MSIS Chapter 8.2 – Flashcards
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Customer Relationship Management
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a means of managing all aspects of a customer's relationship with an organization to increase customer loyalty and retention and an organization's profitability
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Benefits of CRM
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organizations can find their most valuable customers using RFM-recency, frequency and monetary value
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Sales Metrics
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# of prospective customers, new customers, retained customers, open leads, sales calls, sales calls per lead, and proposals given; amount of new revenue and recurring revenue
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Customer Service Metrics
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cases closed same day, # of cases handled by agent, # of service calls, avg # of services requests by type, avg time to resolution, avg # of service calls per day, % compliance with service-level agreement, % of service renewals, and customer satisfaction level
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Marketing Metrics
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# of marketing campaigns, new customer retention rates, # of responses by marketing campaign, # of purchases by marketing campaign, revenue generated by marketing campaign, cost per interaction by marketing campaign, # of new customers acquired by marketing campaign, customer retention rate, # of new leads by product
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CRM Communication Channels
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test, IM, voice mall, phone call, email, web order, phone order, meeting, customer service call, twitter, Facebook
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CRM Reporting Technologies
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help organizations identify their customers across other applications
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CRM Analysis Technologies
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help organizations segment their customers into categories such as best and worst customers
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CRM Predicting Technologies
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help organizations predict customer behavior, such as which customers are at risk of leaving
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Operational CRM
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supports traditional transactional processing for day-to-day front-office operations or systems that deal directly with the customers; sales systems, marketing systems and customer service systems
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Analytical CRM
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supports back-office operations and strategic analysis and includes all systems that do no deal directly with the customers; data warehouse and data mining
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Marketing and Operational CRM
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list generator, campaign management, cross-selling and up-selling
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List Generator
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compiles customer info from a variety of sources and segment it for different marketing campaigns
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Campaign Management
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guides users through marketing campaigns by performing such tasks as campaign definition, planning, scheduling, segmentation and success analysis
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Cross-selling
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selling additional products or services to and existing customer
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Up-selling
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increasing the value of the sale
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Sales and Operational CRM
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sales management, contact management, and opportunity management; sales force automation
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Customer Service and Support
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a part of operational CRM that automates service requests, complaints, product returns and info requests
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Sales Force Automation
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automatically tracks all the steps in the sales process
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Sales Management
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automate each phase of the sales process, helping individual sales representatives coordinate and organize all their accounts; calendars, reminders, document generation, etc
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Contact Management
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maintains customer contact info and identifies prospective customers for future sales, using tools such as organizational charts, detailed customer notes, and supplemental sales info
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Opportunity Management
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target sales opportunities by finding new customers or companies for future sales; determine potential customers and competitors and define selling efforts including budgets and schedules
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Customer Service and Operational CRM
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contact center, web-based self-service and call scripting
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Contact/Call Center
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customer service representatives answer customer inquiries and solve problems, usually by email, chat or phone; automatic call distribution, interactive voice response, predictive dialing
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Automatic Call Distribution
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routes inbound calls to available agents
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Interactive Voice Response
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directs customers to use touch-tone phones or keywords to navigate or provide info
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Predictive Dialing
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automatically dials outbound calls and forwards answered calls to an available agent
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Web-Based Self-Service
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allows customers to use the web to find answers to their questions or solutions to their problems; click-to-talk
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Click-to-talk
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allows customers to click a button and talk with a representative via the Internet
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Call Scripting
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gathers product details and issue resolution info that can be automatically generated into a script for the representative to read to the customer
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Uplift Modeling
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a form of predictive analytics for marketing campaigns that attempts to identify target markets or people who could be convinced to buy products
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Customer Segmentation
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divides a market into categories that share similar attributes such as age, location, gender, habits, and so on
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Website Personalization
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occurs when a website has stored enough data about a person's likes and dislikes to fashion offers more likely to appeal to that person
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Supplier Relationship Management
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focuses on keeping suppliers satisfied by evaluating and categorizing suppliers for different projects
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Partner Relationship Management
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discovers optimal sales channels by selecting the right partners and identifying mutual customers
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Employee Relationship Management
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provides web-based self-service tools that streamline and automate the human resource department
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Enterprise Resource Planning
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integrates all departments and functions throughout an organization into a single IT system so employees can make decisions by viewing enterprise wide info about all business operations
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Reasons ERP is Powerful
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logical solution to incompatible applications, addresses global info sharing and reporting, avoids the pain and expense of fixing legacy systems
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Core ERP Components
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the traditional components included in most ERP systems and primarily focus on internal operations; accounting and finance, production and materials, human resource
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Extended ERP Components
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the extra components that meet organizational needs not covered by the core components and primarily focus on the external operations; business intelligence, customer relationship management, supply chain management, Ebussiness
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Accounting and Finance ERP Components
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manage accounting data and financial processes within the enterprise with functions such as general ledger, accounts payable, accounts receivable, budgeting and asset management
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Production and Materials ERP Components
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handle production planning and execution tasks such as demand forecasting, production scheduling, job cost accounting, and quality control
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Human Resource ERP Components
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track employee info, including payroll, benefits, compensation, and performance assessment and ensure compliance with all laws
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Elogistics
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manages the transportation and storage of goods
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Eprocurement
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the business-to-business online purchase and sale od supplies and services
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Software Customization
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modifies existing software according to the business's or user's requirements
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Balanced Scorecard
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a management system, as well as a measurement systems, that a firm uses to translate business strategies into executable tasks
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Perspectives of Balanced Scorecard
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learning and growth, internal business process, customer and financial
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ERP Costs
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software, consulting fees, process rework, customization, integration, testing, training, data warehouse integration and data conversions
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Two-tier ERP Architecture
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allows an organization to have an on-premises ERP system along with cloud ERP applications
