An aspect of this that FAC's management teams have not taken into account in the context of the case study is the role of social media platforms and their highly disruptive potential effects on customer loyalty and overall CRM strategy performance. The onslaught of social media has created an even playing field with the customers being in charge, and companies needed to drastically redefine their strategies and unique value propositions to stay in step (Bernoff, Li, 2008)
With the many analytics, Business Intelligence (BI), CRM, distribution management and integration software and IT infrastructure the company has made, results are improving because the necessary data now exists to unify strategies. One of the most critical best practices of any CRM strategy is to create a unified, 360 degree view of the customer (Chan, 2005)
Further, the distribution management system, which is extremely adept at defining channel optimization as it is at sensing new revenue opportunities, must over time be modified to reflect the new, innovative approaches customers are relying on to gain greater access to information. Nothing stands still in a customer relationship, that is why constant vigilance to emerging trends is so critical (Dver, 2003)
This is symptomatic of a deficient change management process that needs to be fixed. The lack of focus on change management programs in the context of a CRM system project can seriously reduce its overall effectiveness and lead to substantially lower levels of performance over the long-term (Fay, Zahay, 2005)
This is symptomatic of a deficient change management process that needs to be fixed. The lack of focus on change management programs in the context of a CRM system project can seriously reduce its overall effectiveness and lead to substantially lower levels of performance over the long-term (Fay, Zahay, 2005)
FAC will need to streamline this architecture if they are going to continually improve. Figure 1: Topology of an Enterprise Data Warehouse and its relationship to Business Intelligence Based on analysis of the following sources: (Raisinghani, 2000) (Shahzad, Mustafa, 2010) Implications and Recommendations for First American Corporate Strategy In order for FAC to continually grow and attract new customers while holding onto their existing ones, the existing CRM system needs to be augmented to better align with the strategic priorities and needs of the comp[any
FAC will need to streamline this architecture if they are going to continually improve. Figure 1: Topology of an Enterprise Data Warehouse and its relationship to Business Intelligence Based on analysis of the following sources: (Raisinghani, 2000) (Shahzad, Mustafa, 2010) Implications and Recommendations for First American Corporate Strategy In order for FAC to continually grow and attract new customers while holding onto their existing ones, the existing CRM system needs to be augmented to better align with the strategic priorities and needs of the comp[any
0 technologies and their effects on organizations due to the increased voice of customers is predicated on a more egalitarian mindset of how channels are used in business, especially the social ones (O'Reilly, 2006). These changes taken together are going to be the catalysts of completely re-wiring the processes and performance approaches all companies rely on, with specific focus on core processes through business process management (BPM) and business process re-engineering (BPR) to unify diverse company segments to a common goal (Power, 2009)
There is significantly more the company can do however. Skilled in conjoint analysis and advanced forms of analytics, FAC can also quickly gain insights into how prospective customers trade off one financial institution for another (Stone, Mason, 2000)
Data Warehousing and Security Data security is a growing concern for all organizations, as information is key to any business operation and could be considered the essential commodity of modern business. The degree to which companies are failing to recognize the importance of data security and are slow to implement recommended security changes is still dismaying, however, and is cause for an examination of some of the problems and opportunities associated with data storage and security (Warigon, 1997; TechFaq, 2010)
Sportsline decided to outsource and contracted with WebSideStory to use its' HitBox technology. (Mollison) This outsourcing proved to be of great success to the company
Sportsline hoped that this would increase the amount of people that use the site and thus increase the amount of potential customers. (SportsLine.com, Inc
("Data Warehousing") In fact, "a data warehouse may contain very different things, ranging from the traditional financial, manufacturing, order and customer data, through document, legal and project data, on to the brave new world of market data, press, multi-media, and links to Internet and Intranet web sites." (Barker 1998) Data warehouses allow firms to learn more about their customers so that they can develop strategies to maximize profits and minimize cost
For example, in the new social-media paradigm there are literally hundreds of different demographic and psychographic modifiers that might assist firms in moving from an older marketing paradigm to a new, service to the client model, all by using data mining and warehousing tools (Badroliwalla, 2009). Data mining can also be used to reduce losses within organizations by keeping a better track of inventory and waste, examining trends of usage in a way that a human could never do efficiently (Hadfield, 2009)
Improvement in computer power has also allowed for the field of artificial intelligence to evolve which also improves the sifting of massive amounts of information for appropriate use in business, military, governmental, and academic venues. Essentially, data mining is taking as much information as possible for a variety of databases, sifting it intelligently and coming up with usable information that will help with data prediction, customer service, what if scenarios, and extrapolating trends for population groups (Ye, 2003; Therling, 2009)
Even the same researcher can make cases both for and against the warehousing of data in an organization (Greenfield, 2005a; Greenfield, 2005b). Because it is possible to collect so much data on people today, many individuals who use the internet are being tracked more than they realize (Betancourt, 2010)
How can that be done in the best way possible? The answer to that question can vary greatly, depending on who is asked. Even the same researcher can make cases both for and against the warehousing of data in an organization (Greenfield, 2005a; Greenfield, 2005b)
How can that be done in the best way possible? The answer to that question can vary greatly, depending on who is asked. Even the same researcher can make cases both for and against the warehousing of data in an organization (Greenfield, 2005a; Greenfield, 2005b)
Companies that do not use any kind of data warehousing and mining know very little about their customers. That is why companies must focus on accumulating data that will help them better understand their target market while cutting down on wasteful expenditures of advertising (Hadfield, 2009)
In some cases, however, the behaviors that a person engages in online can be tracked back to that specific person. That is an important distinction, and one that most people are unclear about because they do not realize just how much of their personal and (seemingly) private browsing history and other information is being collected and used by companies (Thearling, 2009)