Take some time out of your hectic business schedule for some much-needed introspection. How much time do you think you and your management spend on data management? How much time is wasted in mining, processing, and replicating data that already exists?
In a recent report published by Data Warehousing Institute, it is estimated that businesses in the U.S.A lose around 600 billion dollars a year due to data quality issues. What we know now is although businesses are keen on spending a lot of time managing their own data, it does nothing to increase the productivity of their enterprise or stop losing money on the tedious process of data management.
Add to that, managing data becomes increasingly complex, as the volume and speed of incoming data continue to increase with each passing day. In such a scenario, it becomes wise for an entrepreneur to pull up his sleeves and adopt some measures, one of which would be outsourcing data entry services from any of the top 10 data entry companies working in the industry right now. This not only makes data management substantially convenient but also helps scale their business to new heights of profitability.
Here are 5 tips that are guaranteed to help you improve data management in your company:
- Normalize Your Data: Data standardization is crucial in establishing a common approach to entering data points. It is imperative as data is collected from a variety of sources and come in a variety of spelling options. For e.g., the United States can also be recorded as U.S or U.S.A. This can directly impact smart lists, data segmentation, etc. You can use Data management software like ‘Marketo’ to normalize smart campaigns or hire a third-party service provider to do the job for you.
- Monitor How Your Sales Team Enters Data: Your sales staff is often tasked with creating new leads or updating lead info as leads get generated. The data can be so overwhelming that it a common issue for these individuals to miss entering crucial information or enter wrong data. Monitor their entered data to avoid accuracy and validation issues. Incomplete or erroneous data can cause a lot of confusion that a business simply cannot afford with their data. Adopt multiple verifications and validation processes to ensure that the data recorded is accurate. Establish reward points for data accuracy to motivate your team to be better and careful.
- Prevent Duplicate Records: Usually, duplicate records can be identified by email entries. However, finding duplicate records is not always easy. Along with erroneous data, duplicate data also ends up costing a lot of money to the company. Hence, it is important to capture this duplicate data very early on and delete them as soon as found. Set up trigger alerts to receive automatic notifications. Run weekly reports, identify the sources that are generating duplicates more frequently, and fix the sources or eliminate them entirely. You can use duplicate prevention tools like RingLead DMS Duplicate Prevention to assist in finding and erasing duplicates in your system in real-time.
- Stop CRM Sync Fails:
CRM is a powerful and productive tool if used efficiently. If a new lead in CRM fails to sync, it can prove to be very costly for the company. Failed sync can also lead to new information being lost. Sync failures can occur due to many issues like bandwidth limitation, non-matching validation rules, and performance slowdown.
Use data management tools like Marketo, which can send you alerts of sync failures as they occur, thus helping you solve the issue in real-time. Conduct daily reports to identify sync failures on a regular basis.
- Outsource you Data Management:
Data management is not an easy task. It can be time-consuming, tedious, and overwhelming to the point of exhaustion. Many things can go wrong while undertaking data management. So, it only becomes wiser to outsource your data-related tasks to a third-party service provider.
There are many companies on the internet today that are experts in the field of data entry services. Outsourcing data entry tasks can help you cut your operation costs by about 30% to 60% while maintaining the quality and accuracy of your data.
When outsourcing, go for companies with a solid reputation to bank upon. Opt for companies that are often cited among the top 10 data entry companies in the industry.
Why Plan Your Data Management?The issues with data management are aplenty and overwhelming to take care of. It is often difficult to find and store; it is often duplicated, and there are frequent issues with data security. Thus, it is crucial to adopt a proficient data management plan.
Out of all the plans you can adopt, we highly recommend outsourcing your data management tasks to third party experts, well equipped to take care of your data without errors. Outsourcing is perfect for companies that find the overall planning of data to be daunting.
About the Author: Patricia Dolan Patricia is a Senior Content Marketing Strategist working for Perfect Data Entry, an offshore data entry company that is lauded in the industry for its top-quality outsourcing services and unparalleled price. The company is often cited among the top 10 data entry companies around the globe. Throughout her long reputable experience working as a content strategist, she has helped her company create content that both engages and converts prospects into loyal clients. Over the years Patricia has been the recipient of many accomplishments and rewards. She is a master of her field and continues to add great value to the digital industry.