As technology companies grow and penetrate new global markets, business leaders are grappling with the large influx of data that has accompanied this growth and put a strain on IT infrastructures across the board. The statistics around data are staggering. According to a new report from IBM Marketing Cloud, “10 Key Marketing Trends For 2017, ” 90 percent of the data in the world today has been created in the last two years alone. Now, more than ever, businesses must determine not only how to get ahead of this data influx, but how to leverage it in a way that maximizes profits, revenue and efficiency.
The effects of the data explosion are felt in every facet of a technology provider's business. For our purpose, I will address the implications on a provider's contract management and service renewal processes.
Business leaders realize that renewal processes that worked for decades now fail to keep up with internal demands and customer expectations. Many of the companies I have worked with have attempted to solve this problem in the quickest, least expensive way(s) possible – leading them to one of the biggest modern-day productivity traps: siloed data and disparate business systems.
Deploying various standalone systems and applications for multiple functions, such as billing, quoting, and contract management leads to frustration, confusion, and delays for both the employee and the consumer. According to a recent MMI survey, only 27% of technology provider respondents had an integrated contract management, quoting and billing system. This represents a tremendous opportunity to streamline business operations and bring customer service to the center of a business’s service delivery processes. (To see the full results of this survey, click here).
Why Are Data Silos Bad for Your Service Renewals Business?
So, what exactly are “silos” and what does a “siloed business system” look like? Silos are defined as a “mindset present when certain departments or sectors don’t share information with others in the same company.” Silo mentality is responsible for creating a number of unintentional divisions within your business, most visible in your software systems.
Four main issues can arise if your contract and services systems aren’t integrated:
- Increased system integration complexity & costs: If your business is using several disparate applications, IT ends up wasting too much time and energy trying to keep up with integrating, maintaining and updating new versions of your applications. Valuable IT time wasted is valuable money wasted.
- Lack of real-time data and visibility: When you’re working with unintegrated data systems, it’s unlikely that you can easily view your overall services business performance both quickly and accurately. Being able to have a global view across the enterprise is crucial in keeping track of your service renewal objectives.
- Decreased sales productivity: You always want your sales teams to operate at optimal productivity, and it suffers if they’re spending their time going back and forth between disparate data systems to understand what contracts and services a customer needs to renew. This disjointed process results in more errors and pulls employees away from their core job duties – SELLING.
- Increased customer turnover: It costs more to acquire a customer than it takes to retain one and when customers aren’t able to get their contract information quickly, they’re more likely to take their business elsewhere. Integrating your data systems ensures that your customers will get the right information promptly, leading to improved customer experience.
Integrating Your Business Systems with ONEview Leads to Success
If you want your services business to grow, it’s essential for you to have your business applications integrated with one system. ONEview provides a conduit between your critical business systems like a CRM and ERP. Alongside improved productivity and huge cost savings, ONEview provides a simpler process and other benefits like:
- Improved process efficiency: There are several critical processes that your business may encounter in your daily operations that can be easily automated through an integrated system. Automating these processes frees up employee time, and you’ll be able to redirect your staff to higher-value goals and activities.
- Real-time data & improved data analytics: When your employees and customers can pull reliable information at any time, they’ll be better informed and can then make quicker and more accurate decisions.
- Increased growth and sales: Having all information in the same place allows for expansion to multiple locations and additional sales channels—all due to unified account management processes and data. You can also upsell and cross-sell much more efficiently due to big-picture centralized views.
- Customer success: We’re always looking for ways to improve customer success, and systems integration is a great place to start! Your customers will come away happy with instant access to their accurate, real-time data.
Integrating your software systems for your contract and renewals business will transform how you are managing the massive influx of service data, enabling you to more easily overcome growing pains resulting from confusing, disparate systems, unreliable data and customer dissatisfaction.
Would your recurring revenue business benefit from integrating your disparate business systems? Request a ONEview demo and determine if our contract renewal and quoting application is the right solution for you.