Turn incomplete customer data into customer knowledge
Customer data is of paramount importance to maintain a thriving relationship with customers. This data can manifest itself in many forms and is acquired in many ways, whether through voice conversations (phonecalls mostly), meetings notes, or via email.
Incorporating this knowledge into CRM tools obviously allows for better relationship management by understanding customers and their needs more closely. These data points become essential in order to stand out from the competition and create a competitive advantage.
However, the mass of unstructured information today prevails in CRMs (about 80% of a CRM's database is unstructured). In fact, the lack of structure of these data sources (e.g. recordings of telephone conversations) does not make it easy to use the data. If 80% of the data is unstructured, then this means that organizations only make decisions with the remaining 20% that are actionable. They are missing out on a gold mine.