Software Technology Insights - Learn, Develop, Grow

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.

As organization infrastructure and its processes get more automated, data quality becomes the differentiating factor between a successful business and a failure. The accuracy and timeliness of CRM data become pivotal for the organization, be it for creating customer personas or optimizing the outbound sales strategy – the success of your business all rides on data and its quality.

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.