What Does Customer Relationship Management Analytics Mean?
Customer relationship management analytics (CRM analytics) refers to applications used to evaluate an organization’s customer data to facilitate and streamline business choices. CRM analytics also may be used for online analytical processing (OLAP) through the use of data mining.
CRM analytical tools use a variety of applications that help measure the effectiveness of customer related processes and ultimately provide customer categorization, such as profitability analysis, event monitoring, what-if scenarios and predictive modeling.
Techopedia Explains Customer Relationship Management Analytics
Through CRM analytics, websites interact with customers more efficiently. This, in turn, makes customer data gathering requirements and opportunities more evident.
CRM analytical tools help in many areas, including:
- To evaluate customer service and satisfaction
- In the verification of user data
- In the improvement of supply chain management
- By allowing for more aggressive pricing or better pricing policies
A major challenge of CRM analytics may arise from complications related to integrating legacy systems with new systems and analytical software.