CRM Database System: How CRM Data Analysis Trumps 3rd Party Tools?
All Large and small business needs readily actionable client -informative business data for directing their business. A CRM Database system provides a direct peek into your customer database and their collective behaviour.
Every customer interaction or business move is a potential source of insightful data. But instead of capitalizing on this key information, most business overlooks or loses this data on their day-to-day operations.
Most Businesses Fails to Connect Dots from business Data
Businesses regularly fail to collect data or connect the dots required to make sense of the collected data. It’s commonly attributed reason is a lack of professional expertise.
You may attribute this failure to lack of professional expertise at many organizations. But most businesses fail hard to understand even basic implications suggested by business data.
All collected data is segmented or spread over multiple sources or large time window or unreserved for a particular source. These circumstances put a severe limitation on the effectiveness of data collection.
Your customer data also has multiple entry points – lead data, sales representative feedback, customer Service information, customer issues. Most of these departments work independently or share only limited information.
All data collected will be served on several excel sheets, which could be derived by joining multiple individual employee worksheets.
At these circumstances, finding an effective way to combine different data sources or even finding duplicate data from different excel entries is hard and takes a large timeshare.
Here data tends to be collected or saved without any particular segmentation or hierarchy. While you may be able to collect data fairly rapidly through this manner, it rarely provides a consistent way to aggregate incoming data.
A CRM system connects and streamlines multiple parts of the business, creating a unified view of your business data. Here are your multiple ways through which a CRM system can form your perfect data collection and management tool.
SYSTEMATIZE Customer interactions through a Unified System
For every business, it’s most relevant data is collected through direct customer interaction. If you are buying 3rd party business data, it often tends to be partial or not-related to one’s particular business.
Every customer interaction passes through different phases of business such as lead enquiry, sales communication, Customer Service, added enquiries etc.
Structure your Business Data on a Clear Hierarchy
Even when having enough data, most businesses fail to keep an accurate record or transparency among its departments. Accurate recording often comes down to only book-keeping and finances departments.
Meanwhile, other departments focus on productivity at the price of accurate records. As a result data from multiple departments handling a single customer could be split among various cells on excel sheets that belong to different departments.
Through CRM software, you can assign a specific parameter for each bit of the collected data.
By a structured data you mean clearly organized information, which could be filtered and arranged for analyze parameters.
This data could be utilized to draw analytics reports, which could be set according to specific parameters of business.
Avoids Oversight Through Selecting Optimal Sample Size
Every analysis needs to be based on ideal sample size. If your sample audience size refers to a limited customer base, your decisions could be biased based on a number of factors. You audience choice could be limited to according to market situation or preferences existing at a particular time point.
If you are basing your decisions based on too small sample size, their errors needn’t necessarily be compensated. Similarly, there are numerous errors that occur due to mistakes in choosing samples.
A CRM gets you closer to your ideal sample size, which is optimally balanced in all directions. When you can integrate your client into a single screen, you can derive more balanced decisions.
Create Intelligent Analytics Reports
For every bit of data collected, its value becomes utilized only when it becomes a part of an intelligent analytics report.
You can easily create primary reports through plotting one set of parameters against another. This gives you an idea about how each factor affects another. But it can also be affected by any other factor.
An integrated analytics platform gives you much more choice/s and flexibility in report creation. At Kapture analytics, you can create over 350 + reports over each discernible parameter.
This practically lets you work-out relation between each ‘factor and feature’ associated with each business. Now you can clearly segment and analyze the business process that gives maximum productivity.
Meanwhile, the accuracy of live data ensures collected data is accurate and practically viable for every situation.
Understanding Local Customer Issues
Sometimes, a business needs to address issues on a particular location. This may involve local issues such as shipping time on a particular location or employee’s concentration.
If your data management system gives a wide business overview, you will be unable to zero-in on specific issues.
With CRM software, you will be able to focus on minute business details. These may include particular locality, product category, service criterion etc. An understanding of specific customer problems and related problems can help you resolve each customer issue.
When you are a small business you may often require to handle issues locally.
An accurate and updated data enables you to focus on minute business details as well as providing an overview of your business.