Companies striving to enhance customer loyalty, improve customer satisfaction and promote share of wallet are increasingly turning to customer relationship management (CRM) analytics. Royal Bank of Canada (RBC), the largest bank in Canada with more than 10 million customers, is a well- publicized example of CRM analytics in action.1 RBC strives to provide a consistent but tailored customer experience across all points of contact while also optimizing the profitability of each relationship. Sophisticated analytics shape and drive the CRM strategy for the bank. A comprehensive data warehouse, a well stocked analytics department populated with researchers and statisticians, and a plethora of segmentation and predictive behavioral models provide the analysis backbone for strategic decision making.
Of course, transforming analysis into action is a critical step in any organization's quest to tailor customer contacts and improve satisfaction. Enter the CRM vendor solutions. Sometimes referred to as front-office applications, these CRM solutions strive to maximize customer relationships by automating the sales and service process. The goal of these extremely popular systems is to provide integrated, multichannel customer management applications. The Aberdeen Group reports front-office solution market growth at 30 percent per year with projected expenditures in 2003 reaching $24 billion.2
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