Incorporating real-time into CRM analytics (Realtime Reports CRM) processes is a critical component for successful decision making, according to a new report by IDC. Realtime Reports CRM has become one of the hot CRM applications in recent years, holding out the promise of dissecting, and even predicting, customer behavior. However, the reality is that the technology has yet to meet its promise. The reason, many analyst say, is after-the-fact focus of most commercial analytics applications. Analytics Realtime Reports CRM still is not embedded into real-time decision support processes, according to Rod Johnson, vice president and general manager of AMR Research customer management strategies. “The ideal is to help the user while … actually performing a particular task to make a decision then and there,” he told CRMDaily.com.
The IDC report, titled “In the Nick of Realtime Reports CRM Analytics and the Decision Process,” emphasizes the importance of Realtime Reports CRM tech capabilities and advises companies to reevaluate key areas in the analysis and decision cycle -– tracking, analyzing, segmentation and modeling — and the policy hub. “Successful Realtime Reports CRM companies should concentrate not only on minimizing clock time, but also on the more elastic, perceived delays that lower the chance of successful Realtime Reports CRM analytics usage,” said Bob Blumstein, director of research for IDC’s Realtime Reports CRM analytics and marketing applications research.
Despite its limitations and often skyrocketing costs, the analytics Realtime Reports CRM process has spread far beyond direct marketing interaction, where it first took hold, Aberdeen vice president Denis Pombriant told CRMDaily. “Sales forecasting has become a fine art. Users can analyze raw pipeline data or develop internal metrics to rate how long it takes to close a deal, for example,” he said. IDC defines a CRM analytics application as a software product that demonstrates business process support and uses time-oriented, integrated data from multiple sources. The requirement of time-orientation exposes a major stumbling block for real-time analytics because true analytic programs require the integration of historical information, IDC said.
Platform for business intelligence and Realtime Reports CRM, organizations can accelerate the rate at which they turn information into action. With the right information at their fingertips, decision-makers can spot trends and compliance issues in time to act effectively and improve performance. GenesisEart is an online web-based application that allows each authorized user to view live program data such as center capacity, enrollment statistics, average daily attendance screening status, home visits, incident reports and more – as that data becomes available, without waiting for scheduled reports. It helps you make informed decisions based on accurate and consistent business information that is collected in real-time and integrated from your program’s family service workers, health associates, teachers and site managers.
Realtime Reports CRM suite differs from traditional business intelligence software in that it gathers data from messaging systems that are relaying transactional information between applications. Realtime Reports CRM doesn’t rely on a data warehouse or batch reports, which make stored information available for later review. In addition, Iteration uses instant messaging as its alerting medium. Its goal is to make users aware of business problems or opportunities as they happen, speeding resolution.