Business analysis software varies based on financial orientation. CRM software helps organize customer base and evaluate marketing activities, while business analytics software enables predictions about strategic decisions. Sales managers use enterprise-scale software to analyze sales reps, product categories, and markets. CRM software helps make strategic marketing decisions based on customer and sales activity.
The types of business analysis software available vary based on customer or financial orientation. Some software packages focus solely on capital projects, while others help maximize the activities of a sales force. Customer relationship management (CRM) software packages help the business organize its customer base, evaluate marketing activities, and monitor buying behavior. Business analytics software can also enable organizations to receive predictions about likely strategic decisions, such as expanding operations into a new geographic region or introducing a new flavor to an existing product line.
Because business leaders need to make complicated strategic decisions quickly, business analytics software can help them analyze conglomerates of financial information in minutes. One valuable type of software package takes data inputs based on the projected annual cash flows of an investment project. Business productivity software, such as a spreadsheet program, can calculate whether a particular investment will produce a positive gain or a negative loss at the end of its life. For example, a company may find out whether the purchase of a new building will produce positive cash flow at the end of fifteen years.
Sales managers might use a type of business analytics software that provides them with insights into the performance of individual sales reps, product categories, and markets. These enterprise-scale software packages are often integrated at various levels of responsibility and activity. For example, a sales rep may spend their day taking orders and closing sales on a laptop. At the end of the day, that information is uploaded to a server interface program that is accessed by warehouse staff, frontline managers and corporate executives.
Enterprise sales productivity software allows multiple users within an organization to view and analyze the same information for different uses. Company executives may be more interested in sales data that indicates how regional markets are responding to individual product lines or the average number of hours sales reps spend in the field. Frontline managers can focus on maintaining all accounts on a set schedule. Representatives could use the same information to present business reviews to account-level decision makers when attempting to produce incremental sales.
Customer relationship management software is a type of business analytics software that helps leaders make strategic marketing decisions. These applications collect and analyze data relating to customer and sales activity. Most CRM packages track efforts and results. Strategic decisions regarding advertising messages, brand positioning, promotions and target market segmentation can be made based on an analysis of the CRM software.
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