Why is data transformation so hard?
84% of data transformation efforts fail. But if you know what you’re looking for, the reasons are obvious.
Publisher’s Note: CUInsight is hosting a free webinar Monday, April 24th titled, “All Wrong: 84% Of Data Transformations Fail. How to do Data Transformation Right”. We hope you’ll join us! Register here.
Remember dial-up modems? They were kinda magic, in the sense that you could simply dial up another modem (with some coordination beforehand), and in just a few minutes, your modem was linked to the receiving modem, and you could send an actual file—across miles and miles. And it only took four or five minutes! It was revolutionary—replacing the need to overnight a floppy disk with your information on it. Hello Modern Age!
Why do only a handful of people use dial-up modems today? In a word: connectivity. As in, blazing fast connectivity. Speed is important because that’s what allows people to depend on the Internet for up-to-date info. For real-time video conversations with people around the world. For instantaneous transactions. Who on earth would put up with dial-up modems in this day and age?
That same real-time connectivity has been heralded as one of the biggest disruptors in the financial industry. Data ‘transformation’ is the promise of using the petabytes of customer and internal data to improve efficiencies, sell more solutions to account holders, and provide customer service unimagined back in the dial-up age.
But eight out of ten data transformation projects fall flat on their faces. The projects that don’t overrun their initial budgets by a factor of two or three instead miss their implementation deadline by months or even years. The scant few that do ‘succeed’ in getting stood up end up languishing as only a few employees know the intricacies of actually running the thing.
So it pays to know what you’re looking for—what to ask—when you’re considering undertaking a data transformation project. How many external partners will the main CRM contractor need? Are the consultants needed on staff, or hired out (and billed to you)? What does the training entail? Is it part of the estimated cost? Will everyone in your organization be trained? Is integrating with all your critical data sources included? Does the native CRM integrate out-of-the-box with your core? Will everyone in your organization have a 360-degree view to all a member’s data? Will that data be actionable in real-time from the actual app by everyone on your staff?
As you can see, it’s not enough to simply jump on the data-transformation bandwagon. The data’s been around for a long, long time. But it’ll only be transformative in the hands of financial industry experts. Experts who have created a comprehensive, purpose-built solution to meet the nuances of our industry. Clearly, you need to ditch the dial-up modem and stop passing along sales leads on sticky notes, or retrieving data manually, or waiting for Betty in compliance to get back from vacation to answer your question about your customer. It’s time to leapfrog into a modern solution designed for your specific needs today.
Don’t forget to join CUInsight and CRMNEXT for our free webinar titled, “All Wrong: 84% Of Data Transformations Fail. How to do Data Transformation Right“, on Monday, April 24th. Register yourself and a colleague here.