ElectrifAi CEO Edward Scott recently discussed the challenges many companies have with data.
While there are many capable solutions for the collection and storage of data, these tools often fall short when it comes to the real need. Companies today need to leverage that data in new ways to optimize the opportunities to commoditize that information.
Businesses of all types and across sectors frequently invest large sums of money and personnel in tools that collect and store data. Among the most common are customer relationship management (CRM) and enterprise resource planning (ERP) platforms. And while these platforms are effective at managing data that’s stored within them, their capabilities often fall short, according to Scott.
Take CRMs, which are used regularly by businesses to manage sales, marketing, customer service and other core business functions. They typically hold information about contacts and prospects, including names, positions, emails, phone numbers, and addresses. They also log interactions, communications and customer support requests.
Together, these data points help better understand the past – what has happened and how it was handled.
Scott notes that while this data is helpful for relationship management, it’s only scratching the surface of what’s possible. It’s in the activation and mobilization of that data that organizations can fully leverage the opportunities available.
Companies don’t really need another platform to hold and capture information. What they need are solutions that take information stored in them and derive intelligence from structured, unstructured and scattered data.
This need only intensifies as organizations collect and store more data. The ability to collect data today is increasingly simple. For organizations to thrive, they must come up with new ways to make the most of ever-increasing amounts of data.
Driving Enterprise Data Value with ElectrifAi
ElectrifAi CEO Ed Scott noted that by using tools such as machine learning (ML) and natural language processing (NLP), companies can turn data into a strategic advantage.
Data insights can provide massive competitive advantages, according to Scott. For example, machine learning tools can help identify gaps in revenue from analyzing billing and treatment records for hospitals and medical practices. Those same tools can help optimize operations by reviewing processes and procedures to develop more streamlined approaches to work.
ElectrifAi is able to harness data in new ways, delivering results to clients in 6-8 weeks. The ElectrifAi team can take large data sets from disparate sources and develop insights that are transformational.
While some CRMs come with data visualization tools, they are often limited and cannot achieve what’s truly needed: Cleaned and actionable data.
ElectrifAi cleans the data and uses prebuilt ML solutions and customizations to develop tools that work for each client. By focusing on scalable solutions, ElectrifAi CEO Edward Scott delivers results that can be used immediately.
The utility of AI is profound. Among the solutions ElectrifAi offers are:
- Customer engagement, enhancing the customer journey across segments through predictive modeling to indicate customer needs
- Spend analytics, providing actionable savings insights and vendor negotiation advantages
- Contract analytics that compare contract terms and deliver better vendor performances and cost savings
- Revenue capture that identifies revenue gaps in billing statements
- Call center solutions that improve customer experiences and reduce call volumes through higher resolution rates
Data in CRMs and other platforms are just the start to unlocking the true power of data.
