How Predictive Analytics Transforms The Customer Relationship Management Experience :

Today's topic is something really interesting yet technical. What is CRM? CRM is the abbreviation used for the term "customer relationship management".Customer Relationship Management is an approach used by a company with their existing and potential customers. It uses various data analysis about the customer's history with a company regarding the services and facilities to improve their business relationships with their old customers, specifically focusing on customer retention as well as improving the sales. An important feature of the CRM is the system that it utilizes and compiles the data from. A range of different communication channels is used. CRM is broadly divided into Strategic, Operational, Analytical, Collaborative and the Customerdata platform.

Our focus is mainly on how predictive analysis will transform the CRM experience. Predictive Analytics has been mainly used by the market industries to predict the current requirements, product validity, demandthrough behavioral analysis of the customer, machinery, service and product. Further, a predictive analytics software uses algorithms and software’s to assess the situation with detailed depth. For example, logistic regression models, time series analysis, statistical data and complex decision trees are mainly used in a predictive analytics software. Predictive analytics uses variables as well as attributes such as a person’s age and other characteristics such as geographical location, gender, etc. This predictive nature helps the industries to stay tuned and updated about the foreseen.

While customer relationship management applications already collect terabytes of useful customer information, predictive analysis play a major role in the application of thus collected information to stay prepared for the unseen. Further, if we infuse Customer relationship management apps with the new technology of predictive analytics the company/industry is able to learn much more about the buying habits of the customers and his desires. Predictive analytics has also proved to become a technology that allows the firms to analyze structured and unstructured data. The latest Customer relationship management algorithms also identify customer interaction with social media channels as well as websites this gives the marketers a scope to come up or discover strategies and techniques that would be customer preferred. Predictive analytics uses raw data for picking in specific behavior among the users and groups. This also helps the companies to run a background check on their customers.

Hence, after tons of research we can draw a conclusion that implies on using predictive analytics with customer relationship management because the combination of predictive analytics and Customer relationship management has significant applications in monitoring the customer universe. This in turn shows us that predictive analytics will transform CRM to have a more positive impact.