Data, Data Management, Customer Relations
August 10, 2021
As companies continue moving forward in this digital age of business, the customer relationship management process, CRM for short, is beginning to better shape relationships between a company and its customers. The CRM process, while potentially extremely beneficial, is not just a magic solution that immediately begins generating value for a company.
CRM platforms have revolutionized many industries, but a CRM is only as reliable as the data it holds. Dirty data is considered one of the largest problems that arises when using a CRM. According to Gartner’s 2020 Magic Quadrant for Data Quality Solutions, dirty data is costing companies $12.9 million or more every year. Along with the tremendous cost, dirty data also contributes to the inability to close more than two-thirds of sales leads. For a CRM to be successful, the data used must be reliable, accurate, and consistent.
The cause of dirty data can range from a variety of things, but the most common cause is human error. Lack of proper knowledge transfer and improper data entry can create holes within the data, causing a serious problem. The saying garbage in, garbage out resonates here because, without clean input data, there is no way for a CRM process to generate proper and actionable results.
With the growth of artificial intelligence being used in CRM systems, clean data becomes more and more critical for success. Artificial Intelligence (AI) within a CRM has the ability to unlock stronger, more powerful customer relationships, and this, in turn, can greatly increase a company’s value. Although AI can add tremendous value to a company, without clean data, AI is only a distant dream.
Because of how crucial clean data is to the CRM process, data entry automation becomes an important solution. Clean, automated data allows businesses to better generate insights and better understand their customers. AI-powered CRM can automate the data entry process, uncover contacts, predict behavior, and discover potential opportunities. This automation process allows a team to know when and how to engage existing relationships while also generating new ones.
Because of the growing desire for companies to recognize and appreciate their target audiences, understanding the AI-powered CRM process becomes increasingly more important. AI-powered CRM can add a unique competitive advantage for any company allowing them to better stand out in the crowd.
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