Is your company effectively using the data that it is collecting from its CRM solution? According to a recent EMC survey of approximately 500 professionals from the global data scientist community you’re probably not.
The survey revealed that only one-third of companies are able to harness the data they receive. Understanding the data aids decision making processes and generates innovation. Companies know that understanding and utilising the collected data enriches the customer experience, creating conversions and fuelling company growth but what they don’t know is how to make any sense of the raw data to add value to their company.
There are several practices that need to be implemented to extract the most value out of your data.
The first practice needed to utilise your data to the fullest is to train your employees in how to use and understand your CRM. There’s no point spending a large part of your budget on a high tech CRM solution if you then only use its most basic functions. Look to invest just as much into your employees as you do your CRM with ongoing training to keep up to date with the latest tools and function so they know how to produce data and understand what it means.
The second method that is vital to effectively using your CRM solutions to stimulate growth is the proper streamlining of your information. Don’t just produce data for the sake of it. Producing a huge stack of data is all good and well but if you don’t analyse it, understand it, and distribute it, then it is a pointless exercise that is clogging up storage. Distribute your data, either in raw format or as a refined document or spreadsheet report, to the departments that can benefit from it.
Sharing and communicating data across the board helps you to gain perspective from different angles. Each department has a different focus, and therefore extract and understand data differently. If you’ve implemented a strategy that produces more clicks but less conversions analysing the data and consumer patterns from different perspective and different departments can help you to learn from your mistakes and optimise your business, giving you a competitive edge.
Whilst it is important to share your data findings within your company it should not be handed out haphazardly, particularly to third parties. Restrict access to sensitive information to those that need it and make sure your employees understand what the accepted practices are involving data sharing. In the UK, under the Data Protection Act it is illegal to share personal information on identifiable living persons without the consent of the individual concerned. A loss or leaking of data can affect your company financially with long term damage to your brand image.
By implementing best practices to make sense of the data you’re receiving and storing on your CRM you’ll develop an arsenal of information that can inform business decision that will get you ahead of the game.
About the Guest Post Author: Digiterre offer bespoke CRM software solutions exclusively to the investment management sector.