Modern organizations work in a competitive environment characterized by tremendous complexity, uncertainty, and evolving technological change. Some of the significant developments that usher such transformation are globalization, changing economy, and advancement in technology. As a result, these developments give rise to new challenges. Now, success is more dependent on the ability of a business to understand and react swiftly to these changes. So, organizations are now fast adopting business intelligence tools that can improve their existing CRM software. However, before we dig into that, let’s know what exactly is CRM.
What is a CRM?
CRM stands for customer relationship management. It is essentially a technology that facilitates businesses of both large and small sizes for organizing, automating, and synchronizing every facet of customer interaction. In short, CRM brings together people to ensure connectivity within an organization.
Business intelligence improves CRM in multiple ways that are as follows:
Bringing multiple data sources together
With multiple touchpoints such as ERP, social media, CRM, and websites that don’t converse with one another, it becomes tricky to keep a tab on what is happening within the organization. Business intelligence software brings these multiple data sources together into a visually attractive dashboard to offer a single view of all the customer interactions in one place.
Offering real-time insights
It is no secret when businesses have ample knowledge about their customers, making decisions easier. However, business intelligence makes this task all the more improved by offering real-time business insights. This reduces the time that entrepreneurs take to make decisions from days to even hours! So, just have a BI tool and improves decision-making of customer relationship management software.
Identification of problematic areas
Often interactive dashboards make it easier to know the flaws that CRM software fails to spot. This gives ample time to take corrective measures to avoid losing customers. After all, customer retention is vital for a business to flourish. Business intelligence software thus helps these organizations to identify and address problematic areas on its dashboard by facilitating data visualization.
Informed decision making
It is a known fact that business intelligence removes all the guesswork to enable the key decision-makers to make accurate and quick decisions. However, most small businesses do not have adequate funds to invest in BI tools, but they invest in customer relationship management software. Yes, CRM facilitates client data updates and offers regular analysis reports, but it is not enough. So, many organizations employ business intelligence software to improve the same with its useful features. A BI tool offers a dashboard presenting data via charts, graphs, and so on that helps entrepreneurs or top management officials to understand the complex data and get valuable insights to make informed decisions.
It is imperative to understand that choosing the right business intelligence tool is crucial for businesses to improve their existing customer relationship management software. Moreover, there are now affordable BI tools that even start-ups can try after opting for a no-obligation free trial. Many of such tools seamlessly integrated with several third-party software.