B2B Contact Data is the lifeblood of a business concern – the blood constitutes the data, the organs are the departments and brain makes the decision. Data decay is the moderate disappearance of data inside the system of b2b.
So why does data decay so quickly?
The world is perpetually changing and regretfully data is not resistant to change. From the moment you capture information, your data is at the grace of the computer and systems, along with the number of human factors.
Collecting B2B Contact data from multiple systems can lead to imprecision, typographical errors, incomplete information or identical records. If you merge your systems without a cleansing exercise you are only adding into your “dirty data”. As a result, the new software gets the old one, constituting the similar set of data challenges as it exists before integration.
Lack of data quality standards:
If your employee is not using the b2b contact data as planned, and instead collects information in various other formats or use different field types, the business decisions will be misleading. In the meantime, your database will become obstructed by old and imprecise records. Your employees will have to struggle to trace which records are too old but to be relied upon, which sequentially influence productivity and level of services provided to customers.
Data decay is classified into two main categories:
Mechanical Data Decay:
Mechanical data decay is the most common form of b2b contact data decay. It is physical deterioration of data like server crashed, hard disk corrupted, all CRM records disappear without a trace. Mechanical data decay occurs on a mechanical level every day even if you don’t do anything. However, there is just one resolution to this method of data decay- Backup. A firm backup plan is important for any system, and most companies realize this and make required backups.
Logical Data Decay:
Logical data decay is the silent killer of b2b contact data. Some data sets are time sensitive like for example prospects’ contact details. Every business keeps the b2b contact details of their prospects and vendors in different forms, be it in pen and paper list or having stored the data within a computer. However, how often do we contact our existing customers and check if their contact information is valid? Genuinely you will have frequent contact with some customers and prospects, and often get updates on their contact information. What is most important is – The b2b contact data collected from the customers should be valid and qualitative.
Remedies against data decay?
Apply quality data standards:
To certify if your system contains good quality b2b contact data, you should know what data can help you know more about your target prospects, determine the best way to record it to ensure its accessibility and make it easily measurable.
Investing in right tools and considering automation:
Data cleansing software can automatically identify duplicate data and certify that the data is free of replication. Integrating diverse applications can resolve data quality problems in b2b by providing appropriate training to employees, to use the new system effectively. In short, regular detection of b2b contact data decay and resolving data quality issues ensures enhanced CRM performance and drives larger profits.