When BI Meets CRM: An Emerging Concept in Retail Industry

Abstract

In the current era it is very important to develop a direct contact with the customers because customers are the ultimate determinats and the success of the company depends on customer satisfaction. So companies are using different techniques to provide information about the product to the customers like e-commerce, call center, on-line shopping etc. Nowadays, in Indian business an effective way of integrating enterprise applications in real time is introduced. This is done to create the competitive advantage. For this purpose companies are implementing business intelligence tool (BI). The paper explores the theoretical concepts of BI, its components, benefits of BI. Through business intelligence tools, companies can achieve the strategic goal which leads to success. In this highly competitive environment retailers are emphasizing on customer intelligence so that it can also reduce the cost. Business Intelligence techniques are used by the companies to enhance the skills, knowledge and awareness of customers and it is also helpful in increasing the turnover of the company. It is also helpful in improving customer retention. The improved business intelligence system helps the companies to predict customer demand. It helps in pleasing customers and building strong relationship and also helps in turning one-time purchasers into long term customers. In today’s highly competitive and global landscape, the average customer has many options, so maintaining and exceeding customer expectations is critical for a company’s success. This paper focuses on the role of BI in business.

Keywords: Business Intelligence, Competitive Intelligence, Retail Industry, and Customer Relationship Management.

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