For example, let’s look at a sales department: it analyzes the data received in the CRM software, from website tracking and phone notes, to the visit report and the offer to the completion of the purchase and further correspondence. Numerous patterns and trends can be identified or previously unknown relationships between individual factors can be identified and contextualized.
This can serve as a basis for the sales manager to define the appropriate methods for a strategy to achieve the set goals.
The sales representative can help with reminders and suggestions based on CRM data analysis in everyday life – for example, who should be contacted urgently or which customer might have a possible need. The following video introduces you to the exemplary function “Customer Journey Monitoring” (in german language).
If these data pools and CRM data analyses are systemically linked to those of other departments such as marketing and service, the holistic view of company data also at the managing director level leads to a valuable basis for overarching strategic decisions and orientations.
At the same time, CRM data analyses can also provide insights into a possible new business model. For example, can you derive an additional service from the data already collected? Consider automated maintenance based on the data collected by a Wi-Fi-enabled washing machine or the like.
Looking ahead and back
One of the great advantages of data-based decisions is the ability to adopt trends based on the available data or to simulate the impact of different decisions in the future – predictive analytics. Of course, this still does not make a decision infallible, but the likelihood of a proper one is still increasing.
At the same time, it is also important to establish mechanisms that track the actual impact of your decisions and actions. This allows you to make timely adjustments and improvements if necessary. After the analysis is, so to speak, before the analysis.
CRM Data Analytics & Reports
For example, your company needs certain tools, such as a CRM system, to collect the necessary data anyway. Most CRM software, on the other hand, already comes with some analysis and report functions that allow you to perform a wide range of evaluations.
For example, prefabricated reports, such as sales funnel, pipeline, forecast or conversions, are often found in the CRM system itself. These usually come with clear graphics and can be flexibly arranged on dashboards as required. This ensures a quick detection of important KPIs.
In addition, it is usually easy to create individual reports, which are then tailored precisely to the key figures that are relevant to your company. On the basis of such information, fundamental, forward-looking decisions can already be taken.
When does a BI tool make sense?
If the amount of data increases or requires even more complex analyses, the BI tool may have to be produced. This is the case, for example, if you rely on big data and want to come across previously unanticipated insights with the extensive analysis of all available data.
The BI tools are of course much more specialized and powerful. They are optimally equipped with appropriate standard interfaces (APIs), which make it quite easy to dock to the existing software landscape.
However, keep in mind that a pattern that occurs can only be interpreted in the context of further data and information, should it become the basis of your decision.