Though published in 2017, this article from The Economist still rings true: “The world’s most valuable resource is no longer oil, but data.”
We could not think of a better analogy for the fast-growing, data-fueled economy. Data, like oil, is often a trapped asset, and extracting and exploiting this valuable resource has proven to be so complex, it has driven up costs for “tapping” into the source, driving businesses to implement new technologies in an often futile effort to uncover insights. Many businesses find it so difficult to utilize their own data to drive bottom-line revenues, they give up completely.
But with poor data reliability being the primary reason for 40% of all business initiatives failing to achieve their target benefits, giving up on the quest for quality data could be costing your company dearly.
One of the most prevalent challenges businesses have is identifying and sourcing from the data silos that exist across their organization. Data stored on individuals’ local drives versus being widely available on a corporate server — though your employees may not know it — can be detrimental to your company’s overall success.
Quantifying the Cost of Poor Data
It is estimated that poor data reliability is costing US-based companies 12% of overall revenue — an incredible amount when it comes to the difference between profit and deficit. Sales departments lose approximately 550 hours annually in selling time due to poor prospect data, and poor data cripple marketing efforts, seen in poor lead generation, high bounce rates, low ROI, and longer-than-planned ‘time to market’ due to the unavailability of data.
Beyond the overt effects of poor data, being unable to trust the data in your system poses a real issue for workplace morale. When 60% of marketers don’t trust in the data held in their CRM systems, how can they move forward with campaigns that resonate with the correct audience? How can salespeople move forward in a sales cycle confidently without the assurance that they are headed in the right direction? Without a trustworthy data set, your revenue-generating staff are left powerless.
Common Data Pain Points
When it comes to tapping your data, be sure to avoid these three pain points by asking yourself the following:
- Incomplete Data. Do you have a true picture of the people your organization is engaging with? Do you know who potential targets for your personalized marketing initiatives are? Can you trust the data held in your systems to be accurate and up to date? Is your data able to generate enough information to confidently initiate campaigns?
- Confusing/Uninformative Data. Having identified a contact/potential prospect for a campaign, do you have an understanding of how you know the customer and how well you know them before you determine which marketing journey is going to be most effective?
- Siloed Data. Data can sit across several systems, making it difficult to find a single source of truth. Do you have access to the data you need to make informed business decisions? This can significantly increase the time to get the initiative to market and negatively impact efficiencies for you and your team.
Creating a Reliable Data Set
Introhive’s relationship intelligence automation platform ensures accurate, complete, and informative data lives within your CRM — automatically. With virtually no training needed, Introhive seamlessly integrates into your workflow, providing insights using the power of artificial intelligence.
With Introhive, you can directly address all of your data pain points, and begin tapping into a bountiful reservoir of reliable, actionable data.
- Increased Data Reliability. By continuously monitoring all B2B exchanges between your employees and customers in the background, Introhive presents you with a full picture of who is actually engaging with whom. By taking a simple email address, Introhive uses its Data Enrichment Services to automatically build out contact records.
- Giving Data Meaning. The insights that Introhive uncovers apply meaning to the exchanges it detects throughout your network. Introhive’s proprietary algorithm aims to quantify the value of the relationships you have at both the person-to-person and company-to-account levels, giving you insights into what journey to take various prospects on.
- Making Data Available. Regardless of department or location, Introhive populates your data into a central database that gives a full, true picture on how well connected you are with contacts at your accounts. Our platform breaks down the virtual and physical barriers to key contact data and allows you to leverage your people-to-people networks.
Accurate and actionable data means everything to your bottom line. One of our large professional services clients who deployed Introhive reported:
Ready to make Introhive part of your digital transformation? See Introhive in action — request a demo today.