12 Distinguish between operational and analytical CRM?

Answer 1

Difference Between Operational and Analytical CRMs?

Customer Relationship Management Platforms or commonly called CRMs play a critical role in managing the operational workflow of internal and external communications and relationship management between the audiences.

Various types of CRMs serve various purposes. They are used to

• automate multiple repetitive tasks

• increase system efficiency

• boost employee productivity

• streamline operations of sales, marketing and product development

• bring more, better, and revenue-driven customer engagement

• process, provide and predict statistical insights through Business Intelligence and Business Analytics tools

• and more.

The three most important types of CRM are:

• Operational CRM

• Analytical CRM

• Collaborative CRM

Operational and analytical CRMs are primarily used to design, develop, and manage everyday operations, tasks, engagements, and services, whereas Collaborative CRM is of more importance in streamlining the collaboration of data across the application for various purposes.

The two most important CRMs in any organization are Operational and Analytical CRMs.

Operational CRM is used to automate the repetitive tasks that can be managed by machines and conserve energy and resources while cutting the overhead and other unnecessary costs.

Operational CRMs help in data preparation, data arrangement, segmentation, filtering, tagging, and statistical analysis. They can be used to automate the entire workflow in the following key areas of any organizations by integrating databases with multiple applications to collaborate data for various purposes:

• Sales

• Marketing

• Billing

• Services

Analytical CRMs are used to leverage a large amount of available data into useful information. These are the stacks that extract the insights from the data and using data analytics mines data, process and analyze it, and project the trends, behaviors, and patterns in any given data set. Analytical CRMs are also enough efficient to predict the outcomes based on the data available from past and present.

Analytical CRMs are useful to create a personalized customer experience, identify revenue opportunities, and devise laser-focused business strategies.

Sales, marketing teams can use the Analytical CRMs for customer-centric and personalized lead engagement, customer acquisition, customer retention, data management, reporting, and monitoring using the dashboard.

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Answer 2

Distinguish between operational and analytical CRM.