Spreadsheets are currently utilized by businesses and organizations to record and store information about their leads, prospects and customers. This practice was introduced due to the requirement of quick and easy access to a large volume of data without needing to browse through thousands of physical documents.
Although spreadsheets had a lot of advantages over referring to hard copies of customer data, enquiries, and orders, they are rapidly moving into obsolescence with the advent of big data – the exponential increase in the amount of available data that is freely provided by curious onlookers. This is because as the amount of data increases, the ease of access decreases and the business is forced to look for alternatives for better data management.
CRM software is the new data management tool that is being increasingly adopted by a majority of the businesses in an attempt to reduce the stress on the system and have a better understanding of their customer base.
Some important reasons why a CRM Software Service is being preferred over traditional spreadsheets for data management are:
1. Easier organization and quicker studying
As the size of the spreadsheet increases with the influx of data from the various leads, prospects and customers, so does the time it takes to retrieve some specific bit of information from it. The data sources can vary with the number of marketing channels that the business has adopted, and these channels are only increasing with the technological advancements being made on an almost daily basis.
CRM software is adept at collecting all the information from each and every marketing channel, and storing and organizing it in a central database in a meaningful way. This lets the business obtain valuable and reliable insight by quick and effective processing and analysis.
2. Generates an error-free database
Spreadsheets required human intervention for collecting and manually entering the data into it – this made it more likely for the spreadsheet to contain errors, which are absolutely intolerable when it comes to managing customer relationships.
By leaving the responsibility of data entry and organization to an automated CRM software service, a business can ensure that the integrity of the data is maintained at 100%. By having an error-free database, the sales and marketing teams can better utilize their tools to maximize conversion ratios, boost sales and increase the customer retention rate.
3. Equips the sales force with better tools
A database cannot be constant; it needs to be accurately and consistently maintained every time a data update is received. This data update is usually sourced from sales representatives who are on the field meeting with the clients and gauging their interest in the company’s product and service offerings. For this purpose, the sales team needs real-time data updating to make swift decisions and close more deals.
CRM lets the sales representatives directly make updates in the central database as soon as the information is relayed to them by the lead or prospect. Approvals on generated orders can be made on the go, without the sales representatives needing to go back to the office and meeting with the sales manager.