Data has become a crucial element for any business. Its effective use can help an organization make better decisions to achieve its goals and continue to grow in an increasingly competitive market. However, the latest study “The State of CRM Data Quality”, carried out by validityshows that companies continue to have difficulties in having quality data in their CRMs.
According to the report, 75% of those interviewed say that an inappropriate approach driven by poor data has resulted in lost customers, while 44% of those interviewed estimate that their company loses more than 10% of annual revenue due to to the poor quality of CRM data. Another 64% say they would consider leaving their jobs if additional assignments are not made to have good quality CRM data.
According to Chris Hyde, global head of Data Solutions at Validity. “We are at the beginning of the data era and it is important for companies to become aware of the relevance of data for business. This reality forces companies to establish new priorities, propose cultural changes that imply greater collaboration between teams, and use technologies and tools that facilitate data management”.
Often the best way to prevent data corruption is with technology partners and tools that can transform outdated data management processes and make it easier for CRM administrators and users to keep data clean and up-to-date. To have quality data in an organization, the company proposes some recommendations:
Convincing management of the importance of data quality to the business
The first step is to ensure that management is aware of the impact of CRM data quality on the organization. When the priority address to data management, it will be easier to obtain the necessary resources to make the necessary changes within the organization and make the most convenient investment.
Appoint a person responsible for the quality of CRM data
The sheer volume and speed of data flowing through most CRM systems make it a full-time responsibility to manage it. To reap the full benefits of high-quality CRM data, companies must appoint a full-time gatekeeper of the CRM and its data.
Create a CRM data management team
As this study has revealed, many companies lack a defined data governance plan. A cross-functional data management team will be a great help to the other teams in the organization. Although many think that CRM is a tool intended primarily for sales teams, its scope, impact and usefulness go much further. Members of a data management team can be a mix of sales, marketing, operations, and IT professionals.
Automate data management processes
More than half of those interviewed in this study reported using manual processes to identify and correct data quality issues. Attempting to scale a manual process to meet the needs of a growing organization is rarely successful. With the support of management, cross-functional teams can take advantage of tools and automation to make it easier to maintain CRM data quality.