Customer Relationship Management (CRM) is a key to building the connection between company and customers for long-term relationships. Since CRM gives organizations tools to automate their business processes and to manage all of the customer details and interactions, it makes a huge impact on the profit figures and productivity. CRM relieves organizations from administrative burdens to spend more time on real actions. A survey by salesforce.com has revealed that introducing a CRM system can increase sales by 32%, productivity by 40% and forecast accuracy by 45%.
Cloud-based CRM systems are increasingly popular due to a wide range of advantages it presents over the traditional on-premise systems. The notable benefits of cloud platforms are the facts that they enable real-time data update and a 360-degree view of customer.
CRM systems may have already become an indispensable part of every organization’s business processes, but making the most of the CRM actually lies in improving data accuracy, gaining insight from data, and optimizing data quality strategy.
Every customer, every lead, every email, every interaction, every call and every single detail pertaining to customers is important and it is the data that is the heart of CRM system. CRM with inaccurate information is no better than no information.
Most organizations are aware of data impurity problem and understand that real-time updating of data and data cleansing are required to improve the data quality of CRM which in turn will significantly help them reap the benefits of high conversion rate of leads into sales opportunities. However, in reality, they find it difficult to maintain the validity of the data and this problem often goes unnoticed.
‘The Data Quality Benchmark Report’ by Experian shows interesting key findings and stats which help us understand the data trends among organizations. Although not specific to the use of data in CRM, the findings from the paper can be used as a benchmark for CRM data quality as well. Take a look at the infographic below.