How is your CRM impacting front-office efficiency?
A recent study done by Forbes of 720 sales reps found that nearly two-thirds of a sales professional’s time is spent doing non revenue-generating activities. The same study identified CRM systems as the “biggest frustration” for sales professionals. Accenture’s report on “Empowering your salesforce” noted that only 15% of sales execs describe their CRM system as “very effective”. It seems that everyone operating in the client relationship management discipline has felt the frustrations of traditional CRM systems: manually inputting data into a CRM is a poor use of time and often results in inaccurate or incomplete datasets.
Bottom line impact of bad CRM data
According to IBM’s “Extracting business value from the 4 V’s of big data”, poor data quality costs the US economy an estimated $3.1 trillion per year. The same report goes on to state that one in three business leaders “do not trust the information they use to make decisions”. Accurate, consistent data forms the foundation, not only of strong revenue generation, but also equips managers with the insights needed to make informed strategic decisions and optimise business operations as a whole.
Capitalising on email data
Analysis of the email interactions of a typical sell-side research provider has shown that on average, they generate as many as 4,000 data points per individual per day. This includes emails sent, received, opened, forwarded and the links clicked within them. When paired with the statistic that only 20% of research emails received by asset managers are read, it becomes clear that analysis of which content is being read, by whom, and at what time, is an invaluable resource. The detailed analysis of your client interactions, whether through email or chat systems, offers essential insights and equips an enterprise with the business intelligence needed to optimise sales performance.
Minimise the risk of human error
The demand for this business intelligence is clear: in 2017 the CRM market grew by 14.3% to $33.7 billion and the growth rate has not slowed since then. However, traditional CRM systems rely on email plugins, web portals and manual data entry which can lead to inaccurate or incomplete client engagement data. In fact, according to Salesforce, 91% of CRM data is incomplete and 70% goes bad or becomes obsolete every year. Manual input of data is bad. Data gathering techniques which rely on manual processes such as entry into a specific email portal or logging in to a browser plugin will always cause inconsistent data, especially in an increasingly mobile world where many client interactions are taking place outside of the office on a range of different devices.
The power of automation in CRM data capture
By using the latest artificial intelligence methodologies to integrate invisibly with our clients’ existing email applications, FeedStock captured 10 times more client engagement data than a market leading CRM system. Our complex machine learning algorithms have identified and analysed 5 times as many unique email subject lines and 4 times the number of unique contacts than a CRM system. FeedStock gathers live data in real time and turns it into actionable insights, every day.
Deploying AI to drive profit
The use of intelligent software solutions which can analyse data to this extent will surely be a key driver in addressing the $3.1 trillion loss to profits caused by poor data. The global artificial intelligence industry is estimated to have reached $7.35 billion in 2018, with growth rates projected to be at nearly 150% on an annual basis until 2025. The challenge of managing client engagement data is significant but great rewards await those who embrace the power of machine learning and artificial intelligence as a solution to this challenge.
Client Relationship Analytics
We’d like to introduce a new approach to understanding client relationships: Client Relationship Analytics (CRA). Increasing client retention rates by as little as 5% can increase profits by 25% to 95%. Read more about CRA in context, what a CRA is, what it does, and where FeedStock Synapse fits in.