introducing new products/services but also put forth areas which they are not doing good at, further more it will help management decide the future course of action in such fields. Management can tweak, change and modify the product to suit current market requirement or decide to vacate the market segment and concentrate on areas that are doing well or where they have their expertise.

Apart from these benefits a CRM system would also ensure a smooth business on day to day basis, by assisting in various aspects of business right from,

Finding new customers to Increase sales volume, prompt revenue generation, ensuring 100% Customer satisfaction, improved business productivity, achieving organizational goals, improved performance of HR department and above all safe and effective business planning.

CONCLUSION:-

Hence, because of all these factors it can be safely concluded that modern day CRM software is a boon to the business and is indeed a very intelligent ally a business should and must have to conduct for maximum profitability and growth.

DISCLAIMER: – IDEAL CRM, blog post is a personal collection of  Research Oriented information, Focusing  on CRM and Customer-Centric Web strategies, comments or opinions expressed on this blog are those of the individual contributors only, and do not necessarily represent views of  coAction.com ,Readers may copy and redistribute blog postings on other blogs, or otherwise for private, non-commercial or journalistic purposes. This Content may not be used for any other purposes, in any other formats or media. The content on blog is provided on “as-is” basis, coAction.com shall not be liable for any damages whatsoever arising out of the content or the use of this blog.

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  1. September 21, 2010 at 12:48 PM

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