Enterprise Feedback Management (EFM)
EFM or enterprise feedback management can be defined as online survey software which is used to consolidate the collection, management and use of feedback throughout your organization. An EFM is a tool that enables your organization to integrate customer feedback directly into your daily business operations. Companies are increasingly adopting Enterprise Feedback Management to gain insights into clients' attitudes, preferences and opinions.
Without EFM, surveys are conducted within segments of an enterprise but not often enterprise-wide. Ideally, EFMs examine customers holistically and allow organizations to better respond to customer needs. Users are allowed to author surveys, but before being published and distributed, other users have the opportunity to examine and approve them. This workflow is meant to ensure consistent survey quality and address privacy and security concerns. EFM applications and their created surveys vary widely, depending on the department or division within the enterprise, such as IT, human resources, sales or marketing. However, departments can collaborate on results and share insights on a survey's design and effectiveness. This includes the creation of business rules, such as what data is distributed where and to whom, and which customer/company/business partner relationship issues should be addressed. EFM applications are often integrated with customer relationship management (CRM), systems as well as human resource management systems (HRIS) and Web portals.
Background of Enterprise Feedback Management (EFM)
The term enterprise feedback management was coined by Perseus Development in 2004 and was first popularized in 2005 by Gartner. Their definition of it was "formal tools for data collection and output analysis". Prior to EFM, survey software was typically deployed in departments and lacked user roles, permissions and workflow. EFM enables deployment across the enterprise, providing decision makers with important data for increasing customer satisfaction, loyalty and lifetime value. EFM enables companies to look at customers "holistically" and to better respond to customer needs. Enterprise feedback management systems root from PA technologies. It is possible to infer about the PA that they represent a part of such a vast field of knowledge as data mining. The forecast of the current and future tendencies is based on the data already acquired. PA implies various types of modeling: clustering (cluster analysis), decision trees, regression analysis, artificial neural networks, text mining, hypothesis testing, etc. Predictive Analysis technologies are actually tools to transform data to information and then to knowledge. This transformation was partly described in the article As We May Think written by Vannevar Bush in 1945. EFM applications support complex survey design, with features such as question and page rotation, quota management and skip patterns and branching. The software typically offers advanced reporting with statistical analysis and centralized panel management. EFM applications are often integrated with external platforms, most typically with customer relationship management (CRM) systems but also with HRIS systems and generic web portals. Unlike low-end survey tools, EFM applications provides a workflow process with user roles and permissions, so that users may be able to author a survey but require another user to approve it before it is published. Such workflow ensures consistent survey quality and enforces respondent privacy and IT security policies. Applications of EFM vary widely from HR, IT, Marketing, Sales and continues to expand on its corporate implementation and scope. Departments within an organization can collaborate on feedback initiatives, sharing results and gaining insights that enable the organization to listen, learn and react to the needs of their stakeholders. A key part of the value of an EFM deployment is the development of the business rules (i.e. who needs to see what feedback info) and which parts of the customer/employee/partner facing process needs to be measured.
The Need for Enterprise Feedback Management (EFM)
Enterprise Feedback Management allows companies to systematically collect and manage feedback and integrate their results with various information systems. This allows companies to have an actionable, comprehensive and accurate enterprise-wide outlook. Using Enterprise Feedback Management will increase efficiency and reduce costs because it eradicates the use of several other redundant and inconsistent survey tools.
- Centralize data collection under one hood.
- Acquire customer, employee & market research insights.
- Integrate data with various CRMs, databases & information systems.
Benefits of Enterprise Feedback Management (EFM)
Enterprise Feedback Management is not a “fad,” a “thing,” or a “system.” It’s a management process that enables organizations to collect feedback in real time through multiple channels and multiple data sources. EFM allows businesses to consolidate feedback from customers, employees, and other stakeholders, then integrates the feedback with other important financial and transactional data. This structure uses intelligent analytics to turn the data into actionable information, and distributes the information to the right person at the right time for follow up. Enterprise Feedback Management is being adopted as a best practice among leading organizations to collect, consolidate, and manage feedback from all sources and then acting on that feedback to set best-practice companies apart. A well-designed, properly executed EFM solution provides numerous benefits, but is especially useful in helping you understand your relationships with customers, employees, partners, suppliers, and others, regarding key issues and concerns, as well as noteworthy positive feedback. Some specific examples of the benefits of EFM include:
- Enabling real-time, customer-driven response.
- Understanding the key drivers that keep customers returning.
- Pinpointing specific store/team/employee training needs.
- Ensuring service-lapse recovery – fixing problems so they don’t recur.
- “Saving” customers (and their lifetime value) before they permanently defect.
- Compensating employees based directly on customer measurements.
- Providing integrated reporting of all feedback, from all “moments of truth.”
- Linking satisfaction to loyalty to financial results.
- Driving consistency across the organization by sharing results widely.
- Robust EFM systems provide additional benefits by allowing companies to leverage data across departments. For example, transactional surveys can be augmented with additional market research-oriented questions, thereby saving time and resources.
- Definition of Enterprise Feedback Management (EFM) Intercetum
- Explaining Enterprise Feedback Management (EFM) Techopedia
- Background of Enterprise Feedback Management (EFM) Wikipedia
- Why Enterprise Feedback Management (EFM) Qualtrics
- What are the Benefits of Enterprise Feedback Management (EFM)? Inmomemnt