Data Decay: A Potential Risk or a Golden Opportunity?

According to the most recent data from layoffs.fyi, nearly 332 tech companies have laid off 1,00,746 employees so far in the first five weeks of 2023. Also, a recent report by Gartner stated that for B2B data, the decay rate is estimated to be 70.3% per year, and every month around 3% of data decays around the globe.

Data decay can cause a variety of problems in major departments of B2B Lead Gen companies globally, ranging from:

1) Loss in Growth Opportunities: Outdated information can result in missed opportunities because you may be contacting companies that have shut down.

2) Loss in Sales: Sales reps chase cold or dead leads, instead of converting new and potential leads, lowering their productivity and job satisfaction.

3) Loss of Goodwill: Irrelevant information or make incorrect assumptions based on outdated data may appear unprofessional and may deplete a company's image.

4) Loss of Customers: Data decay frequently results in duplicate or insufficient sales and marketing efforts, leading to the loss of existing or potential new customers due to poor Customer Experience.

5) Lower Revenue: The cost of bad data is in the millions of dollars, which your company wouldn't want to capitalize on in these uncertain times where sustaining in the market is more important than competing.

Revenue is the fuel for your company, that keeps the engine going. However, did you know that poor data quality can cost businesses up to 20% of their revenue?

According to George Labovitz and Yu Sang Chang's 1-10-100 rule, also known as "the cost of quality," the cost of preventing data decay is $1, the cost of correcting it is $10, and the cost of doing nothing is $100.

You can use various solutions to solve this problem, many Demand gen companies are still using the time-consuming traditional methods of data verification manually with 1 agent verifying 150 calls/per day in 9 hours. 

But only an AI-powered solution could go one step further and assists you in dealing with it on time.

Real-time Data Verification with Voice-AI Solutions

The business environment is evolving. With Decision Makers, Departments, Designations, and Data changing at such a rapid pace, Lead Gen companies face a significant challenge in managing the vast amounts of data generated through customer interactions that go stale in their CRMs before being utilized.

That's where GenieTalk.ai's Conversational AI solution comes in, automating the process of data enrichment and database verification with #GenieVerify. It not only transforms your data into actionable insights 100x faster than a human agent but frees up their time for more complex tasks, thus increasing their productivity by 80%.

Tactical Genius: GenieVerify!

You can now capitalize on your existing leads by verifying your data using the power of AI, backed by intelligence at a lower cost.

1. Extract- By automating the workflows, businesses can get accurate data on time, to better understand their potential leads, such as demographic information, addresses, designations, and more.

2. Segmentation- Your target audience's behavior, interests, and demands can all be easily classified. This can help you create more targeted marketing campaigns, and reducing the number of duplicated efforts.

3. Verify- Eliminating the unqualified and stale data by converting the primary customer data in real-time into insightful verified data for further use by sales reps and executives for better decision-making, and lead conversions.
    

Reviving Growth Opportunities with Automation

Data accuracy is essential for developing successful data-driven strategies. Yes, your data will deteriorate over time, but how you deal with this degradation will determine its long-term value to your company's overall success.

It's important to note that data enrichment isn't a one-time process; it must be done on a regular basis to keep data fresh in your CRM. Manually enriching your CRM data may produce the most accurate results, but it is extremely time-consuming and inefficient for businesses to undertake. If you want to grow & sustain, an AI-powered Voice AI solution is the silver bullet that can save your data, assisting you with quicker decision-making and conversions

For a more detailed look at the automation practices for combating the unavoidable data decay of your data with GenieTalk.ai’s AI-Powered Solution- GenieVerify, Schedule a call with our Geniuses Today!