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Business intelligence and customer relationship management, a case of HomeAssistant company

Business Intelligence

Business intelligence (BI) is a technology-driven process for analyzing data and presenting actionable information which helps executives, managers and other corporate end users make informed business decisions. BI encompasses a wide variety of tools, applications and methodologies that enable organizations to collect data from internal systems and external sources, prepare it for analysis, develop and run queries against that data and create reports, dashboards and data visualizations to make the analytical results available to corporate decision-makers, as well as operational workers.BI data can include historical information stored in a data warehouse, as well as new data gathered from source systems as it is generated, enabling BI tools to support both strategic and tactical decision-making processes.

Initially, BI tools were primarily used by data analysts and other IT professionals who ran analyses and produced reports with query results for business users. Increasingly, however, business executives and workers are using business intelligence platforms themselves, following the development of self-service BI and data discovery tools and dashboards. The use of BI within the organizations has resulted in significant changes in the business decision-making processes.

BI has had significant relevance and importance in various business settings. The

CRM (customer relationship management)

Customer relationship management refers to the control of the company’s current and potential customers. CRM systems are employed to manage the company’s historical data with their customers and to improve their relationship with the customers. The main focus of CRM is to retain the customers and drive the sales growth to higher levels.

The life cycle of a customer begins with acquisition of the client, enhancement of their experience and their retention by the company. CRM systems focus on managing the activities throughout the lifecycle of the customers.  CRM systems combines various interventions and technologies to manage the customers interactions and information throughout the various stages of their life cycle. CRM systems source for the customers’ data from all the different points of interaction between the customers and the company. Points of interaction such as the company’s website, live chat, emails and telephone numbers and social media are the major sources of the consumer data.

The customer data drawn from the various sources are essential in influencing the decisions of the company in reference to the management of the satisfaction of the customers. The data attained are highly informative, they do not only avail detailed information about the customers, but also highlights their perception and attitude of the services and products offered by the company. Personal information of the customers are essential for personal marketing as well as in enabling the customer care understand the nature of the customer they are dealing with ant any given point. Also, CRM enables the company to explore and understand the reviews and feedbacks left by the customers. These feedbacks are essential in driving changes within the company to ensure maximum satisfaction of the customers is achieved.

CRM software consolidates the information about the customers in a single database. The software however has additional functions to enhance its usefulness. The major functionality of CRM software is operation, analytic, collaborative and portal-based CRM. According to () collaborative CRM focuses on the management of customer relationship with the company, while the analytic function entails the use of the customer data for business intelligence. The portal-based CRM addresses the role-specific issues of user interfaces while the operation CRM is charged with the responsibility of managing the sales and support issues with the customers. The CRM software has various components including marketing and information fulfillment, customer contact and account management, automation of sales force. Order tracking and management and provision of customer support that aid in the accomplishment of the identified functions. An integrated CRM system has all the above components to ensure that information on the interactions between the customers and the company at various stages is accessible to all the personnel within the company. For instance, the integration of the system enables the sales persons to have access to the customers’ payment information needed in directing their decisions in their sales force strategies, also, the marketing team can access all the information on the feedbacks and reviews to enable them implement strategies that will ensure the customers are retained. CRM also supports sharing of data for business intelligence to support the company make vital decisions on product development, content marketing or customer retention strategie.

Having an integrated CRM system at HomeAssistant will ensure the company acquires sufficient information needed in the management of its relationship with the customers. Since the company operates an online platform, such information can be drawn from its live chat, website, social media platform or even recordings from telephone calls made to the customers. While it is important to implement all the functions of CRM system, it is possible to only adopt those that have significant importance to the organization. As () indicates, the cost of implementing the various CRM system is high, thus companies can  focus on the implementation of systems that are likely to offer much benefits to their operations.

In the context of HomeAssistant Company, the organization can focus on the adoption of the operation and collaborative functions of CRM. Since the company has in place a business intelligence system, a focus on the analytic aspect of the CRM will be redundant. The collaborative and operation functions can be achieved through the implementation of a customer contact and account management system; the company will be able to store all the personal data of its clients. This information is essential in guiding the subsequent interactions between the customers and the customer care personnel as well as the sales agent. Also, such data are essential in processing of subsequent orders for the customers. The company can also have in place a customer service and support system to address all the queries and issues presented by the customers. The information drawn from the system will inform the organization of the customer complaints as well as satisfaction. The management of such a system is essential in developing a positive relationship with the customers and in ensuring that they are retained within the company. A good relationship with the customers and retention of a high number of consumers leads to enhanced clientele base that translates into a high level of performance.