No matter what industry you’re in, growth is always top-of-mind. Client roster growth, revenue growth, operational growth… they’re all tied together, and one cannot happen without the others.
When it comes to operational growth, the key is to build processes and best practices for operational resilience and driving efficiencies. But your organization can only do this if you have access to the right data. Having access to timely and quality relationship data improves decision-making that can result in organic growth at a lower cost, driving business effectiveness, efficiencies, and — ultimately — revenue.
Quantifying the Cost of Poor Data
Growth efforts throughout your organization are thwarted by poor data. Marketing efforts result in poor lead generation/high bounce rates and longer-than-planned time to market, new business initiatives result in low ROI… poor data quality affects nearly every aspect of your business.
Just How Adaptable is Your Organization?
How resilient is your business? Are you prepared for unforeseen change?
As we’ve seen in recent days, being able to react quickly to sudden and great change is vital in keeping your business running. Ask yourself:
- Where does your biggest resource of revenue come from?
- New customers
- Existing customers
- From both equally
- Do you feel there is more potential to grow revenue from existing clients? Yes/ No
Revisiting your operational model to review sources of revenue, efficiency, and your organization’s structure helps to support strategic alignment and aids in your company’s ability to adapt. The key to an adaptable operational model: data transparency. Making data accessible throughout your business breaks down silos, allowing for proper planning and future-proofing of your operations.
Starting on the Journey to Improve Operational Processes
Life and business are all about human connections. Having access to relationship data and understanding how to use it in your endeavours can be a rich source of competitive advantage for businesses today.
Understanding your professional network and relationships between employees and clients can have big payoffs:
- Increase productivity. Having easy access to the right data makes it easier for your employees to do their jobs more effectively and efficiently. People’s happiness and wellness across your organization is a measure of improved performance, not just profit.
- Fast-track sales cycles. Relationship data provides warm referrals from within your employee network.
- Improve ROI. Business development and marketing initiatives see more success when you have better data on who to reach out to.
- Align your teams. Knowing who your most relevant prospects are enables your teams to align on creating more targeted outreach, bringing sales and marketing together to create successful campaigns.
Do you have the right data to make these improvements? Ask yourself:
- If you want to find out if you have worked with a client before can you access this data easily?
- How much time/ effort is involved in finding this information out?
- Do you have a single system that gives you this intel?
- Is the data in this system reliable?
Utilizing your human capital can be a differentiator to winning new business, retaining existing customers, and achieving year-on-year growth in revenue.
How Automating Relationship Data Can Drive Operational Improvements
Automated relationship data creates operational improvements spanning a number of key areas across your business:
People
- Create a culture of transparency. Having a culture that encourages transparency and openness about the relationships each person has with their customers improves the employee experience.
- Increase retention. With the tools that enable your employees to do their jobs effectively, retention goes up, preserving your investment in training and keeping key talent in your ranks. It’s all about working smarter, not harder.
- Encourage open and inter-team collaboration. We’re all in this together! When data is accurate and accessible to all, you create a shared network to organically grow your bottom-line within your teams.
Technology
- Create a single reliable source. Automation of data entry and enrichment is key. Taking away human error enables your CRM to remain accurate at all times.
- Lower the barrier to entry. With hardly any training required, data automation allows for easy adoption and encourages employees of all levels of technical expertise to take advantage.
Process
- Improve ways of working and understanding. Relationship data provides a clearer picture of what others are doing within accounts and how they’re contributing. These can provide further insight into where employees shine in the process and how you can replicate successes in the future.
- Support better work/lead allocation. Placing people with existing relationships into leadership roles within accounts fast-tracks engagement and allows for
Place
- Support for a fragmented workforce. Accurate, automated relationship data encourages client engagement regardless of where people are physically located or departmentally aligned.
Organic growth from within is possible — if you have the right culture and technology to be able to understand and leverage your own person-to-person networks. Every process and every successful customer relationship is built upon the basis of all of your organization’s engagements and decision-making, and making sure those decisions are based on accurate insights is what will make your efforts worthwhile. Introhive does all of the work for you, enriching your CRM with correct, up-to-date data that allows you to glean actionable insights into your most vital relationships and prepare your organization for operational success.
Ready to see how Introhive can transform your organization’s operations? Request a demo today to see it in action.