CRM technology is required in an organisation to work towards attracting new customers, nurturing and preserving old consumers, alluring previous patrons back, and reducing the cost of marketing and client service. With the implementation of CRM technology people, processes, and technology work in synergy to boost productivity, and decreasing operational cost. A good deal has been talked about customer relationship management (CRM). It is described as a strategic tool that combines together business processes, technology, employees and information across the project to attract and retain lucrative customers.
Highlighting the significance of technology in CRM, Shailesh Chaturvedi, CEO and Director, Tommy Hilfiger Apparels India says, “Technology support must provide instant information on past sales data and consumer profile and history. If it is a point system, then there should be real time information on accumulated points. Technology should also support data mining and data based profiling and decision support systems.”
Business Intelligence (BI) and Technology
A landmark in the evolution of CRM is the introduction of analytics inside the technology. This concept of analytics comes from business intelligence. BI stands for computer-based techniques useful for finding, digging-out and analysing business data, like revenue generated by goods or sub-divisions or connected costs and incomes. BI also aims to provide support in business decision making. It is a real time tool for exchanging raw data into something that can be used to support business choices.
Analytical CRM merges historical data with logical science to produce futuristic vision of customer behaviour.
“Venture Infotek is a pioneer in this space. We manage not only the Bharat Petroleum pre-paid card program, one of the largest petroleum loyalty programs in the country with over three million customers, and working successfully for over ten years now, but also the Indian Oil Extra Rewards program.
We also run a very interesting loyalty solution, which is a payment card based real time loyalty program in partnership with Welcome Real-time. Under this program, based on the RFM (recency, frequency and monitory value) of the transaction, reward is instantaneously made available to the customer of the retailer on a real time basis and there is no accumulation of loyalty points as is the case with normal loyalty programs.
We provide technical and operational solutions for loyalty programs, which can be customised to meet the needs of any industry vertical,” says Piyush Khaitan, Managing Director, Venture Infotek Pvt Ltd.
Points to be noted
- Regular update of points
- No problem of packet communication
- Data updation to be done on daily basis
- Speed service
- Online support to check points
- Automatic updation to the next level