Four Key Benefits of Building an Actionable Database

Today’s connected, digital consumers have put a premium on frictionless, efficient and highly personalized customer experiences, across both the sales and marketing function.

As a result, we’re seeing increasing pressure on organizations to deliver customer experience and intelligent insights in real-time. C-suite executives and decision makers are now looking at how they can harness the power of their data, from their digital marketing channels through to CRM.

The entire landscape demands actionable data that can unlock key insights, improve customer retention and maximise marketing ROI – but how can organizations achieve these objectives? In this blog, we’ll explore four benefits of creating and maintaining an actionable database.

1. Ensure accurate data capture

Data capture is the first step towards gathering better insights when generating leads. However, if not captured correctly, the plethora of data collected by organisations can lead to databases that are riddled with incorrect fields, inaccurate information and duplications. This has a knock-on effect on marketing ROI, customer retention and departmental efficiency. With a data optimization platform, businesses can prioritise the data that matters, prevent bad data from impacting the quality of their databases and protect their bottom line.

2. Collate multiple data sources

According to Gartner’s CMO Spend Survey 2020-2021, technology currently accounts for the largest proportion of marketing budgets (26.2 percent), yet organizations are struggling to extract value from their tech stacks, which are often dispersed and siloed. If organizations want to maximize ROI on their MarTech, they must look at implementing a solution that can provide actionable data. By harnessing the capabilities of an optimization and routing platform, businesses can integrate multiple data sources into one system, which in turn, can improve data quality and reporting.

Organizations that can capture and unify customer data, and convert it into commercial insights that enable, optimize, and automate cross-functional sales, marketing, and service workflows, will be best placed to gain competitive advantage in today’s crowded market.

3. Access real-time insights

As technology continues to evolve, data is becoming a marketer’s most valuable resource. Pressure from customers who have come to expect personalized experiences at every touchpoint, plus additional pressure from stakeholders who want to know the ROI of marketing investments, means that marketing leaders often need to think fast – this is where access to real-time, accurate data comes in. Yet, only a small percentage of data is stored, processed and analyzed in real-time. This is due to a combination of factors; inefficient legacy infrastructure, the challenges of implementing modern technologies and pressure on staff in data-processing roles to manage and analyze data mined from multiple databases.

However, with the correct technology structure in place, access to this data gives marketers the opportunity to identify key trends, operate dynamically and make informed, immediate decisions. The ability to take advantage of real-time data is also crucial in ensuring business agility and improving customer retention.

4. Optimise the data

With businesses adopting data-driven technologies, strategies and processes, the importance of data quality is now a business imperative. Yet the sheer volume of data and cumbersome routing, integration and analysis, are preventing the implementation of an actionable database. And data collection is only going to increase, as innovative technologies such as artificial intelligence (AI), machine learning (ML) and Internet of Things (IoT) continue to add significant volumes of data to an organization’s systems.

Not only are we seeing bad data quality impacting operational efficiency, but research has also found that organizations believe poor data quality to be responsible for an average of $15 million per year in losses. The knock-on effects of this are huge, with productivity, soaring costs and system outages on the rise as a result of poor data quality. Organizations need to be proactive in their response to bad data, by implementing a solution that can mitigate and eradicate this problem.

Investing in a data optimization, routing and analysis platform offers marketing leaders the ability to run campaigns with maximum efficiency. In turn, removing the reliance on manual data processing and inefficient, outdated technologies. Over the coming years, as businesses’ reliance on data-driven infrastructure increases, access to optimised, actionable data will become a mission-critical asset – not only for marketing, but also for the wider business.

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To find out more about the Convertr platform, and how it can help you extract actionable data, request a demo today and one of our team will get back to you.