CRM Software for the Pharmaceutical Industry Key Terms

Learn CRM software for the pharmaceutical industry key terms to maximize program potential

When working with customer relationship management (CRM) software, it's beneficial to understand the CRM software for the pharmaceutical industry key terms. This can help you utilize the software to its fullest potential. Use the key terms to find out what offerings your software has for you.

Learning the lingo also demonstrates to others in the field that you are knowledgeable and current on industry trends. Use your knowledge of CRM software for the pharmaceutical industry key terms to give you a professional edge.

 

Activity-based costing

This systematic method assigns costs to products, customers, activities and other expense objects. Software helps you factor in bulk purchases and pricing for the pharmaceutical industry, among other industries.
Try: Value Based Management.net provides an overview of activity-based costing, which it calls ABC.

Category management

Category management is an important part of CRM software because it allows users to input product categories and use them as business units for strategic business planning. It also allows managers to see the complete picture, including sales, market trends and buying patterns.
Try: Information Week explains why pharmaceutical companies turn to customer relationship management software to assist them in areas such as category management.

Data cleansing

This essential part of CRM software filters through data, checking duplicate records and other recordings for accuracy and consistency.
Try: BlogCatalog hosts Nick Baggott's CRM blog, which offers tips from numerous professionals on using data cleansing-features on your CRM software. These tips cover CRM software in many fields, including pharmaceuticals.

Data mining

Data mining is the process that software uses to filter through data in order to extract specific criteria. Software uses machine learning and modeling techniques in addition to statistical analysis and current technology for database usage to mine the data and to find relationships and patterns in it.
Try: ECT News Network offers an article defining ways the pharmaceutical industry is using CRM software to work with customers. It describes the benefits of data mining, among other CRM topics.

Sales force automation

As an important part of CRM software, sales force automation supports sales representatives by allowing them to access records such as appointments and client information, and purchase histories for clients.
Try: BNET offers a listing and review of various CRM software solutions and discusses use in fields such as the pharmaceutical industry.

Workflow

CRM software takes a series of processes and links them together using activity and task information in the workflow process. It routes notifications and tasks and even records automatically, according to user input of predefined criteria.
Try: Flatworld Solutions offers an overview of the pharmaceutical industry's use of CRM software. It discusses the benefit of workflow in the product.

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