According to Wikipedia… Customer relationship management (CRM) consists of the processes a company uses to track and organize its contacts with its current and prospective customers Business intelligence (BI) refers to skills, technologies, applications and practices used to help a business acquire a better understanding of its commercial context
Analytical CRM - Completing the Puzzle - Analytical CRM is the part of CRM that aims to storing, analyzing and applying the knowledge about customers and about ways to approach customers, typically using databases, statistical tools, data mining, BI and reporting methodologies. Analytical CRM analyzes customer data for a variety of purposes: •Designing and executing targeted marketing campaigns •Designing and executing campaigns, e.g. customer acquisition, cross- selling, up-selling •Analyzing customer behavior in order to make decisions relating to products and services (e.g. pricing, product development) •Management information system (e.g. financial forecasting and customer profitability analysis)
THE DIFFERENCES The major difference between between CRM and BI is that CRM integrates information with business actions BI environments simply use data to confirm already held hypothesis. The mandate of CRM is ability to act on data and change fundamental business processes to become more customer-centric
THE DIFFERENCES – EX. Business Intelligence CRM Display the name and address of business Display customer's most recent inbound customer. contact on my PDA, along with their current
corporate address. Display customers who visit one of the video Once a month for the next six months, direct stores in our chain on a weekly basis. mail customers most likely to rent next month's new features who are not weekly visitors to the store. Display a list of customers who have Contact all high-value customers who lodged a complaint within the last 30 have lodged a complaint. Generate days. retention recommendations for each customer (using CRM product feature). Analyze the top 5 most popular office Identify the top 5 purchased office supplies supplies and compare approved and trial-run a Web RFQ system for limited vendors' prices to prices of other quantities to test price improvements. potential suppliers.