In today’s rapidly evolving world, organizations accumulate vast amounts of information that can be invaluable for decision-making, customer engagement, and business growth. However, merely possessing data is not enough to harness its true potential. Incomplete, inconsistent, or outdated data its usefulness. The significance of having up-to-date data cannot be overstated. This article delves into the importance of maintaining current and accurate data and how Expandigo can help organizations achieve this goal effectively.
I was recently at a trade show with a client who showed me, with a sense of pride, an excel file on his laptop in which he was storing the precious leads and customers data he has been collecting in years of activities. The list was impressive. It contained at least 8,000 contacts and for each contact it was indicated where the connection was originally made. I rapidly looked at the file and saw a few names of people I knew who either retired, left the company or unfortunately passed.
I asked my client if he had any processes in place to clean up the data, keep them up-to-date and if he knew how many of his contacts were still working for the same organizations. The responses to my questions were negative. The client was a bit frustrated by my questions as he felt that I was undermining his precious contact list and ended the conversation by saying that even if half of the information in the file were to be obsolete the other half was still current and up to date.
I’ve always been surprised to see how many businesses still use Excel or Outlook to keep their precious leads and customer contact information. Data shows that only 45% of organizations use CRM to store their lead and customer data and manual data entry is the n. 1 CRM adoption challenge. However, in my opinion, the main issue is not keeping data in Excel or outlook vs a CRM but it is the quality of the data.
According to Dun & Bradstreet, 91% of data in CRM systems is incomplete, 18% is duplicated, and 70% is rendered stale every year.
To be valuable data must be up-to-date and as much as accurate and complete as possible.
Data cleaning and enrichment are essential steps for organizations seeking to derive maximum value from their data. By investing in these processes, businesses can improve data accuracy, enhance customer experiences, make informed decisions and streamline operations.
The benefits are unlimited. For example, if you have the correct email information of a lead, you will be able to reach directly to the right prospects and reduce wastage created by marketing to nonexistent email addresses. By enriching existing data with additional information you can gain deeper insights about a customer or a lead, segment your audience effectively, and customize your marketing and sales efforts.
So, you must track, analyze, optimize, and control your data ecosystem. Most importantly, you must consider data as an asset of your company, and therefore treat data as you would do with any of your assets. In the United States only, it is estimated that inaccurate or incomplete customer and prospect data cost businesses 27% of their revenue.
This is where Expandigo can help.
Our solution offers data enrichment—such as email addresses, job title, social media profiles—, presented into a light CRM that allows users to manage their relationships in an easy and effective way—empowering businesses to leverage accurate, reliable, and enriched professional profiles and ensure that the data in their contact lists remains current and enriched.
If you consider that median employee tenure is around 4 years, with Expandigo’s support, you can unlock the full potential of your data and gain a competitive edge in today’s data-driven landscape.