Home | | Customer Relationship Management | Important answers: Trends in CRM

Chapter: Business Science : Customer Relationship Management : Trends in CRM

Important answers: Trends in CRM

Business Science - Customer Relationship Management - Trends in CRM

1. What is e-CRM?


e-CRM or Electronic CRM concept is derived from E-commerce. It also uses net environment i.e., intranet, extranet and internet. Electronic  CRM concerns all forms of managing relationships with customers making use of  Information Technology (IT). E-CRM is enterprises using IT to integrate internal organization resources and external marketing strategies to understand and fulfill their customers‘ CRM,needstheintegrated. informationComparingfor wit eCRM intra-organizational collaboration can be more efficient to communicate with customers.


2. What are the different levels of e-CRM?



Different levels of e-CRM



In defining the scope of e-CRM, three different levels can be distinguished:


·  Foundational services:


This includes the minimum necessary services such as web site effectiveness and responsiveness as well as order fulfillment.


·  Customer-centered services:


These services include order tracking, product configuration and customization as well as security/trust.


·  Value-added services:


These are extra services such as online auctions and online training and education.





3. What are the advantages of data mining?


Data mining is seen as an increasingly important tool by modern business to transform data into  business intelligence giving an informational advantage. It is currently used in a wide range of  profiling practices, such as  marketing, surveillance, fraud detection, and scientific discovery.

The related terms  data dredging, data fishing and data snooping refer to the use of data mining techniques to sample portions of the larger population data set that are (or may be) too small for reliable statistical inferences to be made about the validity of any patterns discovered. These techniques can, however, be used in the creation of new hypotheses to test against the larger data populations.



4. What is the process in data mining?


Data mining commonly involves four classes of tasks:


§     Clustering –is the task of discovering groups and structures in the data that are in some way or another “similar”,withoutusing known structures in the data.


§     Classification –is the task of generalizing known structure to apply to new data. For example, an email program might attempt to classify an email as legitimate or spam.


Common algorithms include  decision tree learning, nearest neighbor, naive Bayesian  classification, neural networks and  support vector machines.

§     Regression –Attempts to find a function which models the data with the least error.


§     Association rule learning –Searches for relationships between variables. For example a supermarket might gather data on customer purchasing habits. Using association rule


learning, the supermarket can determine which products are frequently bought together and use this information for marketing purposes. This is sometimes referred to as market basket analysis.




5. What is meant by data mining?


Data mining, the extraction of hidden predictive information from large databases, is a powerful new technology with great potential to help companies focus on the most important information in their data warehouses. Data mining tools predict future trends and behaviors, allowing businesses to make proactive, knowledge-driven decisions. The automated, prospective analyses offered by data mining move beyond the analyses of past events provided by retrospective tools typical of decision support systems. Data mining tools can answer business questions that traditionally were too time consuming to resolve. They scour databases for hidden patterns, finding predictive information that experts may miss because it lies outside their expectations.

6. How SAP support to CRM?


SAP CRM supports the customer-related processes and deals with all customer-related activities across all departments. It sources and gathers together all customer data in the organization in order to facilitate better decisions. It enables company's address their business needs adequately, manages to achieve the business objectives and reaps the required return on investment.





7. What is data warehousing?



A data warehouse is a relational database that is designed for query and analysis rather than for transaction processing. It usually contains historical data derived from transaction data, but it can include data from other sources. It separates analysis workload from transaction workload and enables an organization to consolidate data from several sources.


In addition to a relational database, a data warehouse environment includes an extraction, transportation, transformation, and loading (ETL) solution, an online analytical processing (OLAP) engine, client analysis tools, and other applications that manage the process of gathering data and delivering it to business users.


8. What are the advantages of data warehousing?



When data is taken from multiple sources and placed in a centralized location, an organization can analyze it in a way that may allow them to come up with different solutions than they would if they looked at the data separately. Data mining is connected to data warehouses, and neural networks or algorithms are responsible. When data is analyzed from multiple sources, patterns and connections can be discovered which would not be found otherwise. Another advantage of data warehouses is that they can create a structure which will allow changes within the stored data to be transferred back to operational systems.

9. What are the uses of e-commerce in business?



E-Commerce Functional components: Order Management, Catalog Transaction Reporting, Business Intelligence


§    B2C: Personalization, Live Chat, Community, email Marketing Social Networking


§    B2B: Collaboration, Product Information Management, Customer Web Store, Promotions Management

§    Design & Blue Print, Application Development & Integration, Application Management,


§    User Interface & Web site Response time optimization Infrastructure: 24x7 support, Managed hosting services, PCI compliance.



10.            What are the advantages of SAP used in CRM?





SAP, which is more commonly known as a vendor of enterprise resource planning (ERP) software, offers a very popular CRM package. companies who are already SAP customers becau in a structured format. Based on the requirement of compan basis of their requirement.








11. What do you mean by customer analytic software?



Customer analytic software predicts, measures, and interprets customer behaviors, allowing companies to understand the effectiveness of E-CRM efforts across both inbound and outbound channels. Analytics provide a set of e-CRM metrics that describes the state of the customer across the enterprise. Customer analytic software and its reports can be used by virtually anyone across the organization, from marketers and salesperson to corner office executives.




Study Material, Lecturing Notes, Assignment, Reference, Wiki description explanation, brief detail
Business Science : Customer Relationship Management : Trends in CRM : Important answers: Trends in CRM |

Privacy Policy, Terms and Conditions, DMCA Policy and Compliant

Copyright © 2018-2024 BrainKart.com; All Rights Reserved. Developed by Therithal info, Chennai.