Big Data has armed marketers with a large amount of data for analytics and consequently, better insights. But humungous data comes with its drawbacks. Most businesses that do not explore their information for errors regularly may expect some drawbacks – claims a new study.
The validity, in partnership with Demand Metric, has recently published its new report – “The State of CRM Data Management” which provides insights to enhance CRM Data quality for businesses. As per the study, many marketers are concerned about the usage of “bad data” as it is resulting in a negative outcome or considerable loss in revenue annually. Sadly, around half of respondents were not able to estimate how erroneous data have been
impacting their company’s revenue.
Nearly 65% of Organizations Are Investing Over $50 Million in Big Data and AI
Nearly 92% of the surveyed respondents noted that their CRM and its data are “important”
or “very important” for decision-making. They also highlighted the requirement for
advanced data hygiene. About 86% of marketers said CRM system is highly essential for
achieving revenue objectives. However, nearly 50% revealed that their overall CRM data
quality is very poor or neutral. Thus, when it comes to a data-driven approach, most
companies are still lagging behind. However, the bigger organizations that have increased
investment in data quality experienced overall performance gains. As per experts, sales and marketing performance are more likely to improve if data quality is taken care of at the
initial stages.
Some principal findings from the study are –
1. Only 35% of the surveyed participants are “very satisfied” to “satisfied” with their
current lead-to-customer conversion rates.
2. About 27% of marketers reported that “bad data” generally cost them a
minimum of 10% or more loss in revenue annually.
3. Nearly 39% of marketers indicated that they do not have a CRM data management
process or have an ineffective one.
Informatica Introduces AI-Powered Data Management Innovation
The report mentions, “Organizations are constantly coaxing sales teams to adopt their CRM
system where data quality and trust are the most crucial. But organizations can easily fall
into a negative feedback loop. Distrust in data results in declining adoption and even more
excuses to ignore a CRM system that no one uses. When this cycle of distrust and neglect
occurs, users perceive the CRM system as irrelevant and an unnecessary expense. Investing in data quality is perhaps one of the most important things an organization can do to get value from the CRM system.”
Analytics – Most B2B Enterprises Observed Marketing Advances with Quality Data