TIBCO Software, Inc. (TIBX) December 14, 2011 11:00 am ET Executives Syed Mahmood - Presentation Unknown Attendee
As I mentioned in the previous slide, customer relationship management consists of a large number of subprocesses that actually touch different parts of the business. For example, the process of customer acquisition starts with the marketing department planning and conducting a marketing campaign, and the objective of these marketing campaigns is to generate leads. These leads are then tracked and followed up on by the sales department with the objective of qualifying them into opportunities and then eventually converting them into closed deals. So after the relationship is established with the customer, it is now the joint responsibility of marketing, sales and, particularly, customer service departments to strengthen this relationship by addressing customer concerns and improving customer experience, not with the product, and not just with the product but also with the enterprise itself.So this is actually easier said than done as it requires coordination and integration between various operational, marketing and sales applications and data sources in which customer and sales data is usually dispersed within an enterprise. So as businesses have invested in CRM systems or sales and marketing automation solutions, analytics have emerged as one of the key components of a successful customer lifecycle management process, and there are several reasons for this. First, CRM solutions or sales and marketing automation systems generate a significant amount of data at every point in the customer lifecycle process. Second, this data is actually, holds the keys to making various CRM processes more effective and efficient, thereby reducing the cost of selling, marketing and servicing to the customers. What is interesting about this process is that, despite the generation of large amount of data by various marketing and sales automation systems, these systems actually offer fairly basic reporting and analytical capabilities. There is definitely a need for sales and marketing executives and personnel to analyze the data related to their businesses by any dimension that they are interested in. And this is usually not currently offered by a majority of the sales and marketing automation systems available in the market.
So now that we have set the context for sales analytics within the broader framework of customer lifecycle management, let's talk about the challenges faced by executives who are responsible for managing the sales process within an organization. And perhaps, the biggest challenge that sales professionals face with regards to analyzing the efficiency and effectiveness of their sales process is related to various internal and external sources and applications from which sales data actually needs to be extracted and brought together in order to paint a complete picture of the pipeline. And this has important implications: Without integrating the data and extracting them from the various sources, it is quite impossible for a sales executive to get a complete picture of the opportunity or the sales pipeline.In the earliest slide, I talked about sales force automation or SFA tools such as salesforce.com or Oracle CRM in generating a large amount of data, which is actually critical to making the sales process effective. However, the challenges that these tools themselves offer fairly rudimentary functionality in analyzing this data. Read the rest of this transcript for free on seekingalpha.com