Across organizations, data quality consistently challenges trust
and confidence, and impacts the bottom line.
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“44% of respondents estimate
their firm loses over 10% in
annual revenue due to poor
quality CRM data.”
Validity - The State of CRM Data Management 2022
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“54% of organizations cite data
quality and completeness as their
largest marketing data
management challenge.”
Data Quality Statistics, 2022
Across organizations, data quality consistently challenges trust
and confidence, and impacts the bottom line.
“44% of respondents estimate
their firm loses over 10% in
annual revenue due to poor
quality CRM data.”
Validity - The State of CRM Data Management 2022
“54% of organizations cite data
quality and completeness as their
largest marketing data
management challenge.”
Data Quality Statistics, 2022
Law firms face increasing challenges with data quality, significantly impacting client relationships, compliance, and insights. The immense volume and complexity of data, requiring accuracy, timeliness, and accessibility, present considerable challenges. Duplicate records, outdated information, and inconsistencies across databases can lead to inefficiencies, missed opportunities, and potential risks in legal and compliance contexts.
LexisNexis® InterAction® offers tailored solutions to meet these challenges, leveraging advanced technology, proprietary data sources, and a team of certified InterAction+™ data stewards. Our services include consultancy, along with preventive and corrective data quality interventions, aimed at implementing and upholding best data management practices. This comprehensive approach enables law firms to improve their decision-making, ensure regulatory compliance, and strengthen client relationships and business development through the use of dependable, high-quality data, supporting their overall business objectives.
Law firms face increasing challenges with data quality, significantly impacting client relationships, compliance, and insights. The immense volume and complexity of data, requiring accuracy, timeliness, and accessibility, present considerable challenges. Duplicate records, outdated information, and inconsistencies across databases can lead to inefficiencies, missed opportunities, and potential risks in legal and compliance contexts.
LexisNexis® InterAction® offers tailored solutions to meet these challenges, leveraging advanced technology, proprietary data sources, and a team of certified InterAction+™ data stewards. Our services include consultancy, along with preventive and corrective data quality interventions, aimed at implementing and upholding best data management practices. This comprehensive approach enables law firms to improve their decision-making, ensure regulatory compliance, and strengthen client relationships and business development through the use of dependable, high-quality data, supporting their overall business objectives.
Signs That Your Customer Data Quality Is Hurting Your Firm
- Reduced open rates, click through rates and increased bounce back
- Reduced acceptances and increased declines for event invites
- Prospects and existing clients indicate that they are not receiving the firm's communications
- Duplicates are visible when performing searches in the CRM and key fields are missing in company and contacts records
- Partners and BD start using other repositories such as excel spreadsheets as they lose trust the CRM's data
- Output is conceived as unreliable and is constantly questioned
- The firm's marketing team is spending an excessive number of hours preparing marketing lists
Problems Caused by Low-Quality Data
Decision making, marketing, and business development
- Productivity - Marketing and BD teams waste time trying to clean or correct bad data rather than using it to drive business initiatives
- Marketing - Inaccurate or incomplete audiences result in poor marketing campaigns leading to missed opportunities
- Decisions and forecasting based on inaccurate or outdated data result in poor strategic choices, affecting the company's performance and profitability
- Retention - Inability to deliver personalized experiences can result in higher customer churn rates and loss of revenue
Loss of advanced CRM functionality and diminishing user adoption
- Relationship scoring depends on accurate and complete data
- LexisNexis News & Research Content real-time delivery relies on accurate data mapping
- Who Knows Who - Orphaned records and missing fields degrades performance
- Diminishing user adoption – Deteriorating
data hygiene leads to users’ lack of trust in the data and reluctance to use the CRM. This in turn leads to further deterioration of the data as records are no longer updated
Regulatory risks and reputational damage
- Regulatory risks – Non-compliance with GDPR, CCPA, PIPEDA, LGPD and other privacy laws can result in enforcement actions and civil lawsuits
- Immediate loss of business - In extreme cases, documents sent or cc'd to the wrong email address/address, can result in severe reputational damage, expensive an unnecessary litigation, and immediate loss of business
Maintain the Performance of Your
InterAction CRM Database.
Keep It Clean, Accurate, Trusted, and Useful.
InterAction Data Quality Services Offerings
ensures your data is consistently accurate, relevant and compliant, for the best ROI
Corrective maintenance
Corrective maintenance
Reactive data quality services
Certified data quality analysts seamlessly join your team and provides secure, timely and cost-effective services at your convenience.
- Review DCM tickets and approve or reject changes made to data
- Updating/reviewing New Contact/New Company folder information and data
- Adding contacts to IA that were captured by IQ but not added due to missing data
- Association cleanup – matching on exact name and exact address
- De-duplication of newly created records – duplicate merge
- Project based data enrichment
- Bounce-back processing to improve successful e-mail marketing
- Contact mapping to companies for a detailed picture and improved reporting
Preventive maintenance
Preventive maintenance
Proactive approach to data health
Our team performs periodical scheduled database cleanups
- PGUID mapping - enriching your data with LexisNexis’ proprietary ID ensures accurate and timely delivery of LexisNexis news, research, and vital litigation insights pertaining to your customers.
- Data normalization – Addresses, names, phone numbers, emails
- Industry Codes/NASIC Code enrichment
- List Cleanup & Data Standardization: on-boarding, purging and overall data quality
- Ensure all required fields are populated
- De-duplication of existing records – duplicate merge
- Data retention compliance
- Subscription management for events, contact validation and data enhancement
Data Quality Consulting
Data Quality Consulting
for firms who have internal teams
- Run initial diagnostics
- InterAction’s data specialists will work with your team to identify gaps and procedures
- Work with your team to develop a maintenance plan based on InterAction’s recommended best practices.
- Quarterly/Monthly reviews to ensure on-going success
Get Data Quality Back on Track
Step 1
Free Data
Diagnostics
- Strategic Assessment – deep dive into your data
- Identify additional data needs such as saved searches, prioritized data management queries, and duplicate and bounce back management
- Review findings with client, agree on scope, and formalize priorities
Step 2
Engagement
Planning
- Review and finalize the Data Quality Style Guide
- GDPR compliance | where the data lives during our work
- Agree on any configuration changes and set up secure access
Step 3
Delivery
- Assign your resources depending on priorities and the services contracted.
- Set up Secure Link access
- Ongoing quality improvement
Empower Insights One Data Quality Point at a Time
with InterAction Data Quality Services
Empower Insights One Data Quality Point at a Time
with InterAction Data Quality Services