Data is at the heart of every business decision your firm makes. And if you’re not using data management software, you’re not using your data to its fullest.
Data and analytics initiatives help high-performing firms transform their strategies. A survey by McKinsey found that 20% of respondents say their data and analytics contributed to at least 20% of their earnings before interest and taxes (EBIT).
But having great data at your fingertips doesn’t just happen. Data enablement programs are used to deliver the right data to firms at the right time. Data management software is one way this is accomplished.
Data management software takes in data – including marketing data – and converts it into a single storage container or aggregates it into a database.
Data enablement processes, implemented through data management software, deliver clean data in real-time, according to IBM. This is important for many reasons, not least of which are improving organizational growth, making better strategic decisions and giving firms a competitive edge in the market.
To Improve Firm Growth
Data management software improves an organizations’ strategic decision-making. Better data allows firms to better understand their clients and how they can meet their needs in the future.
The insights gleaned from data enablement systems can identify demographics, buying habits and other client trends. Without this insight, your client retention rate could suffer.
Nearly every organization benefits from retaining the majority of its clients compared to attracting new clients. Retaining clients is less expensive than marketing to new and typically makes up about 60-70% of customer revenue, according to Business News Daily.
Investing in technology, like data warehouse software, can help firms improve retention rates, while also showing them how to market to new customers.
The data analytics that data management software provides can pinpoint where firms should put their resources to maximize growth, whether that’s in customer engagement or hiring an experience manager.
To Make Better Strategic Decisions
Besides deciding on where to maximize growth, having access to better data through data management software allows organizations to make better strategic decisions elsewhere.
Data enablement systems can help firms improve manual processes that can drive cost savings. Consider how much time it takes staff to pull together information for clients – and potential clients – like creating tombstones.
One survey found that 60% of respondents estimate they’d save at least six hours each week if repetitive tasks were automated. For a firm that bills by the hour, six hours per employee per week quickly adds up.
Employees across the firm, from front office staff, client administration, business intelligence, executive leadership, marketing and business development, call all benefit from quick access to updated, quality information.
Without improved data processes, day-to-day operations can get bogged down, leaving less time for high-value work. Document generation software streamlines processes, saving time for better strategizing about future growth.
To Gain a Competitive Edge
Data management software can give firms a competitive edge when trying to win a new proposal.
A data enablement platform leverages the client experience data held in your other disparate systems, like Excel, Word, PowerPoint or SharePoint, and pulls it all together so your team can quickly draft a proposal complete with an impactful local slide.
Document generation software automates the process, taking half the time it would manually take to pull the data. The faster you can get a proposal to a pitch team and prospective client, the better your chances of being the first firm to make your pitch.
A great marketing strategy can increase your win rates; without it, you could lose new opportunities to the competition.
Pitchly’s data enablement platform can design, generate and distribute your content in real-time from a cloud-based centralized repository. Data management software like ours allows firms to import, collect, stream and activate high-quality data with ease.
Data Pipeline makes it easy to securely bring all your data - from all sources - together. Data Workspace simplifies the normalization and transformation of your data so you can structure, view and enable it in whatever ways work for your team. Pitchly’s Data Productivity Suite creates data-driven content, allowing your data to improve your performance.
Put your data to work for you. Get started today.