Data Management Software for Business: How to Get More Relevant and Precise Data for your Business
In one of his best books about writing, author Stephen King compares ‘adjectives in writing’ to growing dandelions in the garden. If you have just one, it looks pretty. But if you just let it be, it will conquer the entire garden. Only then, you can see the all-conquering true nature of the wildflower.
You can say that the same thing about big unstructured data! You can iron-out a random fast service or cash transaction by itself without caring about documenting it. It could be harmless or maybe even time-saving. But once it becomes the norm, you are just accumulating unstructured data in your server. Now you will need to spend the day trying to untangle the collected data and make sense of undertaken processes.
A structured data resource could be a source of inspiration and insight. Meanwhile, the unstructured data could just turn out to be a source of tension and miscomprehension.
The same thing happens with poor quality incoming data. It could potentially disorganize your business and damage your ROI.
Let’s start with a clear understanding of the concept of ‘bad big data’.
What’s meant by Bad Data management?
Bad Data management denotes information that can be incorrect, misleading, and unorganized.
You have all of the information needed to nurture a sales lead, but the client details and other data are not organized and barely accessible. Will you be able to convert those lead?
Bad data may include both lacks of information and non-comprehendible information. Or, it could be just a jumbled mess of data that fail to make a real sense.
Likewise, bad data makes organizations sluggish and unsystematic.
A common example of bad data is to have outdated customer contact information. This means that you are constantly shrinking on your ability to contact customers. As a consequence, your customer retention rate will be reduced. 44% of companies have cited missing or incomplete data as the most common problem with outdated contact information is (41%).
Implications of depending on Bad Data
Continuing with the example, a dirty garden is nothing but a cause and the result can be severe. Superficially it seems a matter of beatification and nothing more, but it involves the safety of the entire area.
Similarly, when it comes to bad data, it involves a lot of things that make the issue really complex and unavoidable.
The side-effects of bad data are-
- Inefficient customer service
- Poor customer retention
- Inappropriate business analysis
- Incorrect forecast
- Low lead conversion rate
- Low ROI
Having inaccurate data is the reason why 75% of companies waste 12% of their sales revenue. But according to Experian Research, the cost of bad data may be even greater than that 12% lost revenue.
Benefits of streamlining your data collection and management
A beautiful garden not only attracts people towards your house, it gives lovely flowers, fresh fruits and vegetables that give you good health and mental peace.
An organized customer data management system can structure your business and give you clear directives to predict your business future. It lets you tailor a concrete business vision.
- Good quality data increases employee efficiency by 62%.
- It ensures 54% customer satisfaction.
- It saves 44% of the cost saving compared to any other business management system.
- It helps to arrange customer profiling and improves it by 43%.
How to collect and manage Good Quality Database?
In order to clean your garden you need gardening tools – shovel, spade, rake, mattock and pick many other things, without these things you cannot clean and décor your garden properly.
Similarly while organizing data, you need a data management tool; otherwise, a perfect data association cannot be possible.
CRM software facilitates with a common platform, where you can update, modify, manage and share your customer and sales information. You can give the accessibility of the dashboard to anyone from your team and still can restrict it from others. So, it gives you precise security with a high level of convenience.
You can store necessary data and eliminate the unnecessary ones – you can update customer contact details, the status of the customer in sales funnel, order details, sales progression report, meeting updates and many more.
The best part is the priorities of the dashboard can be changed according to your business and industry.
For example – sales industry needs a dashboard, which can show up the leads and conversion stages. In contrast with that, a hospitality organization wants to be informed about the booking status, room availability etc.
Even though you know the data quality is crucial, it can often be pushed aside in the rush to accomplish all of your other sales ops accountabilities. But there’s too much at stake to close your eyes to it.
Poor data quality can lead to unfortunate business decisions, unattainable sales forecasts and lost deals. Take care of your information, and it will take care of you.
Experience a data management system that addresses your core business requirements.