CRM is a phrase used, which refers to strategies technologies, and practices that firms use to analyze and manage client interaction and data throughout the consumer lifecycle with the aim of improving business associations with customers, driving sales growth, and helping in customer retention.
Functional systems are models, which describes the structure and are an alternative to the predominant idea of reflexes.
Cross-functional systems were created to integrate the activities of the whole business process and were called so due to their cross departmental boundaries.
Supply chain management is the flow of services and goods, and it comprises of storage and movement of raw resources for work in process inventory and finished products from a region of origin to the point of consumption.
Artificial intelligence is the development and theory of computer systems which can carry out duties, which typically need human intelligence, which are speech recognition, visual perception, and decision-making.
Market basket analysis is the modeling approach that is based on the theory that when a person purchases items they are less (or more) likely to buy another selection of items.
Key performance indicators are the quantifiable measure, which is used to assess the success of a firm in meeting the goals for performance.
Predictive analytics is a branch in advanced analytics that is applied to make predictions concerning the unknown future events.
CLV is a forecast of net profit that attributes to the whole future association with the client.
Touchpoint is any way the client may interact with the business, whether it is person-to-person, an app, through the website, or any communication.
Case Study Analysis
- Watson was granted access to 200 million pages of unstructured and structured content consuming around four terabytes of disk storage. The software was a question answering system that would answer questions, which are posed in the natural language. Watson had integrated massive parallel POWER7 processors built on IBM’s DeepQA technology.
- Watson would process about 500 gigabytes per second. The software cannot understand the context of the clues.
- Watson parses questions to various sentence fragments and keywords to locate statistical phrases. It is an excellent decision-making tool because of the vast database connection.
- Watson will be beneficial to other firms because the software can help make calculated risks…