Finally, it is nearly the end of semester, there are no reading for this week, therefore I will going to give a summary about a article I read before but didn't do the blog.
As we know, CRM (Customer Relationship Management) is quite significant in the business environment. Also, lots of benefits can bring from CRM such as better customer service, enhance profit, reduce operation cost, etc.
According to the article “Get inside the lives of your customers” which published in 2001 by Seybold, it focuses on a key word called “customer scenarios”. Basically, the “customer scenarios” is aiming to strengthen the relationships with customers, provide much more service to buyers, gather much greater loyalty in return by knowing who is the customers, what they want, what situations the customers face currently, what customers expect to achieve their purposes, etc. Moreover, each customer may have their own scenarios. The people who provide the service may fail to meet the customer’s demand or provide the incorrect service if he/she using the same service (one-size-fit-all) for each customer without creating customer scenarios.
In my opinion, I believe create the customer scenarios are a good method for companies to make the service/product become more customize. And. companies can build closer relationship with their customers and gain the loyalty by providing better service. It will also leads to the profit for the companies at last.
Sunday, 7 October 2007
Sunday, 30 September 2007
Week 10
The article for this week is "Unbundling the Corporation", but instate of discuss about the article, I would like to discuss the video present by Paul Bennt. The video is made by TEDTALKS, TED stands for Technology, Entertainment, Design. It started out (in 1984) as a conference bringing together people from those three worlds. So, I spent sometime to watch other video on the TED website, and I found its very interest, therefore, this is the first thing I like to sure this week.
Back to Paul Bennet's video, he is a creative director at the influential design and innovation company ideo. "Small is the new big,"Bennett says. And his design approach reflects this philosophy. For often, it's not the biggest ideas that have the most impact, but the small, the personal, and the intimate. He try to explain in the video by using some example, I specially like the idea of IKEA to design a storage system for kids. The designers actually put their view in a kid's position when design the system.
Another example is the handle device for nurse, the normal handle device is operate by two hands, but it is impossible for a nurse using both hand to operate the device, therefore Paul design a new device with a touch screen which can be operate by one hand.
The important message is product design must suitable for the users' need, and try to put yourself in a position of user is the hard part, especially as system designer. We have been using and learning technology for quite a long time, but there are still people not very used to technology, so it is important to design a system as design for beginner.
Back to Paul Bennet's video, he is a creative director at the influential design and innovation company ideo. "Small is the new big,"Bennett says. And his design approach reflects this philosophy. For often, it's not the biggest ideas that have the most impact, but the small, the personal, and the intimate. He try to explain in the video by using some example, I specially like the idea of IKEA to design a storage system for kids. The designers actually put their view in a kid's position when design the system.
Another example is the handle device for nurse, the normal handle device is operate by two hands, but it is impossible for a nurse using both hand to operate the device, therefore Paul design a new device with a touch screen which can be operate by one hand.
The important message is product design must suitable for the users' need, and try to put yourself in a position of user is the hard part, especially as system designer. We have been using and learning technology for quite a long time, but there are still people not very used to technology, so it is important to design a system as design for beginner.
Monday, 10 September 2007
Week 8
This week reading is about Synchronize, nowadays company normally separate different division/department by different functions, services, or product line. But, each division/department may have different database, it leads to sometime different salesman from different department will reach to the same customer, it is not only wasting company's resource, but also confuse the customer. This article use the 3M and Rewiring Thomson Financial to explain the importance of Synchronization. 3M using a global data warehouse to provide consisted service to its customers, by allow them to using a single website to get all the product information they required, and also search for related product. Rewiring Thomson Financial also implement new IT infrastructure to synchronized its products, creating a set of tailored offerings for individual customer segments. And it save IT department 50% of its budget. In my opinion, the main different between 3M and Rewiring Thomson Financial, is first is more product oriented and another is more customer oriented, it is important to understand the natural of business and decide which type of oriented to be implement.
Monday, 3 September 2007
Week 7
The reading for this week actually matches the topic of my assignment, the "Knowledge Management in the Introduction of CRM Systems." It explain the role of KM plays in a CRM system and fellow by a IBM case study. When IBM implemented CRM system, it is driven by the senior manager and Implement across IBM- Worldwide. The issue IBM facing when develop this project is, the CRM system needs strong knowledge and accuracy of data to support. Knowledge management is the process of capturing, storing, retrieving and distributing the knowledge of the individuals in an organisation for use by others in the organisation to improve the quality and/or efficiency of decision marking across the firm, the primary enabler of knowledge management efforts is the power of contemporary information technologies. Personally, I believe that CRM and KM are a cycle process, it really help me understand the relationship between them by doing this research. Finally, it can be concluding as CRM require strong KM to support, and KM require CRM to provide quality customer information, by doing this organisation can develop a long term relationship with its customers and increase the competitive advantages.
