Public or private organisations see the potential of big data and mining to be turned into big value by combining its CRM system with Big Data analytics. A sophisticated CRM system requires extensive support from accurate data analytics to ensure that potential customers are engaged and find value in their relationship with the company.
- Since customers make buying decisions every day and every decision depends on a consideration of cost, benefits, & value – management accountants need to be very aware of the value-creation potential of marrying traditional CRM systems with Big Data analytics.
- However, management accountants must also be very aware that the wild-child that has emerged in the union of Big Data and CRM, called Social CRM, is very difficult to control.
- This can seriously affect corporate value if negative publicity about the company goes viral in social networks.
Prof. Janek Ratnatunga