Software Engineering Insights

To succeed in today's competitive business environment, it's critical to provide superior customer service. One of the keys to delivering top-notch customer service is to enable your customers to search for their preferred product or service quickly and easily. However, this can be a daunting task if your organization has an enormous product base, making it challenging to access relevant information quickly.

With the growing need to understand customer needs and preferences, organizations are increasingly relying on CRM data to improve their sales and marketing strategies, manage customer interactions, and gain a competitive edge.

Having a robust sales strategy is the key to the success of every business. Therefore, in order to maximize the sales teams’ success, organizations have become increasingly dependent on their sales operations.

Every organization seeking to boost its business revenue needs a highly dependable and well-informed sales team. To maximize its potential, the sales team needs access to holistic and accurate customer data with considerable hygiene to rationalize account planning and increase Return on Investment (ROI). Simply put, a robust strategy for enriching the organization's Customer Relationship Management (CRM) data must be in place.

Data is a valuable asset for any organization, and using a range of dependable data sources can help improve the reliability and accuracy of the data. Data sources provide a way to enrich a dataset with additional data, which ultimately enhances the CRM data quality.

Customer Relationship Management (CRM) is a tool that serves as the single source of truth for all your organizational data while enabling sales teams to drive better performance. Bad CRM data, if utilized for your business initiatives, can cost your organization severely in terms of client relationships, loss of the market base, and ultimately, sales revenue.

Your organization's sales team deals with large stores of data around customers and prospects captured in your Customer Relationship Management (CRM) system. Say your customer changes their role in their organization, their contact details, or other aspects of their profile - their data in your CRM can become stale if not updated and enriched periodically.

With the exponential growth of automation in organization architecture and processes, data quality becomes the key differentiator behind a successful sales strategy. The accuracy and quality of CRM data become pivotal for the sales team, be it for creating customer personas or generating revenue – the success of your sales strategies depends on data quality.

It is no surprise that sales leaders are striving to gain the most out of CRM data. But, without continuous maintenance of data, it can decay and become 'bad data' which can create multiple hindrances in the effective plan of action/ sales strategies. The bad data in your CRM refers to the 'wrong data’ which indicates missing, outdated, and incomplete data points.

Statistics show that customer data decays at a rapid rate of 30% and costs the average business 15% to 25% of revenue annually therefore, it is essential to cleanse and enrich your data sets in CRM. In fact, according to IBM, bad data costs US businesses $3 trillion every year. This mind-boggling factor is why data quality improvement should be every organization's primary concern.

Given that number, poor data can easily cripple your sales productivity, forecasting, and ultimately your business growth and revenue. On the other hand, high-quality data empowers sales reps to make decisions that will positively impact the success of an organization, improve its practices, and increase profits.

If bad data isn't detected and fixed on time, it can create many hurdles for your sales team. It will hinder the outbound sales process and waste a lot of time and effort. As a result, it will cause operational inefficiencies and unnecessary costs, and also impact your customer experience.

This blog will uncover how bad data affects businesses and why we should enrich it.

With the pandemic at bay, we have witnessed the emergence of digital transformation almost everywhere. Especially, in the IT industry where the organization was still stuck with the legacy system using outdated technology and generating unlimited data but not utilizing it properly. Managing data day in and day out is just not something that immediately derives value to an organization. But, with Data Modernization, it can do wonders for the company. 

If you’re leading the marketing campaigns of an organization, you could relate to this! The prospect data received from website forms, surveys, web browsing, a list of event attendees, or advertising is not enough to create opportunities and convert a lead.