A company or an industry is always subject to growth. A company can only perform well when there is growth in revenue, growth in profits, operational growth. All are dependent on each other. Business growth can be achieved either by increasing the revenue or sales or top line or by increasing the bottom line or profit. The sales can be augmented by providing quality products & services to the consumers or the net profit of the company can be increased by minimizing the operating expenses.
In operational growth, a company has to build processes and best practices for operational resilience and efficiencies. Operational resilience is considered as a characteristic or a process where an organization adapts rapidly to the changing patterns. Despite the operational stress and major disruptions a company should be able to handle and control the external factors. An organization will only be able to do this with the access to the right data. Timely access and quality relationship data ensures improved decision making and thereby result in lower costs, driving effectiveness and efficiencies, and growth in revenues.
QUANTIFYING THE COST OF POOR DATA
Data is considered as an important element, the quality of data is essential. The impact of poor data quality can reduce the productivity of the company, create inefficiencies, and enhance operational costs. The growth efforts and marketing efforts of the business can be prevented due to the lack of quality of data, results in low return on investments, poor lead generation.
An organization must focus on the 7 dimensions of data quality namely:
Accuracy, Completeness, Consistency, Conformity, Uniqueness, Integrity, Timeliness
The company must have an adaptable operational model. Data transparency is the key factor in such a model. Data transparency improves future planning and forecasting, improved decision making, etc.
Relationship data plays a vital role in the operational success or growth of a company. By maintaining an effective relationship with the employees there are certain advantages like increase productivity, fast track sales cycles, improve ROI.
CRM (Customer Relationship Management) also enables a company to increase sales and profits by improving the quality of products and services with the help of data transparency.
Automated relationship data includes Relationship Intelligence and CRM data automation creates operational improvements in an organization. It establishes customer relationships, accelerates revenue, enhances data accuracy, improves the productivity of employees.
