Is it really possible for data management to be reasonably priced and technically reliable at the same time?
Yes. With the existing software market thriving in a highly competitive environment, it is not a remote possibility to land one that will accommodate both your budget and management needs. Online solutions are readily available to support that switch you are deciding to make. So, if you find yourself stuck with software that fall short of your organization’s requirements, then it would be best to replace it with something that will tick all your checklist’s boxes.
What Should Your System of Record Be Equipped With?
An effective system of record is every company’s primary instrument in creating a successful customer service strategy—you simply cannot do away without it. As soon as a company is formed, the construction of a warehouse for its records should be inevitable. While all abide by this unspoken rule, others seem to get stuck figuring out why theirs do not delivering results. Is it because their existing system of record isn’t top-of-the-line? Is it because it lacks the capability of accommodating big data?
So what should your existing system of record have for it to be the perfect fit for your organization?
- A reliable search engine. Pretty much, it should be parallel to Google’s capabilities of providing you with your desired results. This quality of your software will aid your company’s frontline of operations in making quick searches across your databases. Having this ability gives your system of record the power to present you your customers’ data with speed and accuracy.
- A web importation function. An automated function that allows your database to intuitively detect your clients’ emails or electronic documents, and instantly include them to your current system records. Gone are the days when online files had to be printed and scanned before introducing them to your database. Now, with this ability, new data management tools provide more efficiency to the flow of operations.
- A recovery and backup ability. It’s always better to be safe than sorry. When dealing with technology, you can never tell when your system decides to fail you. Every piece of data, when lost, greatly affects the proficiency of the pipeline to provide excellent customer service. What more when you lose your entire data warehouse? No need to worry about instances like these. When your system of records has the reassuring power to retain all information after unfortunate scenarios (i.e. power outages or technical malfunctions), then your capacity to care for your customer will not be hampered.
- A resilient nature to various file types. No matter what document (i.e. PDF, photo, or video) it is you need, your software should be ready to facilitate its download for you. With the various entities you transact with, may it be individuals or companies, your system of record must be able to efficiently store and index whatever file type they are to send.
- An advanced OCR (Optical Character Recognition) intelligence. This modern quality of data management systems is revolutionary in that it makes data inputting a lot faster. Once a document is scanned, the technology instantly deciphers which texts are vital data to include in your organization’s system of record. One of the other functions of the new breed of software that allows teams to work efficiently, this ability automatically organizes the text into whichever category it falls in on your database.
- A CRM integration capability. Your companies CRM is another key player in your efforts to ensure utmost customer service, so it is only logically sound that your data management system be synced to it. Your CRM stores other vital information that your clients decide to provide you with, and its value will only appreciate more if it is used together with your system of record.
- A compliance with HIPAA (Health Insurance Portability and Accountability Act). When a client discloses private details about them or their company, this is them indirectly saying “We trust you.” And when they place their full trust in you, they only expect that you give importance to this. And this security measure of your data management system allows you to ensure that no disclosed client information will be caught escaping the database.
System of Record Vs. System of Engagement
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Two formats of how data is exchanged currently exist in the business industry: systems of record and systems of engagement. The former, also known as databases, provide you a warehouse for all your clients’ information; while the latter, on the other hand, is a tool for companies to interact with a broader audience (i.e. social networking or social media). Both have their unique identities that keep them separate from each other; but companies need these two systems to coexist in order to optimize both of their capacities. Companies need systems of record to store data; and to accommodate the advancing needs of clients brought about by modern technology, they need systems of engagement too.
The Real Cost of Systems of Record
Different companies have different budget sizes, and that’s a fact every software developer has learned to face. To cater to these varying budget margins, firms have created pricing schemes that fit these restrictions but still deliver results. Here are the three models which these developers have patterned the prices of their software under:
- Data management software companies like Zengine use what they would call the tiered model of pricing. Under this model, software developers allow potential buyers a peek into their program by providing free trails of it. When the prospect sees that the software suits their needs, they have the option to purchase its basic or enterprise level, or even an unlimited version of it. Basic versions usually amount to a monthly cost of $12/user, while enterprise versions would come with a bill of $999/month. Prices of higher versions would depend on the number of customized plug-ins your company adds to it.
- The firm DBF Manager uses a per-user scheme of payment. Companies who subscribe by this payment scheme have set packages that cater to either personal users or businesses. The prices of these packages change depending on the volume of a set of users or the headcount of individual users; and further alterations to its cost would be due to an addition of a user to the system. Typically priced at $29/month for basic versions, and $64.95/user for its business license.
- Other companies also offer you a one-time payment deal, and quite obviously, software which use this marketing scheme come with a heftier price tag. Oracle Database 12c is the prime example of such a firm, with deals that range from a personal user package ($92 to $460) to enterprise version deals ($4,750 to $47,500).