What is need analysis in SAP CRM-IFS - Financial Services?

SAP Term: need analysis

• Component: CRM-IFS

• Component Name: Financial Services

• Description: An analysis of a customer's requirements based on a specific set of questions. The need analysis helps determine the eligible sales products for a customer. Need analysis data comprises information about the customer's need, financial requirements, contract details, and, if applicable, property details.

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• Key Concepts: 
  Need Analysis is a process used in the CRM-IFS Financial Services component of SAP to identify customer needs and preferences. It is used to determine the best product or service to meet those needs. The process involves gathering information about the customer, analyzing the data, and making recommendations based on the analysis. 
  
  How to use it: 
  The Need Analysis process begins with gathering information about the customer. This can include demographic information, financial information, and other relevant data. Once the data has been collected, it is analyzed to identify customer needs and preferences. Based on this analysis, recommendations are made for products or services that best meet those needs. 
  
  Tips & Tricks: 
  When conducting a need analysis, it is important to ensure that all relevant data is collected and analyzed. This will help ensure that the best product or service is recommended for the customer. Additionally, it is important to keep up-to-date with changes in the market and customer preferences in order to make accurate recommendations. 
  
  Related Information: 
  For more information on Need Analysis in SAP CRM-IFS Financial Services, please refer to the official SAP documentation here: https://help.sap.com/viewer/product/CRM_IFS_FINANCIAL_SERVICES/7.0/en-US