Here is how business intelligence can contribute to CRM success…
In my previous article on Corporate Information Factory, I have talked about the use of Business Operations in a customer-centric Enterprise. I established it in that article that they are applications that are responsible for the day to day running of a business. In this article, therefore, I will be looking at the link between business intelligence and corporate information factory. Follow me as we look at this together.
Business Intelligence consists of data enhancement application that allows the organization to an application that allows the organization to analyse data and make business decisions. The Business intelligence component is said to be the major consumer of organizational data as many of the operational data are been processed in this domain.
We have some other components of business intelligence such as the data warehouse, data marts and Decision Support Interface among others. All these applications help the organization to analyze their data and take business decisions based on the result of the processed data.
When we talk of the data warehouse, it served as the storehouse for all transactional data and every other form of data coming from the Operational Data Store. In a nutshell, it is a place where data are stored until the time that they are being processed by data enhancement tools.
When we look at the data warehouse, we will observe that it contains the basic information such as contact information, product preference, product purchase history and other forms of data that are needed in order to determine the Lifetime Value of customers. It is from these that you can understand your customers better and know the appropriate product to offer him based on the information that you have about a particular customer.
Once data are extracted from the Operational Data Store, a form of cleansing take place where the information is been served and those that are not needed for business decisions are being removed before it is now being sent to the data warehouse, which serves as the preparation phase for onward transmission to the data marts. the knowledge of business intelligence and corporate information factory will help you to raise exit barrier for customers and do business from customers’ perspective.
The data mart, exploration warehouse and data mining warehouse are subsets or derived collections of the data found in the data warehouse, formatted for their particular function or department. You should know Data mining is meant to be for a specific department. It is possible for the various departments in an organization to have their own data segment which allows them to relate their past to the present in order to predict the future.
One thing you should know is that most of the time, data mining tools help us to know that pattern of interaction or behaviour in our customer base. You can look at a particular customer base generated by the customer service department to see the preferences of that particular customer. This can be used to determine what that customer is likely to request for in the future.