Are you taking your data management seriously? In a world where businesses can succeed and fail by day-to-day decisions, you should be. Data is your company's financial GPS and provides the performance insights you need at any given moment. It tells you how to get where you want to go. Data management is critical for growth — now and in the future.
Accurate customer data is critical to business growth
The sheer volume of raw data available is immense. Numerous connected systems can generate millions of new data points for just about any type of business interaction imaginable. Data management allows you to zero in on the specific information most beneficial to your company's strategy and goals. Data can be leveraged in countless ways, so the first step to making the most of your company’s data is identifying your business objectives. You might use data to find new customers, analyze your data workflows, track customer interactions, and so on. No matter the application, accurate data allows you to predict trends or shift your business focus — making it vital to ward off stagnation.
The Pareto Principle — also known as the 80/20 rule — states that 80% of your revenue comes from the top 20% of your customers. The most efficient use of your time lies in identifying — and concentrating your sales efforts on — that 20%. It is crucial to ensure the accuracy of your information before using it in your decision-making. Incomplete or inaccurate customer data can lead to wasted sales and marketing efforts or unwise decision-making.
Accurate data improves efficiency
Paying attention to in-house data is vital. Keeping accurate employee information, tracking sales goals, establishing transparency in sales compensation, and building employee confidence are all critical in your efforts to recruit and retain top talent. For optimal results, companies must have access to this information and the knowledge to leverage it. The solution is a platform with transparent data that is accurate, secure, accessible, and uniform.
When employees are empowered with access to accurate performance and compensation data, the increased visibility and accountability creates information capital and expands strategic decision-making to sales reps and other employees. The result is an enhanced focus on priority KPIs and effective sales activity in greater alignment with company goals.
Data transparency reduces pain points Every business has “pain points,” and it’s not always easy to address them — but it is necessary and responsible. Awareness of specific metrics can reveal opportunities for improvement, which helps you decide how best to pivot or reallocate resources. Businesses cannot succeed or grow when data is siloed. With accurate, transparent, and accessible data, your company can focus on meeting the needs of both customers and employees.
Familiarity with your company’s pain points allows for the healthy adjustment and growth necessary to remain competitive. Data transparency is key to expediting this process. The quicker pain points are recognized, the more quickly they can be addressed and eradicated, saving your company time, money, and turnover.
Data governance for agility and resilience
Data is especially valuable to your business in times of economic uncertainty — when agility and adaptability are even more essential to success. Accurate information lets companies measure their market position against the competition and evaluate how competitive their compensation plans are for attracting and retaining top sales talent. It can also provide insights into current employee satisfaction and which employment candidates will be a good fit.
Data is the cornerstone of every business. Data accuracy, integrity, and governance are key to your company’s success. Recent advances in technology, automation, and analytics make accurate data more accessible than ever — especially with the right tools. A robust sales compensation management solution (SCMS) provides a trusted source of information — and more — at your fingertips.
Learn more about what a comprehensive SCMS can do for your business. Contact SalesVista to request a demo today.