Clean Data Can Improve Your Invoicing Process
How Clean
Data Can Improve Your Invoicing Process
Data quality is something that every
business needs to focus on. The data used by businesses today is often
unstructured, low quality, and missing important attributes. Businesses often
struggle to turn data into insights with various systems like ERPs and CRMs
that support different formats of data. In addition to this, redundant and
duplicate data also acts as a challenge to keep data in sync and up-to-date. In
such scenarios, clean data is highly required which is possible through data
cleansing. It should be a part of the daily routine at work because without
regular data cleansing you can’t maintain good quality data that boost business
growth.
Undoubtedly data cleansing might seem
to be a lengthy and complex process, but once you make it a part of the daily
routine at work it will not take much time. It will bring benefits to your
business by streamlining your A/R (Accounts Receivable) process that encourages
faster payments. But how clean data can get you paid faster? Clean data is
essential to your business which improves your invoicing process especially
when you are invoicing via email. In the absence of clean and accurate data,
you tend to send invoices at wrong email addresses or if your collection team
is making a collection call then they contact on incorrect phone numbers which
not only delays time to get paid but also affects your customers' experience
negatively.
Therefore, clean data is important
and as per the Gartner Group 2018 Research ‘How to Create a Business Case for
Data Quality Improvement’, poor data quality is likely to bring an average loss
of $15 million per year. Missed sales and unrealized opportunities become an
inevitable part of businesses due to poor quality data. Hence, it is clear, poor data results in
making errors that encourage delays in payment. However, clean data helps you
in eliminating the cost of inaccurate invoices and enhances operational
efficiency, invoice accuracy, customer experience and reduces payment delays.
In order to get clean data, let’s dig into a few pointers helping you in the
data cleansing process.
Educate Your
Team on Data Cleansing: Educating your team and making them aware of what data
cleansing is all about, is the first step towards getting clean data. In the
market today there are various data cleansing tools that can clean your data
effectively. However, there are some businesses that usually apprehensive about
introducing a new system. These apprehensions can be overcome by communicating with
team members and educating them on how data cleansing tools can simplify their
work and streamline the A/R process.
Data
Analysis:
Once your team members start using a data cleansing tool, they will receive one
consolidated clean data but they should also know how to analyze that clean
data properly. If you or your team members fail to read this clean data, then
all your data cleansing efforts will go in vain. You should be trained enough
to analyze this clean data and how to get reports out of it. If you or your
team members are not sure about it then you must contact any third-party vendor
that can go ahead and analyze this clean data for you.
Question:- I'm
interested in B2B email marketing (inside sales). How do I target companies in
the US?
Answers:- If you are interested in B2B email marketing (inside sales) and planning to target companies in the USA then you must know how to make the most out of email marketing CRM software. There are a plenty of email marketing CRM software available in the market today with some impeccable features that might help you in targeting companies in the USA. The email marketing CRM software can help you in establishing a seamless relationship with leads from the USA. It will not only help in automating the email campaigns that are time-consuming but also helpful in accelerating the marketing process entailing lead generation, lead nurturing and lead conversion.
Question:- What are
the best examples of B2B referral campaigns?
Answers:- If we talk
about B2B referral campaigns then in layman language these campaigns mean a
business is referring your businesses products and services to other business
decision-makers. If you are into the sales of B2B data then you can also use
B2B referral campaigns where some other business will refer your b2b data to
other businesses. There are many
examples of b2b referral campaigns and to name a few are Google Apps / G Suite,
Booker – business management software, Carpathia – cloud hosting provider Cooperative
systems, Zoho Mail and Box – enterprise cloud hosting.
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