Throughout the winter, I've read countless articles following up on the idea that CRM software can help companies survive the recession. In the short term, companies can use CRM software to build stronger relationships with their best customers. That alone can help many sales professionals survive a recession.
However, customer relationship management is just one tool in a suite of systems known as business intelligence. BI tools, when used properly, can help leaders generating significant savings while boosting profits. In the wrong hands, according to critics, business intelligence becomes little more than fancy, automated reports.
Overall, business intelligence software focuses on both the big picture and the bottom line. CRM software allows customer service professionals to build relationships based on sales, service, and feedback. That information can then be crunched by larger BI systems and turned into projections and trends that can drive business decisions.
Business intelligence systems often come with a large price tag. Comprehensive, on-site systems require server installations and employee training. Web-based solutions require less setup, but still involve a learning curve. And, with CFOs and CIOs locked in battle over shrinking resources at many companies, leasing or buying BI tools can be a tough sell. Smaller companies may want to perfect their CRM systems for now, while medium-sized businesses may wish to consider the benefits of advanced business intelligence.
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