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ChapterNine

Achieving Operational Excellence and Customer Intimacy: Enterprise Applications

QuestionAnswer
Analytical CRM Includes applications that analyze customer data generated by operational CRM applications to provide information for improving business performance.
Bullwhip effect Effect in which information about the demand for a product gets distorted as it passes from one entity to the next across the supply chain.
Churn rate Measures the number of customers who stop using or purchasing products or services from a company.
Cross-selling Marketing of complementary products to customers, e.g. a customer with a checking account might be sold a money market account or a home improvement loan.
Customer lifetime value (CLTV) Based on the relationship between the revenue produced by a specific customer, the expenses incurred in acquiring and servicing that customer, and the expected life of the relationship between the customer and the company.
Demand planning Determines how much product a business needs to make to satisfy all of its customers' demands.
Employee relationship management (ERM) Deals with employee issues that are closely related to CRM, such as setting objectives, employee performance management, performance-based compensation, and employee training.
Enterprise software Built around thousands of predefined business processes that reflect best practices.
Just-in-time strategy If a manufacturer had perfect information about exactly how many units of product customers wanted, when they wanted them, and when they could be produced, it would be possible to implement a highly efficient just-in-time strategy.
Operational CRM Includes customer-facing applications, such as tools for sales force automation, call center and customer service support, and marketing automation.
Partner relationship management (PRM) If a company does not sell directly to customers but rather works through distributors or retailers, PRM helps these channels sell to customers directly.
Pull-based model In a pull-based model, also known as a demand-driven model or build-to-order, actual customer orders or purchases trigger events in the supply chain.
Push-based model In a push-based model, production master schedules are based on forecasts or best guesses of demand for products, and products are "pushed" to customers.
Service platform A service platform integrates multiple applications from multiple business functions, business units, or business partners to deliver a seamless experience for the customer, employee, manager, or business partner.
Supply chain A firm's supply chain is a network of organizations and business processes for procuring raw materials, transforming these materials into intermediate and finished products, and distributing the finished products to customers.
Supply chain execution systems Supply chain execution systems manage the flow of products through distribution centers and warehouses to ensure that products are delivered to the right locations in the most efficient manner.
Supply chain planning systems Supply chain planning systems enable the firm to model its existing supply chain, generate demand forecasts for products, and develop optimal sourcing and manufacturing plans.
Touch point A touch point (also known as a contact point) is a method of interaction with the customer, such as telephone, e-mail, customer service desk, conventional mail, Web site, wireless device, or retail store.
Sales force automation (SFA) Modules in CRM systems help sales staff increase productivity by focusing sales efforts on the most profitable customers, those who are good candidates for sales and services.
Social CRM Using such tools businesses can better engage with their customers by, for example, analyzing their statements about their products and services.
Created by: TroyIS3310