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Business Relationship Intelligence: What Is It?

Business Relationship Intelligence: What Is It?

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You’ve heard of Business Intelligence (BI), the term that refers to software applications that analyze an organization’s raw data to mine it, process it, query it, and/ or report on it. But, have you heard about Business Relationship Intelligence (BRI)?

In an ever-changing environment, business, and sales are about much more than the historical, transactional relationships. Today, it’s about the relational relationships you have with your customers, partners, and clients. In fact, 89% of customers have said they will (or have) stopped doing business with a company after a single poor customer experience (CMO).

BUILDING Relationships

So, how can we expect our sales teams to properly build and manage customer relationships with traditional CRM systems? As it stands, sales professionals are bogged down by data entry with 71% believing they spend too much time on data entry (Toutapp). Yet, Salesforce reports 91% of CRM data is still incomplete. Data is key to the success of any relational relationship. SalesWise believes no sales team should be limited by the data (or lack thereof) in their CRM system. That’s why we decided to build a solution intelligently designed around the way in which relationships really work! With a full 360-view, our Cross Application Relationship Data (CARD) platform aggregates data from every message, meeting, document, and person involved so that you gain a clear view into the existing relationships as well as new relationship opportunities.

EMPOWERING Relationships

As many sales leaders know, relationships don’t exist solely outside the walls of your enterprise with your customers. Sure, your sales team is central to that relationship, but so are your legal, finance, and onboarding functions. Rarely are sales ever one-to-one any more. Today, sales are many-to-many with multiple individuals involved in the sales cycle and customer experience processes. Gartner found 7-8 people are typically involved in all areas of the buying process for enterprise tech sales; while another 5-6 people occasionally participating. That’s a lot of relationships within the business relationship.

According to the 2015 IDC Workforce Transformation Survey, employees spend an average of 7.36 hours per week trying to find information and an average of 8.15 hours per week trying to find people or experts. SalesWise, as a leading BRI solution, believes in greater productivity through the democracy of data. The only way to empower your relationships is to ensure your sales team and non-sales staff are working effectively and efficiently together to shorten the sales cycle and enhance the customer experience. A true BRI solution ensures everyone has access to your relationship data. In the end, not only are your staff empowered; but, the sales leader is empowered with complete and comprehensive data that keeps them in-the-know and better prepared to lead.

 INSPIRING Relationships

A major factor in the feeling of empowerment for any sales leader or team member is access to insights. With traditional data-entry systems, we’re relying on a sales professional to assess and enter the information (a.k.a. data) they believe is the most beneficial… after the fact. The truth is relationships are happening in real-time. This antiquated system is flawed.

A BRI solution doesn’t rely on data entry, nor does it rely on subjectivity. A sales professional solely focused on his/ her relationship with a customer will never see the connections that customer may have with other individuals in your organization (e.g., procurement, legal, etc.), or the additional customer connections they may find within the customer’s business to further the relationship. With SalesWise, our customers discover an average of 5 – 8 times more contacts and increase visibility by 300% beyond their CRM system. These insights inspire actions that lead to stronger relationship connections.

Relationships are all around you. So, why shouldn’t your sales technologies work the same way? With SalesWise, we gather relationship data from your CRM system, inbox, calendar, contacts, messages, documents, and more to share real-time critical intelligence. Business Relationship Intelligence (BRI) is the newest industry made up of innovative software applications that analyze an organization’s data to mine, process, query, and report on relationship insights for greater business and sales success. To learn more about SalesWise, the leading BRI solution, visit www.saleswise.com/the-platform/.

Webinar with Cirrus Insight: Democratizing Relationship Data

Webinar with Cirrus Insight: Democratizing Relationship Data

We are very excited to be co-hosting a webinar with our friends at Cirrus Insight on Democratizing Relationship Data next Tuesday, Nov. 29th from 1:30PM-2:30PM, so sign up today! We will be giving away some fantastic gifts to randomly selected attendees (just in time for the holidays).

About the webinar:

Technology advances the cause of sales automation, but doesn’t always result in equal access to information for everyone in the enterprise. The way software-as-a-service applications are provisioned often leads to fragmented data sources and siloed access. This can make the sales force the de facto administrators of data, as they field inquiries from others across the company without access to Salesforce. In this webinar, SalesWise demonstrates the power of democratizing relationship data for improved productivity and insights throughout the organization.

This is completely free, and you’ll learn about the importance of transparency in today’s business – modern sales teams, customer success efforts, executive leadership, and more! Plus, you’ll get to learn about the great stuff Cirrus Insight is up to.

Register today and make sure to share with your friends and colleagues — the more, the merrier!

Where’s My Customer and Relationship Data?

The CRM (customer relationship management platform) has become the primary constituent of the “Sales Stack” and is a driving force in promoting sales productivity. Sales professionals often rely on CRM for important customer data in order to track and improve customer relationships; yet, Forrester suggests that 42% of service agents still cannot efficiently address customer problems due to disconnected systems, outdated user interfaces, etc.  While CRMs should be the system of record, there are several inefficiencies causing critical data to be lost or nonexistent — according to Salesforce, 91% of CRM data is incomplete.

Getting value out of what you put in?

CRM is a vital resource when implemented correctly, but the trick is finding a way to keep it clean and complete. A CRM can be populated either through manual data entry, or by integrating with other apps to add data automatically.

Manual entry is dull and tedious, resulting in most sales professionals inconsistently updating the platform leaving customer data outdated or incomplete, while third-party data integrations present a contradictory problem by compiling too much superfluous data.

The bottom line is that CRM are often inaccurate, unorganized, a data “dumping ground”, and/ or all of the above. Leading CRM vendor Salesforce suggests that about 70% of the typical sales lead database goes bad each year, yet people still pay high per-seat license fees only to struggle in maintaining the CRM and finding the data they are looking for.

Time well spent?

In order to optimize the CRM, sales teams often need adequate tutorials and training as well as encouragement to engage in the software. Making the best use of data can be a dull and time consuming process, and Salesforce states that 42% of companies have not even made an effort in monitoring the quality of their data.

What’s the big deal?

Successful customer relationships rely on a collective understanding of what actions have been taken, who is involved, and what needs to be done within each opportunity. The CRM should be the holy grail of customer relationship data for everyone across the enterprise, and should align the entire company. However, you get out what you put in, so insufficient CRM management limits visibility on customer relationships and disables fluidity between segments of the organization.

Additionally, expensive per-seat fees, as often the pricing model for Platforms as a Service (PaaS), discourage companies from giving everyone within the enterprise access to this data, eliminating comprehensive relationship overviews and true cross-functional collaboration.

The easy fix for customer and relationship data.

SalesWise makes it simple to get greater returns from your existing CRM investments, without any manual data entry or per-seat license fees. SalesWise automatically extracts all of the important customer and relationship data for every opportunity in Salesforce, and combines with every associated contact, message, meeting, and document in one intuitive Card design.

SalesWise organizes the messy data from Salesforce and email, and provides custom views of the customer data to ensure folks can get exactly what they need.  

Learn how SalesWise can give everyone across the enterprise access to accurate, complete relationship data — with no per-seat fees.