Is Your Outdated CRM Hindering Your Company’s End-of-Year Goals?

Post by:
Mike Bechtel
August 11, 2022
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August 11, 2022
Is Your Outdated CRM Hindering Your Company’s End-of-Year Goals?

Although it may be hard to believe, the end of the fiscal year is fast approaching. Whether your organization’s sales team is planning one last end-of-year push to achieve projected revenue, your collections department is racing against the clock to settle the books, or your member engagement team is eagerly trying to schedule annual health exams, one thing is certain: your call centers are going to be busy. Unfortunately, many call centers are hamstrung by stale, out-of-date consumer data. In fact, incorrect or missing contact data is the #1 barrier to engaging with your consumers or members

The reason behind all of this incorrect or missing contact data is simple: consumers are switching their phone numbers or relying on multiple phone numbers more frequently than in the past. To capture just how quickly the contact info in your CRM will go stale as a result of phone number churn, consider this:

  • Every year, 37 million phone numbers are recycled and given to new consumers.
  • Every year, 126 million new phones are activated annually. 
  • 70% of Fortune 100 companies ask for phone numbers as a primary identifier, but ~50% of phone numbers get verified.
  • Experts estimate that over 60% of CRM data becomes inaccurate in just two years. 

Of course, after a consumer gets a new phone number, they rarely take the time to update their contact information with their bank, credit card company, or healthcare billing department. Hindered by inaccurate data, call center representatives must then resort to calling bad number after bad number as they struggle to make contact with actual consumers. As a result of all this wasted time, it’s no surprise that companies that rely on CRMs with stale data often suffer from sluggish engagement rates.

Resource: How to Improve consumer and Member Contact Data to Increase Engagement Case Study

Fortunately, scrubbing your data and updating the contact info for your consumers can have a powerful effect on overall revenue and doesn’t have to be time-consuming or expensive. It’s no wonder why companies with "high-quality data management" generated 66% more revenue than companies with insufficient data quality strategies. To help you boost engagement rates and reduce operational expenses associated with stale data, we’re offering our signature Prove Identity Manager™ solution as a one-time contact enrichment scrub for a limited time.

With Prove Identity Manager™, Prove’s clients can replace out-of-date contact information with accurate consumer data. Kevin Boesen, Chief Sales Officer for Tabula Rasa Healthcare, discusses his experience leveraging Prove Identity Manager™: “We sent 40,000 [stale records] to Prove. We were able to get almost 90% of these matched up with accurate phone information.” Newly armed with accurate contact information, Tabula Rasa increased member engagement by over 20%. A major global insurance company achieved equally impressive results when it reduced call center handle time by 1 minute by replacing knowledge-based authentication with Prove. Of course, healthcare companies aren’t the only ones leveraging Prove Identity Manager™. An executive from one major US bank went as far as crediting Prove Identity Manager™ with “saving” their call center after COVID-19 caused a major spike in call center activity: “Prove’s solution saved our call center. We implemented it proactively before we began seeing this surge, and we are so glad that we did. It has enabled us to increase our number match rate and cut down significantly on call wait times. It has very clearly made a difference for us!” While there may be other solutions that update CRMs on the marketplace, our clients select Prove for three primary reasons:

  • Superior Coverage: Prove has more than 90% coverage for adults in the US and extensive coverage across the prepaid phone population segment.
  • Trusted Technology: Prove’s privacy-enhancing and secure architecture are two of the reasons why some of the largest and most innovative leaders in the industry, including major health plans and health systems, trust Prove with identity management and engagement. 
  • Accurate Data: Prove enriches consumer identities for the largest institutions in the world (including over 500 banks).

Resource: Prove and Tabula Rasa HealthCare Partner to Optimize Member Engagement

Phone numbers remain the modern way to identify consumers. Unfortunately, too many companies are still relying on out-of-date contact information. As the end of the fiscal year approaches, now is the time to engage consumers more efficiently. The finish line is in sight and it’s time to sprint! 

Request a Prove Identity Manager demo today!

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