Sales

How Clean Data Can Improve Your Invoicing Process?

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Data quality is something that every business needs to focus on. The data used by businesses today is often unstructured, low quality, and missing important attributes. Businesses often struggle to turn data into insights with various systems like ERPs and CRMs that support different formats of data. In addition to this, redundant and duplicate data also acts as a challenge to keep data in sync and up-to-date. In such scenarios, clean data is highly required which is possible through data cleansing. It should be a part of the daily routine at work because without regular data cleansing you can’t maintain good quality data that boost business growth.

Undoubtedly data cleansing might seem to be a lengthy and complex process, but once you make it a part of the daily routine at work it will not take much time. It will bring benefits to your business by streamlining your A/R (Accounts Receivable) process that encourages faster payments. But how clean data can get you paid faster? Clean data is essential to your business which improves your invoicing process especially when you are invoicing via email. In the absence of clean and accurate data, you tend to send invoices at wrong email addresses or if your collection team is making a collection call then they contact on incorrect phone numbers which not only delays time to get paid but also affects your customers’ experience negatively.

Therefore, clean data is important and as per the Gartner Group 2018 Research ‘How to Create a Business Case for Data Quality Improvement’, poor data quality is likely to bring an average loss of $15 million per year. Missed sales and unrealized opportunities become an inevitable part of businesses due to poor quality data.  Hence, it is clear, poor data results in making errors that encourage delays in payment. However, clean data helps you in eliminating the cost of inaccurate invoices and enhances operational efficiency, invoice accuracy, customer experience and reduces payment delays. In order to get clean data, let’s dig into a few pointers helping you in the data cleansing process.

Educate Your Team on Data Cleansing: Educating your team and making them aware of what data cleansing is all about, is the first step towards getting clean data. In the market today there are various data cleansing tools that can clean your data effectively. However, there are some businesses that usually apprehensive about introducing a new system. These apprehensions can be overcome by communicating with team members and educating them on how data cleansing tools can simplify their work and streamline the A/R process.

Data Analysis: Once your team members start using a data cleansing tool, they will receive one consolidated clean data but they should also know how to analyze that clean data properly. If you or your team members fail to read this clean data, then all your data cleansing efforts will go in vain. You should be trained enough to analyze this clean data and how to get reports out of it. If you or your team members are not sure about it then you must contact any third-party vendor that can go ahead and analyze this clean data for you.

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