As long as there has been data, there has been data decay.
In simple terms, data decay refers to the gradual loss of data within a system. When we first started to store digital data we were all very conscious of ‘mechanical data decay’ caused by a crashed server, corrupted hard disk or even just a transfer from one storage device to another. But as time has passed, regular autosaving, routine backups and cloud hosting have helped us manage mechanical data decay.
As time has passed a different type of decay has become more prevalent, the rotting or decomposition of data, which sounds morbid, so we call it ‘logical decay’. Either way, it reminds us one important thing – that data is time sensitive. No matter how well you contain and protect your data, over time it decays.
In 2017, an article at The Economist made the strong statement that “The world’s most valuable resource is no longer oil, but data.” At REG we understand the value of accurate, current data; but we were surprised to see that our recent research showed that 82% of insurance businesses said their CRM data was unreliable. And the reason, almost every time, was logical decay.
It seems that lots of businesses invest in CRM systems, but then decay devalues the data they handle. Bounced emails, prospects gone away and, company sold and contact information changed all contribute to a diminishing ROI on your CRM system.
We’ve heard the expression ‘sh*t in sh*t out’ and it’s true people make mistakes when handling data, but even the speediest, most accurate operator cannot keep up with the amount of change that happens every day in the insurance market; after all that’s why compliance professionals use data companies like REG.
At REG we aspire to reduce risk and increase trade, so what better way than to remove the decay from your CRM data. We decided in 2019 that a logical development was to enable our data to power your CRM and that’s one of the reasons we built REG Network 2.0.
An integration with REG Network will immediately provide a massive increase in the quantity and quality of the data handled by your CRM and then it will be kept current – always. That’s because our software does the heavy lifting, keeping track of 330m businesses and their people daily. We already manage data in 130 countries on behalf our customers and we report thousands of changes daily.
If you want to organise your contact data, segment customers and prospects and scale your sales process all through your CRM why not talk to one of our ‘hygienists’ about how an integration to REG will remove your decay and put the smile back into your data.