CRM Done Right: Tackling the Data Quality Dilemma

One of my favorite job responsibilities is having frequent conversations with our customers. A consistent theme in our talks is the necessity to deliver clean, trusted customer relationship management (CRM) data to their firm. While customers often tell me that CRM data quality is a primary challenge, the delivery of accurate CRM data doesn’t have to be difficult or time-consuming.

Weeding out bad data the smart way

There are many possible causes of poor CRM data quality: duplicate records, human error, missing or incomplete information, lack of data standards, and inaccurate or incorrect data entry. One insightful blog compares bad CRM data to weeds in a garden. The blog emphasizes that high-quality CRM data can be achieved by “working smarter, not harder” and the author is right.

The availability of clean, trusted contact data is critical to a firm’s ability to build the successful relationships every firm needs to meet its strategic growth objectives. It’s important for firms to refine and automate contact data collection processes. Client and prospect information needs to be centralized, accurate, and accessible — whenever and wherever it’s needed.

With 20-25% of our data changing each year as contacts change jobs, phone numbers, and addresses, it’s evident that automation and data-quality best practices are important to achieve success. Building confidence in CRM across the firm depends on the critical “weeding out” of bad data.

Trusted CRM data: Easy as 1-2-3

The good news is that a simple three-step process can provide the critical solution.

First, to help understand the scope and relevant factors for each firm, it’s important to conduct a strategic system assessment. This assessment gathers metrics regarding the firm’s use of CRM. Then decisions should be made for immediate improvements.

Next, launch the optimal solutions to power the data improvement process.  For example, the InterAction® IQ signature capture functionality can clean and update your data using one of the most accurate sources of contact information available: the signature blocks of emails. This process helps ensure contact data is kept up to date and accurate without a lot of time-consuming, manual effort.

Lastly, to help with your long-term success, rely on expert consulting services to implement best practices for a realistic, low-administration, long-term approach to quality CRM data.

The benefits add up

The right team of Professional Services professionals will help you create, implement, and manage a customized plan to simplify the task of delivering quality CRM data to improve your firm’s marketing and business development success. In addition to increased marketing and business development results, your firm should benefit from:

• Less administrative overhead
• Lower cost to maintain high-quality CRM data
• Less time spent on manual data maintenance tasks
• Improved CRM data quality processes
• Increased CRM adoption

The Professional Services team at LexisNexis is uniquely equipped to guide your firm through this type of CRM data improvement strategy.  Check out the LexisNexis Data Quality 2.0 webinar to learn how they can help you take the next steps toward the delivery of high-quality CRM data for your firm using InterAction. Position your firm for growth by reducing the cost and effort associated with delivering high-quality, meaningful relationship intelligence to professionals.

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