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Is Your Data Stored In Too Many Systems Of Record?

Is Your Data Stored In Too Many Systems Of Record?

Customer data integration poses a huge challenge for a company’s warehousing system. With the numerous channels available for a client’s information to course through, the probability rate at which the failure of operations stands is higher than that of it succeeding. Even a minor error in the customer data collection can cause operations to go haywire; and this is not a scenario any company would want to be in. So if your data is stored in too many systems of record, it is high-time for you to be introduced to the invaluable ways of proper data management.

The Emergence Of Data As A Key To Success

Properly managing customer data is the first step to any successful customer service strategy. Data, a minute trapping in the gargantuan milieu of business, has evolved to be a critical aspect in the success of a company. The shift to a more customer-centric format has allowed these units of information to grow in importance. Its value, previously overlooked, is now seen as a vital element in fabricating customer service strategies. As Craig Mundie, head of research and strategy at Microsoft, puts it “What we are seeing is the ability to have economies form around the data—and that to me is the big change at a societal and even macroeconomic level.”

Business tactics is everything in this milieu, and when these carefully laid out plans work it could be a little bittersweet. Yes, it always is a good thing to have a big number of clients, but this won’t necessarily be good if your team isn’t ready or this challenge. The growing number of demands businesses face has caught the attention of software developers; and as their response, they have created assistive instruments to help companies cope in the fast-paced industry they thrive in:  database management software.  But how much can a systematic framework affect the overall performance of your current system of operations?

  • It creates a seamless sales funnel

Every company is created with the responsibility of forging highly effective pipelines, and implementing the proper tools like database management software is critical to fulfilling this. Once aided by technology, teams are instantly equipped with the ability to gain control over the sharing of data, as well as its security and integration. With this healthy flow that exists within operations, decision-makers are able to come up with quick and informed solutions intrinsic to the success of the entire organization.

The true test of how potent systems of operations are is seen through the competence exhibited by the members of a pipeline. Quick and accurate, two words that should describe every company’s flow of transactions, it is in this manner of efficiently delivering results that a team proves itself effective. Begin by incorporating a good database management system in your day-to-day processes to allow this feat to be achievable.

  • It limits the probability of inaccuracies

Human error is inevitable, but preventing it from causing damage to operations is not a remote possibility. In most cases, the primary reason for these mishaps is the issue of inconsistent data. To address this issue, management needs to start facing the fact that it only takes a fleeting moment for customer information to be altered—a change in a person’s contact number, address, or workplace—and this is the harsh reality you will have to come to terms with.  When clients do provide updates, the next hurdle would be to avoid duplicating their details; and this is where database management systems come in.

The occurrence of duplicated data happens when leads come from multiple channels—marketing, lists, or referrals—and no matter how much hands you have in your team, the challenge of accommodating a growing client list will be insurmountable. If not remedied, the consequences brought about by double data entry can be fatal. This problem causes operations to slow down and cause inefficiency; and as a result, members of the frontline receive the greatest impact of this issue. Confidence is vital in ensuring a well-performing team, and a hurdle like this can cause a deceleration in their progress. Avoid this by warehousing your data in one system that will eliminate any duplication in your customer’s data.

  • It serves as a catalyst for profit gain 

Another causal effect of inconsistent data is the loss of profit. According to the statistics from ModLabs, “85% of commercial companies believe their revenue is affected by inaccurate data.” It is quite obvious that a smooth flow in the sales pipeline causes positive outcomes, such as an increase in sales productivity. Teams are able to deliver quality customer service when data is managed well, and this does not only benefit teams. When your company’s sales process proves efficient, customers respond positively to this. It has been inferred that 55% of customers are encouraged to loosen their budgets when given quality service. Scenarios like this will result to an upward shoot in your operations, and that means a growth in your revenue.

Is Bigger Always Better?

This question arises in the dawn of the concept of “big data.” From the name itself, it’s easy to deduce the fact that this means a larger volume of both company and consumer date. Consequentially, this sizeable amount of information demands a higher quality of infrastructure to house it. Warehousing your big data in multiple storage spaces will not, at all, benefit you or your clients; instead, this will cause unnecessary confusion within the sales funnel. Through all of this, the level of consumer data management has seen itself mature alongside the growth of data.

As much as managing big data seems to pose as a daunting feat, it also imparts several benefits that can greatly affect an organization’s growth. For one, due to its size, it provides a large sample set to evaluate areas for improvement. In the marketing and sales departments, it refines functions like identification of opportunities, troubleshooting customer churn behavior, social media marketing, and maximizing potentials of applications dedicated to analytics (i.e. customer-based segmentation, and sentiment analytics and trending). Along with this, big data also positively impacts the holistic optimization of your business, meeting requirements demanded from the business, and comprehending the shifts in business trends.

The inevitable growth of your data is inevitable, and all you can do is ride its big waves. To address this scenario, your customer data management infrastructure needs to be robust enough to withstand the demands that come along with big data. Welcome the challenge a large database sets for you instead of trying to work around it, or even escape it. Complement your beefed-up customer database management system with software that is seemingly tailor-made for your type of operations, and you’ll find yourself assimilating to the idea of big data.

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Patrick Hogan

Patrick Hogan

Patrick is a Co-Founder & Chief Executive Officer of Tenfold.

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