Tuesday, 21 August 2007
week5
Neural network is one that has the ability to learn and generalize. The text talks about neural network were created with the view to help the Credit card companies and banks to gauge risks associated with their schemes. The old methods used by financial teams had issues of data integration, judgments which were biased and judgments that could only be made based on large number of cases. Also old methods could only accurately provide information when used with well structured domain models. The current business requirements are unstructured making it hard for implementation of old systems, that’s where Neural network is very efficient and accurate in its results and information.
This technology has helped detect the accounts which were initially considered good and early detection of such cases has helped banks save money. This tool is becoming a part of modern banking systems where its implementation is helping the business avoid any shortfalls they have previously faced. Visa is great example of a company which have realized benefits of using this tool.
Over the years this tools has been updated with demands and consistent tests on data have shown the key value this adds to the financial sector. The results have provided information on various demographics of population and other features such as Credit card application forms. It is also revealed that further analysis of data with key factors can better the accuracy of the information.
Monday, 6 August 2007
Week 3
This week I was reading the "When Choice is De motivating: Can One Desire Too Much
of a Good Thing?" by Sheena S. Iyengar and Mark R. Lepper. The main idea of this article is talking about people have common supposition in modern society that the more choices, the better. But the participants actually reported greater subsequent satisfaction with their selections and wrote better essays when their original set of options had been limited.
The study using 3 different cases to establish the theory, they are:
Therefore, it is worth considering attributes of contexts in which the provision of extensive choices does not lead to choice overload. such a finding may seem counterintuitive to social psychologists long schooled in research on the benefits of choice, the commercial world seems already to know what experimental psychologists are just now discovering. Several major manufacturers of a variety of consumer products have been streamlining the number of options they provide customers.
of a Good Thing?" by Sheena S. Iyengar and Mark R. Lepper. The main idea of this article is talking about people have common supposition in modern society that the more choices, the better. But the participants actually reported greater subsequent satisfaction with their selections and wrote better essays when their original set of options had been limited.
The study using 3 different cases to establish the theory, they are:
- Exotic jams
- The extra credit assignment
- Chocolate
Therefore, it is worth considering attributes of contexts in which the provision of extensive choices does not lead to choice overload. such a finding may seem counterintuitive to social psychologists long schooled in research on the benefits of choice, the commercial world seems already to know what experimental psychologists are just now discovering. Several major manufacturers of a variety of consumer products have been streamlining the number of options they provide customers.
Monday, 30 July 2007
Week 2
Too many things to do last week, therefore totally forgot the blog staff. Sorry, Rob, help you can forgive me this time. Anyway, my blog is finally been set up, hope everyone would enjoy it.
This week I was reading the "Analytical CRM Powers Profitable Relationships: Creating Success by Letting Customers Guide You" by Ron Swift. The journal is talking about with analytical CRM, an enterprise-class data warehouse and a disciplined knowledge creation process could increase the business's profits, opportunities, and also the customer loyalty.
Since the 1980s, companies around the world start using data warehouse technology to understand their customer better. But the issues is some companies only implement department-level database, it actually leads to a incomplete picture of the customer relationship and sometimes drives corresponding miscommunication. Therefore, the idea of enterprise-level database is to include all customer transactions, all interactions, all customer denials, all service history, new characteristics and profiles, interactive survey data, clickstream/browsing behavior (from tracking systems), cross and direct references, external and internal demographics, psychographics and, in fact, all available and useful data surrounding each customer. This may also include data from outside the business.
Then after all the customer's data been collected, the CRM intelligence management cycle comes in. It is a four-step process which include:
4. Measure - organization must measure the effectiveness and impact of its CRM activities.
In conclusion, CRM can help business to communicate with their customers and have a consistent and accurate view on them, in order to move them up the value chain. And enable the business to allocate resource to the highest priorities.
This week I was reading the "Analytical CRM Powers Profitable Relationships: Creating Success by Letting Customers Guide You" by Ron Swift. The journal is talking about with analytical CRM, an enterprise-class data warehouse and a disciplined knowledge creation process could increase the business's profits, opportunities, and also the customer loyalty.
Since the 1980s, companies around the world start using data warehouse technology to understand their customer better. But the issues is some companies only implement department-level database, it actually leads to a incomplete picture of the customer relationship and sometimes drives corresponding miscommunication. Therefore, the idea of enterprise-level database is to include all customer transactions, all interactions, all customer denials, all service history, new characteristics and profiles, interactive survey data, clickstream/browsing behavior (from tracking systems), cross and direct references, external and internal demographics, psychographics and, in fact, all available and useful data surrounding each customer. This may also include data from outside the business.
Then after all the customer's data been collected, the CRM intelligence management cycle comes in. It is a four-step process which include:
- Collection - This means collecting all customer interaction data as well as transactions to manage the complete depth and breadth of the customer relationship.
- Analysis - business using tools and resource to analysis the customer data in three different area.
- Customer behavior and preferences
- Operational factors
- Financial factors
4. Measure - organization must measure the effectiveness and impact of its CRM activities.
In conclusion, CRM can help business to communicate with their customers and have a consistent and accurate view on them, in order to move them up the value chain. And enable the business to allocate resource to the highest priorities.
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