CRM : Data Analysis

Copyright (c) 2012 Swaroop Venkata

Hello friends!

I am a consultant and a small time blogger.

A few days ago, I had enlisted Some Unconventional ways to touch base with clients for small businesses. In this post, I will shed more light on the importance of Data Analysis and Real Time Analytics in CRM strategies.

Real-Time Data Analytics touches almost every part of a business - from the data managers and enterprise architects, to marketing and sales managers - they all need to collect, use, and do statistical data analysis to shape their roles and strategies. Now, more than ever, businesses are hell bent on the immediate implications of data and monitoring it often to stay updated of what is happening. We are in the Digital Age, which is fast-moving and requires a sense of immediacy and hence statistical data analysis is of essentiality and importance.

In general, real time analytics can be termed as the use of, or the capacity to use, available enterprise data and resources when desired. It encompasses of dynamic analysis and reporting, based on data doctored into a system less than 60 seconds ago. In other terminology, real time analytics is viewing and making use of data as wanted, needed, and ask for.

As per CRM experts, there are two specific and useful types of real time data analysis - On-Demand and Continuous, which are differentiated by the reactive and proactive approaches - or pull and push.

On-Demand:

Real-Time Analytics is reactive because it stops for users to ask a query and then delivers the analytics. This is used when someone within a firm needs to take an update on what is happening right this minute i.e. real time. This data might be pulled during a marketing campaign to find out what is happening in the sales area, or from a web analyst who wants to analyse site traffic to avoid a potential crash.

Continuous:

Real-Time Analytics is more proactive and alerts users with continuous updates in real-time. Think of this as analytics running in the back yard and being pushed through on a predetermined basis. This type of data can provide a changing perception of action on a website - maybe a line graph of site activity so analysts can analyse changing streaks. Continuous Real-Time Analytics can be considered business intelligence in action.

Why Does it Really Matter?

Real-Time Analytics can be fed through dashboards to update team members in real-time on what is going on within or outside of the business An example is how we perceive the stock market. We watch the stock market in real-time to see what's new and we often view it through a continuously updated visual representation on a website, TV or mobile device. The data is used to influence our actions - trades, investments, etc. All of those actions are deeply dependent upon time and understanding what is happening right this very minute.

Another important result is monitoring customer behaviours. When focusing on CRM, real-time analytics give data about customer behaviour at this very moment, which can promote quicker decision making and instantaneous changes or potentially "fixes" when needed. This, in turn, can reinforce customer relationships and increase the value of engagements.

So friends good luck and I will keep you posted. Check this space for more!!!


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