Executive Briefings

Predictive Analytics to Pump Up Capability of CRM Apps

While CRM applications already collect terabytes of useful customer information for businesses, even deeper insights are on their way thanks to a developing new trend of predictive analytics capabilities being integrated into CRM.

The big draw, says James Kobielus, an analyst with Forrester Research, is that companies will be able to use existing CRM data to vastly improve critical one-on-one interactions with customers. Another key benefit, he says, is that it will help companies generate additional sales when customers contact them by analyzing incoming customer data in real time.

You've likely seen this when you buy something online and the vendor's Web site displays other items that you might be interested in purchasing, based on what you've already placed in your shopping cart.

It's the same idea with CRM that includes add-on or built-in predictive analytics when a potential customer arrives at your company's Web site to make a purchase, Kobielus says.

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While CRM applications already collect terabytes of useful customer information for businesses, even deeper insights are on their way thanks to a developing new trend of predictive analytics capabilities being integrated into CRM.

The big draw, says James Kobielus, an analyst with Forrester Research, is that companies will be able to use existing CRM data to vastly improve critical one-on-one interactions with customers. Another key benefit, he says, is that it will help companies generate additional sales when customers contact them by analyzing incoming customer data in real time.

You've likely seen this when you buy something online and the vendor's Web site displays other items that you might be interested in purchasing, based on what you've already placed in your shopping cart.

It's the same idea with CRM that includes add-on or built-in predictive analytics when a potential customer arrives at your company's Web site to make a purchase, Kobielus says.

Read Full Article