Back in 2013, an enterprise retailer made a large investment to launch a number of retail stores across Canada. It was a massive endeavor and at the end of the day, was not successful. There were a number of factors that contributed to the failure, and a recent article in Canadian Business investigates why.
Being a data consultant, I was interested in how many of these problems may been caused or affected by their data system. One of the first things I tell any client who uses a software system to represent tangible items (such as an inventory management system) or a customer relationship management system (CRM). It is vitally important that the data be accurate and up to date for any organization large or small for effective day to day operations.
According to the aforementioned article, one of the many reasons the organization failed in its expansion was the data in their system was only 30 percent accurate. If I was to order any item from their catalog of products I was guaranteed over 2 out of 3 changes that it was wrong and would cause an issue going back to a warehouse. In industries where margins are slim, a few mistakes in the data can have major implications on profits.
The question then becomes a matter of how do you ensure that the data is accurate in your CRM system or your own back end system? Do you hire a full time team to review and manually go over the information in your system regularly looking for mistakes and errors? Or do you set up a few key rules and features on top of your system to ensure that the data is correct before going into the system?
One of the greatest powers of Microsoft’s Dynamics CRM and Adxstudio Portals is the extendibility to handle any situation and data structure. By using Dynamics CRM, a retailer, manufacturer, non-profit or any other type of organization can ensure data pertaining to their business is accurate. It allows for a centralized data management that is effective, accurate, structured for ease of data entry, and empowers everyone creating and modifying data: from the corporate headquarters making the big decisions, retail clerks checking inventory stock at the warehouse, down to the customer ensuring that a mailing address is correct for the weekly newsletter.
With a powerful and flexible system such as Dynamics CRM with Adxstudio Portals, any organization can leverage their business data and have it work for them instead of being reactionary to the data.
The article I refer to:
Canadian Business. “The Last Days of Target”
Retrieved from: http://www.canadianbusiness.com/the-last-days-of-target-canada/