There’s often a misconception that data can be “good” or “bad”. But, no matter what state your data might be in, it should never be considered as “bad”. Because, there is no such thing as bad data, it’s usually just organized badly - and this can definitely be fixed.
In over eleven years at iasset.com, my team and I have seen just about everything when it comes to data within channel organisations. We see some common challenges amongst our new customers and interestingly, these issues are not always apparent until we start reviewing everything.
Here are our top four observations:
- The data was not being captured as initially thought or was captured for a very different purpose.
- The data is available, but it’s sitting within disparate systems - all isolated by different departments and leveraged for different purposes.
- The CRM data (such as Salesforce.com) has no structure, because it has been built over time, in an ad-hoc fashion to meet various business requirements - with no holistic approach or vision.
- Some choose to invest millions of dollars into data warehouses, yet these warehouses often become almost impenetrable when applications actually need to use the data within.
You might be able to relate to some of the above challenges. The good news is that it is still good data, just poorly organized for critical strategic initiatives like asset lifecycle management.
Importance of data for tech firms
Let’s face it, net-new sales can take a lot of work. Consider the amount of time, effort and resources that go into acquiring net-new sales within your business. You’re competing against many other providers. And, unless you can demonstrate true value, it can fast become a price/bidding war resulting in smaller margins and limited ROI.
Now, consider your existing accounts. Your installed base of customers who have already chosen you as a trusted provider. With proper, proactive management of your customers’ IT investment strategy, you can extend their initial investment and amplify your return. Some manufacturers claim that trailing revenue can be as high as 22x the initial purchase of a product or service. Twenty-two times! An incredible number, which demonstrates the potential opportunities that could be sitting dormant within your installed base - and the power which that installed base data holds. So, if you want to maximize revenue and increase customer satisfaction – your data is your best starting point and your most valuable resource.
So, if you are seeking to implement a comprehensive lifecycle strategy that will enable you to achieve greater return from your existing customer base, iasset.com can help you get your data in order. Most importantly, you do not need to wait till your data is “cleansed” before activating your lifecycle strategy. Simply load what you have to the iasset.com platform, and it will consolidate and clean it for you as you go. It’s important to highlight that iasset.com is not intended to replace your CRM, ERP or any other critical business application that you use. In fact, we offer API integrations, so they can all be leveraged in unison, to better service your customers and grow your business.
Turning data into opportunities
Because iasset.com is capturing everything - including a complete history of all products/services sold, from point of sale (POS) information, price books, part numbers, part descriptions, weights, cubic measurements, options, service and maintenance contract dates, right through to consumption data and more, it will analyze that data and automatically identify new revenue opportunities on your behalf - such as upgrades, cross-grades and other lifecycle events. It will then automatically generate pre-validated proposals, ready for your sales or CX team to take to your customers. As a result, the entire process of capturing, cleansing, analyzing and quoting is accelerated to just minutes.
As you can see, there is no better time than now to grow your business using your existing data. Because if leveraged effectively, it will help you protect, expand and grow revenue. Your sales organisation will absolutely love it and your customers will be much better served.