The future of CRM domain was not just bright but one could easily look at the varied benefits of this multi-faceted tool, which enjoys the capability to offer better returns, improved staff morale and also enhanced productivity levels.
Despite the rosy picture being put up, there are certain loop holes in softwares and CRM is no different from others. Experts are of the opinion that CRM is often plagued by a ‘silent virus’ which slowly starts strengthening its foothold in the system and ends up making the tool inefficient in its operation and forces it to no longer grow in these conditions.
As the CRM moves to suffer, the business also displays different facets of falter. It not just wastes time and money, but at the same time, it spends more time aiming to put a healing touch to get rid of the problem. So, the big question which arises now is ‘what is the virus’ and also ‘what is acting as the secret assassin of the CRM’? The answer is poor quality of data can be a game spoiler as the end of day, CRM is just a framework and the data which is stored inside it holds the ability to push the success.
Slowly, silently and also deadly at the same time
with the passage of time, as the data matures and become old, the accuracy level also declines and become more error oriented. This process is not just predictable in nature but also organic at the same time. The rate of data decay stands at nearly 2% per month and around 22.5% per annum.
The quality of data is a major issue which is being faced by any kind of business irrespective of its size and domain. For instance, take a close look at the contact database which is being used by the marketing department. It requires most appropriate contact records to send out communications apart from being able to create segmentation in the database efficiently.
Research proves that nearly 50-75% of the marketing campaigns’ success is dependent on the accuracy of data which is being used. CRM data quality is not considered as a problem of the marketing team. The support team is also required to know who they are offering the support and also the executive team is required to have complete faith in the reports they are currently reading to opt for most appropriate business decisions.
The clients are required to trust all the departments to handle data lawfully and also in an ethical manner. It is believed that a CRM in a crisis do not enjoy the potential to offer support to business in any of the mentioned activities. It also can’t serve any department in an appropriate manner. And, if you are not in a position to take care of the confidentiality issue of customers, then probably you will need to pay fines when the clients’ complain pour in.
If reports are to be believed nearly 70.8% of the contact records had about one change in a time span of one year. It is easy to find out how the CRM can be assassinated within a time span of just few months.
One of the only possible ways to put a stop on the virus is by maintaining a good data hygiene, using CRM data quality solutions that provide sufficient protection against the decay.
It also means that consistently keeping a close check on the CRM data for the possible errors by making use of the specialized data quality software and also making sure that new errors are not unveiled at this point of entry.
It is the only possible way CRM can be successfully protected against poor data quality issues.