MIS 1101 - Exam 2 Study Guide

Customer segmentation

Using NLP, Ai can analyze costumer feedback from emails and social media posts to segment customers into alike departments

CRM

• Helps with marketing

• Automate tasks

• Helps engage with customers

CRM tracks customer data by:

• Aspects of a transaction

• Identity data (demographics, address, name, age)

• Survey responses

MQL (market qualified leaked)

A prospective customer

SQL (sales qualified lead)

Customer that’s ready to make a purchase

Popular CRM options used to assist with sales prospecting

• Zoominfo

• Clearbit Prospector

• LinkedIn Sales Navigator

Factors to consider when selecting customer segmentation

• Integration

• Data collection methods

• Scalability

• Cost

Qualifying potential customer

When organization determines individual/business makes sense to pursue as potential customer

CRM data mining to extract info from customer DB by:

• Customer segmentation

• Customer value and profitability

• Personalization

• Predictive modeling

Customer equity (CE)

Value that future lifetime, revenue, and organizations customers will generate minus customer acquisition + return costs

Customer profit (CP)

Amount of profit an organization makes over a specified time period

Customer lifetime value (CLV)

Total amount an existing customer will spend on the organization over that customer’s life

Share of customer

Focuses on getting as much business as possible from fewer customers because it costs less to retain existing customers and acquire new ones

How CRM analytics guide new product/service development

• Test viability of products and services

• Captures info of features that work and those that don’t

• Get info about user experience

• User info from quantitative and qualitative analyses

Customer churn

Customers stopping their use of product or service

Local area network (LAN)

Connect variety of devices at a single site, such as an office or retail store

Personal area network (PAN)

Includes tablets, Smart phones, laptops

Wide area network (WAN)

Variety of devices connected between two or more locations

Geographic info system (GIS)

Capture analysis use of spatial location info to create maps and 3-D scenes

Platform as a service (PaaS)

Cloud base computing model providers offer hard/software tools

Infrastructure as a service (IaaS)

Instant computing infrastructure, composed of processing data storage and variety of other computing resources provided by a cloud vendor to assist in running and organizations info system

Collab software

Allows for dedicated workspace, where users can add data and workflows - connectivity of people in a workspace

Internet service provider (ISP)

• Provides IP address

• Provide access to resources on Internet

• Pays for access to Internet

Transmission Control Protocol (TCP)

Covers how software apps communicate across networks and how data packets are assembled/reassembled

Internet protocol (IP)

Covers how to address in route data packets to ensure they reached their correct destination

Cloud computing

Computing model where processing storage software apps and services are provided over a network

virtual private network (VPN)

Hides your IP address by running your communications through a secure network

Database

Collection of data organized in a manner that allows a computer to quickly search for and retrieve info

DBMS

Software program designed to organize and administer a database

Relational database

Organizes data into tables based on structured groupings; uses links between tables

Tables are stored in rows called records and columns called Fields

Primary key

Special field Designated to uniquely, identify all records and a table (ID #, SSN, customer ID #)

Structured query language (SQL)

Database language used for human interface and communication with relational databases; allows users to ask the database questions and get answers

entity relationship diagram (ERD)

Visually represent the relationships between data entities in relational databases through the use of diagrams

Database normalization

Dividing data into organized tables to reduce for redundancy and anomalies

Database demoralization

Combining data for multiple tables into a single table that leads to increased data retrieval speed

NoSQL database

Designed to handle huge data sets across many platforms (unstructured data)

Big data

Allows organizations to use analytics to help uncover a variety of predictive behaviors to help create new offerings

Four Vs of big data

• Volume – scale of data

• Variety – different forms of data

• Veracity – the meaningfulness and truthfulness of data

• Velocity - the speed of data

Data marts

• Dependent – constructed from existing data warehouse

• Independent – standalone system created separate from warehouse

• Hybrid – assimilates data from my warehouse and other data collection system

Online analytical processing (OLAP)

Included in BI Apps for report, creation and analysis calculations forecasting, budgeting, planning, predictive analysis, etc

Data scrubbing

Detect removed and correct errors and data sets to ensure data validity

Relational database management system functions

Create read update delete (CRUD)

Data analytics

Analysis of raw data to help make conclusions about info contained in the data

• Descriptive

• Predictive

• Prescriptive

Dana-driven decision-making (DDDM)

Use of facts, metrics, and data to guide strategic business decisions that align with organizational goals, objectives, and initiatives

Six step process for DDDM

1. Ask

2. Prepare

3. Process

4. Analysis

5. Share

6. Act

Database hierarchy – basic structure of relational data

• Characters - composes field

• Fields - columns represents attributes

• Record - role includes collection of fields

• Tables -

Syntax

Set of world/guidelines that define specific computer language (structure of a query language)

Truncated graphs

Shortening the Y access in a bar graph to make it appear that there’s a drastic difference between data points – even though there isn’t

Microsoft Power BI

Analytic software that allows for processing manipulation and visualization of data – best for its ability to connect many data sources

Tableau

Analytic software that offers BI and data visualization – popular because if it’s ease of use

Data Anonymization

Used to protect private or sensitive info by eliminating or encrypting this information

Common personally identifiable info (PII)

Name, SSN, Medical records, email, account #, phone #, IP address

Open data

Free access distribution and use of data

Third-party data

Data collected by organization that may not have relationship with organization collecting the data

Data transformation

Process of Converting data from one form to another

Three steps when planning data visualization

1. Explore data sets for patterns

2. Plan for the visuals

3. Create the visuals