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I have said much about data in my previous articles, I believe you should be dreaming about them now. In this article, which is a sequel to my previous article where I talked about customer information factory.I want to talk about the two types of data capabilities for business decisions. This is telling you that before you can make business decisions , you need data which will help you to know what your customers are really looking for in your products or services.
You should know that analytical capabilities that we talked about in my past articles where I mentioned some if the requirements such as customer demographic profiling market segment analysis, customer lifetime value analysis, purchasing behaviour analysis, campaign management and sales channel analysis.
detailed historical data
The first capability requires a lot of detailed, historical data. These are past data that you have already captured about your customers. These kind of data you should know cannot be updated. Once you upload this kind of data into the warehouse, you can make only few changes to them except in an unusual circumstances. Analysing past transactions with customers is one of the vital capabilities for business decisions that customer centric enterprise must have. This allows them to use past transactions with customers to predict what they are likely to do next.
This kind of capability requires substantial analytical processing speed in order to work effectively. In using it, it must be easy to get the data specific for any of the analysis that you want to do.
The result you are getting for each of the analysis can be used as an input for another one. A good instance of this is that you can use purchasing behavior analysis to determine the lifetime value of your customers. This can also be used to determine the sales channel that you need to open for each of your customer segment.
front office data
The second set of capability is needed in order to allow organizations to act on the intelligence that they are able to gather from their data analysis.
In doing this, the front offices relied on data that are being generated in order to have information about some pattern of behavior that are common to a specific customer segment and use this to determine the appropriate product or services to introduce to each customer segment.
You are also likely to introduce some campaign based on information that you have gained from customer segment and monitor the result in order to see whether the campaign is yielding result as expected.
At times, the result of these intelligence is been fielded back into operational data so that there will be a trigger. When we talk about operational data, they are data that are being captured for business decisions. This is one of the capabilities for business decisions that organisation must have in order to raise exit barrier for their customers.
For instance, if you are in an airline company, based on record, you will always know if a first class passenger customer is standing in front of you based on the information that is been stored about the customer standing in front of you.
You should know, until the recent time, most I.T programs are finding it difficult to create systems that can perform these capabilities due to lack of understanding of how it works. That is why you need a CRM Expert to guide your I.T departments in what they need to do in order to develop their capabilities.
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