Tuesday, May 28, 2013

CRM and BALANCED SCORE CARD UTLITY

Today we are all discussing about big data analysis which revolves around extensive grilling of consumer data to define patterns for product designing and to improve consumer satisfaction. But traditionally were using the CRM software which used to do the same function of Big Data analysis. CRM has different meanings from different perspectives. In short it helps the organizations to design multi criteria for developing business. CRM helps to prepare cluster profile analysis, dependency analysis, data visualizations, concept descriptions, deviation detections and many more internal management decisions making raw data analysis.CRM is either used as an marketing tool or either used in product designing and pattern predication of consumers. In a boarder sense CRM could help to provide useful data analytics to call centers to make more productive calls, cross sell products, discover new customers, helps staffs to close up deals much faster and helps the organization to prepare a long term vision.

But only data mining is the key to success. Organizations needs to keep a track of the clients who comes into the organizations from various angles like direct, indirect, online, direct calling and indirect calling clients etc and map the data accordingly to derive the end the results. A good quality CRM would help the organization to create a long term sustainable business model. CRM helps in attainting the learning and growth perspective of the balanced score card. Innovative products and structural changes are being developed through extensive and judicious use of CRM. The internal process of the organization also takes huge leap forwards since data analysis helps the organizations to be efficient and goal oriented with changing times. It has been found often that companies prepares a universal goal but with changes in time the same gets faded and new goal planning is highly required. In the process of internal audit its has been found that there is a disparity between the organization vision and goals with the internal process of the organizations. While designing and implementing balanced score card within an organization it has been found that since CRM is not upto the mark the balance score card is consists of errors.

CRM not only helps the marketing department or the sales department alone. Its helps the organizations to achieve the balance score card metrics. Data warehousing is the key aspect of CRM which leads to efficient implementation of Balanced score card. Various types of marketing campaigns are created through CRM which helps to increase revenue for the consumer through better deals and efficient product management. CRM also helps to identify the lags between cost management and improves the internal process which improves the efficiency level of the organization. Internal audit also fails to utilize the efficiency of the CRM. Small and Medium enterprise should adapt to the CRM facility since in the short run even the CRM could help us to create value proposition. Balance score card would be implementation in an SME might seem like a very high level adoption for a small unit. But with fast changing technological innovation followed with demographic cultural changes in globalised economic conditions could create immense growth opportunity one applies CRM.

Well today we have replaced the name of CRM with big data analysis since we have not utilized the CRM segment fully which has lead to a significant shift to some new innovative analytical tool. CRM is sufficient enough to drive the futuristic growth of the industry. Internal Auditors should be aware of the concepts of CRM and Big Data Analysis since through this they derive the correct measurement of the Balanced Score card.

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