How to Make Business Data Your Most Valuable AssetBy Shelley Pursell | Mon, 12/13/2021 - 09:24
The digital transformation that countless companies around the world are now undergoing has made data analysis and management indispensable, not only to measure results or identify customer preferences – as it was in the beginning – but also to ensure the survival and improve the operational efficiency of the business.
Companies have begun to take advantage of the enormous amount of information that is generated every day from the contacts the marketing team achieves with potential customers, the time it takes sales reps to close a deal, the number of tools that are used to perform specific tasks, the time it takes to log in or search for important information in each of them, and countless other variables that occur within the workspace.
Specifically, we can say that in today's business world, every action taken has the capacity to be measured and, consequently, also improved.
In this sense, when a company's data is organized, reliable and accurate, it is easier to make sound and safe decisions for the business; however, when there is insufficient analysis and processing capacity, the opposite is true: according to an article by professor and researcher Thomas C. Redman for the Harvard Business Review, "when data is unreliable, managers quickly lose faith in it and resort to their intuition to make decisions."
A study by Kissmetrics suggests that companies lose up to 20 percent of revenue due to poor data quality and management, making this discipline (big data analysis) one of the most demanded today, as 36 percent of companies agree that literacy in this field is crucial to prepare their business for upcoming challenges, such as increasing profitability and improving productivity in their workforce.
Making Data a Company's Most Valuable Asset
Data has become so important that even companies that are just beginning on their path to expansion can benefit from its analysis and organization to create more efficient processes and become more economically viable: a recent study by Experian states that eight out of 10 companies consider data among their most valuable assets.
However, boosting the reliability of a company's data is not a matter of magic: it requires frameworks, solid processes and the help of a robust tool that intelligently and automatically collects every action in the organization. Systems such as CRM (Customer Relationship Management) have positioned themselves as a nearly inexhaustible source of insights and valuable information for strategic use.
The most advanced systems have added functions and features that turn them into a hub or "single source of truth" where every action takes place, and which in turn leaves a quantifiable trail. The information that customers provide to a form, their current status in the sales process, the number of contacts generated by the sales team per week or month, the most effective channel to close deals or conduct closer interactions, are just some of the issues that a CRM allows to measure, analyze and manage to improve the operability and productivity of an organization.
In this way, a CRM can become a strategic ally in terms of data management, as it allows analysts and other teams to turn information into a valuable asset through:
- Identifying and tracking the origin of various data clusters.
- Optimizing or designing forms and external data collection channels.
- Maintaining the various databases in order to maintain data hygiene.
- Creating customized reporting dashboards that make information transparent and accessible for better decision-making.
- Connecting all apps and work tools in a single space to unify data, thus avoiding the appearance of information silos.
Optimizing data reliability is one way to ensure that businesses receive the results and information they need to take the next step toward expansion or consolidation. Meanwhile, CRM is one of the best tools you can use to manage all information in a comprehensive way and create an updated 360º view of business growth.