Why CRM is Not Business Intelligence
CRM tools are a great way for your team to manage their contacts, record their calls/samples and see static sales information about each of your prescribers. Some companies have a more traditional, in-house legacy CRM software in place, while many others are transitioning to the newer, cloud based model. Regardless of which type of CRM system is used, however, these tools are designed primarily to capture transactional interactions and display basic information to the rep; they are meant for accessing data, in a quick and organized manner, yet not analyzing it. Valuable as they are, CRM systems are by no means designed from the ground up to perform deep analytics and answer ‘what-if’, predictive questions, the way a true Business Intelligence solution can.
Because of this difference in purpose, companies find they need to complement their CRM tool with analytical capabilities, to provide their sales force with insights that will help them excel. The simplest and most common approach is generating various reports and dashboards that are built (from scratch) to provide the Field the additional information required to be productive and do their job effectively. The market offers a wide breadth of these types of report building tools, though they require time and functional expertise to build the right report with the right metrics. This effort also requires constant upkeep and maintenance of the tool to ensure that the analysis is relevant.
Verix takes a different approach to Business Analysis. Verix’s SaaS analytical applications are designed around the business process and the questions that naturally arise from that process. By taking this approach, analytics are embedded in each prebuilt application, prompting the user – from Managed Markets to Sales – to have answers at his fingertips as he goes through his daily work routine. A key enabler of this functionality is Verix’s HotSpots technology, which uses flexible, statistical analysis to comb through the data and find anomalies over time that probably would not have been caught by a more traditional report system based simply upon static business rules. What this means for the user is substantially less time deciphering sheets of reports, correlating with CRM prescriber details and trying to develop a hypothesis and solution. In other words, Field users do not need to spend time connecting the dots. With Verix, everything is complete; answers to user questions – questions they may not even realize they had – are presented in an easily digestible format. The guesswork is removed and the individual can focus effort on those areas with the biggest pay-off.
For the home office analytics team, it means less time spent answering Field questions and preparing one-off reports. It also means significant time reduction in QC-ing and delivering home grown, “canned” reports. This time savings can now be spent on more strategic, ROI bearing analytics – something every analyst would prefer to do and definitely more lucrative to the business.
The Verix solution is designed to complement and integrate with the existing CRM system, but CRM is just one of many inputs accepted. The Verix team is adept at managing multiple, disparate data sets, including specialty pharmacy, payer, sampling, APLD LRx, sales data, and competitive data, amongst others. In fact, we like to say that the more data available, the better the solution is! With more data, the analytical engine has more information to discover business insights that require attention. While CRM typically contains only a subset of all available information – for example, the call plan – Verix analyzes the entire universe of data; all information is presented in an easy-to-understand, graphically rich format with access to detailed information through drill downs and filters.
Are you ready to complement your CRM system with actionable analytics? Contact us to arrange a demonstration of what sets us apart from CRM and the other traditional reporting tools on the market.