Part 1: Create Intelligence You Can TrustNever in the history of business have we had more customer relationship information at our disposal. Data from CRM and customer support applications, billing systems, even everyday email correspondence—all useful but still lacking the concreteness found only in your signed customer contracts.
It’s not that you don’t know there’s tremendously valuable information in those signed agreements, rather, it’s that you also know there’s usually a gargantuan level of effort required to unlock and access this data. And once you have it, how long until it’s outdated and unhelpful?
At Pramata, our singular focus is transforming complex contract information into meaningful intelligence to continuously fuel your downstream processes in sales, finance and operations. In working with a variety of Fortune 1000 companies, we’ve found three consistent elements to elevating the customer relationship IQ across an organization. And as a result, increasing the opportunity for significant revenue growth and long-term customer value.
- Create intelligence you can trust
- Timing—and meaning—is everything
- Synchronize the customer lifecycle
In this three-part article series, we’ll tackle these one at a time. So let’s jump in with Creating Intelligence You Can Trust.
When it comes to complex customer relationship information, the accuracy of your sources can be a real potluck. Your CRM or billing system may appear “complete” but too often that can be mistaken for accurate. Just because all of the fields are populated with information, doesn’t mean it’s the most relevant or up-to-date profile of your customer.
If you lag behind with out-of-date data, or allow errors to creep in and go unaddressed, it won’t take long for cracks to show in your customer relationship lifecycle. And those cracks can start leaking customer value and revenue real fast.
You might try filling in the gaps with tribal knowledge, but even the most informed team members may be operating off of different versions of the real story. The information locked in your complex contracts holds the most reliable answers to your customer relationship questions, but most companies can’t tap into that valuable reserve without devoting a lot of time and people to an “all hands on deck” project.
In working with many large, global organizations with constantly changing and complex customer relationships, we’ve discovered that keeping data up-to-date and trustworthy requires a three-pronged approach: a technology component, a human component and a process component.
This is the premise behind Pramata’s unique Digitization as a Service™ or DaaS. We designed DaaS to securely extract and enhance critical contract data using proprietary technologies, best practice processes and hands-on expertise. The result is clean, accurate data that’s digitized and refined to within 99% accuracy, then intelligently combined with relevant data from your CRM, billing systems and other key sources.
Only when these data sources are synthesized and interpreted through the unique lens of your business environment and context—on a continual, consistent basis—can your sales, finance and legal teams act on that insight with full confidence and a much higher rate of success in tapping new revenue opportunities, addressing compliance issues and more.
And that’s a great segue into the second cardinal rule in raising your customer relationship IQ. Tune in next time as we unpack the premise that Timing—and Meaning—is Everything.