Symphony – APS: Why relationships are the cornerstone of your data strategy
Last year escalated digital transformation within professional services firms. However, firms cannot become complacent and must remember what is at the core of the technology implemented that will drive growth.
Understanding the relationships held within your firm’s data set will give you the sought-after meaningful insights to help grow your practice. So how can this be achieved?
Decision intelligence vs relationship intelligence
Recent research by Gartner predicts that by 2023 more than a third of large organisations will have analysts practicing decision intelligence.
While decision intelligence might be considered to be a function of AI (Artificial Intelligence) and machine learning to help inform decisions, relationship intelligence gives insight into the recency and frequency of communication. Relationship Intelligence unearths the quality and strength of relationships held by your firm. Understanding this human link between your complex communication networks will give your professional services firm an advantage over competition.
By simply tracking communication platforms within your firm ensures visibility of this recency and frequency of communication. This then allows you to understand the depth of the relationship so they can be nurtured and support client retention.
How relationship intelligence informs business growth
Here are four areas where data-driven, relationship intelligence can support your firm’s growth.
- By gaining insight into weakening client communications a firm can act swiftly and improve client retention.
- Insight into real-time data analytics means it’s easy to handover a retiring or leaving partner’s key accounts. A software solution such as Client Sense allows you to see which other key employees already have a relationship with the client for a smooth transition.
- For unresponsive clients and where your key client contact may have left, a connection to social media profiles such as LinkedIn allows you to spot if this person has moved organisations and to where. This has the potential of creating another opportunity for your firm.
- The ability to cross reference inbound enquiries and marketing responses makes it easy to see if your firm has spoken to a prospect before and who had the relationship previously.
Collaboration for digital excellence
By leveraging existing communication and collaboration data held within your firm, you can understand who the right people are within the firm and client side. It enables you to open up new topics of discussion to improve the client experience and nurture and enhance your existing client relationships.
So, as we look ahead afresh to the new year, it’s important to remember that relationships are the cornerstone to your data strategy. What’s key is gaining perspective between data points to ensure that your business benefits from the connections between your firm and external organisations. You can read more about this in our blog: ‘How relationship intelligence gives perspective to complex networks’.
With continued growth of digital within professional services firms, collaboration with specialised suppliers can help you gain perspective of the relationships within your firm.
Find out more about our Client Sense software platform to help you gain the insight you need to develop your data strategy to grow the relationships that drive revenue.