ACCA PM Syllabus A. Management Information Systems and Data Analytics - DSS and CRM - Notes ^{7 / 7}

These are computer-based information systems that obviously help managers make decisions

They analyse large amounts of data and providing information on likely decision outcomes based on programmed rules and assumptions.

Users can also modify variables within the system to reflect different conditions that may affect the decision.

For example, a financial model in Excel is a simple DSS that calculates the net present value of a potential investment. Users can change variables in the model and perform "what-if" analyses to help determine whether to invest.

Even forecasting models on spreadsheets, where variables like economic growth can be adjusted are DSS

Definition:

A CRM refers to the practices, strategies, and technologies used to manage customer interactions and data in order to enhance customer service, retain customers, and drive sales growth.

At its core, CRM software consolidates customer information and documents (such as purchase history, demographics, and returns) to make them easily accessible and manageable.

CRM systems capture, analyse, and share relevant data from customer interactions with everyone in the organization.

This information distribution helps the organisation better understand and meet customer needs for products and services.

Key characteristics of a good CRM system include:

1. Easy integration with existing databases.

2. User-friendly interface and strong user support.

3. Adaptability to accommodate business growth.

4. Enhanced customer satisfaction.

5. Convenient reporting and tracking features.