Combining Customer Data and Relationship Analytics
In most discussions related to Big Data, business people often lose sight of the basic fact that a mere accumulation of bigger data will not help in delivering greater customer value. This value actually comes from new insights into customer mindsets and building stronger relationships with them. It is only through improvements in understanding of the potential of each customer, and proactively utilizing this insight to treat them more suitably, that Big Data propels client value.
With relationship analytics an organization can gain more visibility into its regional corporate activity. It also helps in identifying areas that experience relationship growth and the ones that may be at risk on account of downturn in customer communication response.
Using relationship analytics, a business organization can:
? Team up on their key accounts across different centres and regional offices
? Determine their key relationship stakeholders
? Envisage the relationship activities in tandem with sales funnel analysis
? Coordinate sales strategies and resources
? Keep a better check on sales efforts and analyze cumulative data by territory
As the business environment gets increasingly competitive, it is not enough to simply know your customers, suppliers and partners. You must have an understanding of their working and inter-organizational relationships. In typical customer facing departments, any interaction that happens with a customer needs to be recorded into a formal database such as CRM system. However, on an average, less than 10 per cent of an organization's actual partner and customer interactions are recorded in a CRM system.
Businesses today are also concerned about swindles. Minimizing such fraudulent activities requires insight into the likelihood of a transaction, person or network being fraud. A company can use analytics to comprehend if something is likely to be a hoax or deceitful and decline or in other cases, flag it for review. Appropriate focus on audit and investigation resources helps in this regard.
To improve loyalty and maximize revenue through their interactions with existing and potential customers, organizations should also develop insight into the offers that will trigger a better response and increase the chances of customers accepting an offer. More than a conventional 360 degree view of customers, blending analytic insights together in real-time is more effective for positive and longer customer relationships.
The combination of relationship analytics and corporate customer data helps business organizations to gain new insights into both B2C and B2B relationships. This in turn brings to light invaluable business intelligence and easy-to-comprehend visualization.
With relationship analytics an organization can gain more visibility into its regional corporate activity. It also helps in identifying areas that experience relationship growth and the ones that may be at risk on account of downturn in customer communication response.
Using relationship analytics, a business organization can:
? Team up on their key accounts across different centres and regional offices
? Determine their key relationship stakeholders
? Envisage the relationship activities in tandem with sales funnel analysis
? Coordinate sales strategies and resources
? Keep a better check on sales efforts and analyze cumulative data by territory
As the business environment gets increasingly competitive, it is not enough to simply know your customers, suppliers and partners. You must have an understanding of their working and inter-organizational relationships. In typical customer facing departments, any interaction that happens with a customer needs to be recorded into a formal database such as CRM system. However, on an average, less than 10 per cent of an organization's actual partner and customer interactions are recorded in a CRM system.
Businesses today are also concerned about swindles. Minimizing such fraudulent activities requires insight into the likelihood of a transaction, person or network being fraud. A company can use analytics to comprehend if something is likely to be a hoax or deceitful and decline or in other cases, flag it for review. Appropriate focus on audit and investigation resources helps in this regard.
To improve loyalty and maximize revenue through their interactions with existing and potential customers, organizations should also develop insight into the offers that will trigger a better response and increase the chances of customers accepting an offer. More than a conventional 360 degree view of customers, blending analytic insights together in real-time is more effective for positive and longer customer relationships.
The combination of relationship analytics and corporate customer data helps business organizations to gain new insights into both B2C and B2B relationships. This in turn brings to light invaluable business intelligence and easy-to-comprehend visualization.
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