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CRM & Big Data Analytics
Customer Relationship Management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.
The role of Analytical CRM systems is to analyse customer data collected through multiple sources and present it so that business managers can make more informed decisions. Analytical CRM systems use techniques such as data mining, correlation, and pattern recognition to analyze the customer data.
What is this Big Data everyone keeps talking about these days?
Big Data refers to the huge volumes of data being generated everyday that can be mined for information. The data can be structured or unstructured and is often characterized by the 3 Vs: volume of data, variety of data types and the velocity at which the data must be processed.
Where does this data come from?
The data is generated from multiple sources such as social media platforms, server logs, web click streams, mobile apps, database stores, business records, etc. Interestingly, limitless data can be generated using real-time sensors embedded in devices that can be connected to the internet through a technology that is known as Internet of Things. But this data is insignificant without tools that can process and analyze it.
