How does your business make its decisions? In most cases, you’ll be relying on some form of data.
Data powers everything from purchasing and supply chain management to lead generation and marketing strategy. But to be a help rather than a hindrance, you need to know exactly where and how to gather the best quality data. Crucially, you’ll also need to know how to analyse it and gain useful actionable insights.
This is where data procurement comes in. In a nutshell, it’s all about finding high-quality information which can help drive your business forward.
How Data Procurement Works
To unpack how it works in practice, let’s take B2B lead generation as our example. Imagine that your business wants to reach out to more potentially lucrative accounts, to boost revenue and achieve your sales goals. To do this, you’ll need a well organised, up-to-date list of leads to contact.
It can take a huge amount of time and effort to gather this information yourself, so you might want to use a data procurement specialist for your industry, such as IT Focus.
You’ll provide your criteria – what exactly you’re looking for – and a team of data experts will utilise their connections with major, global networks and brokers to deliver it. They’ll match data against your exact criteria so that your list will only be populated with contacts that are a great fit for your business or product.
You can even take it a step further and make use of data profiling services. This can help you with procurement data analysis, so you can squeeze every last drop of usefulness and value out of the data you have. With data profiling, you can identify key accounts and relationships, to develop highly targeted campaigns.
So, what are the benefits of data procurement?
Using an approach like the above, you can reap all kinds of time-saving, productivity-boosting benefits. These include:
• Laser targeting. Who are your ‘dream’ clients, and what would it mean for your business if you could reel them in? You’re one step closer to winning those lucrative accounts using procurement. You can stop spreading the net so wide, wasting time in the process. Instead, you can focus all of your energies on those high-value accounts.
• A streamlined, efficient approach. Using data procurement services can be far quicker, more efficient, and less resource-draining than gathering the data yourself. It’s a fast track to getting exactly what you’re looking for, by tapping into specialist global networks and brokers.
• Less wasted time. One of the biggest advantages of using any kind of specialist data service is accuracy. Missing, duplicate, out of date, or disorganised data can slow your marketing efforts right down, and result in lots of fruitless calls and wasted time. Clean up your data and invest in quality over quantity, and you can dramatically boost both efficiency and productivity. In short, this means you can get more done.
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