Data, Forms, CRM, Data Ownership...

Joe Moss

Feb 28 in Operations - DELIVER

This post is going to be about data. It may sound boring...

But I think it's actually quite important.

Yesterday I had an intriguing conversation with Rick Burgess about data gathering, forms, CRMs, data flow...

First and foremost there must be a single source of truth for data. Working with

@Kate Guillen

of Simplicity Ops for two years, I know that it should be the CRM. The CRM is the hub - everything flows from there.

But lets think about this. Where does the data start?

It starts with the client - they know their name, SSN, DOB, address etc. That data needs to get from the client to the CRM, ideally as efficiently as possible without multiple re-keyings.

Enter tools like PreciseFP and OnBord which help to collect data from the client and push it to the CRM.

PreciseFP has its own database, OnBord does not, it just pushes directly to the CRM.

This part starts to get tricky, because when you have multiple databases with redundant data, then you start running into overwriting issues. Data entered into PreciseFP may overwrite something in your CRM, or data in your CRM may overwrite some financial planning data that's been painstakingly entered into your financial planning tool.

I love the clean integration between OnBord and CRM where as soon as a field is filled out, it gets sent to the CRM so there is just one database... but... maybe something still gets overwritten, maybe the CRM is a mess.

Who owns the data ON the form? Because more often than not, the data on the last best form that was filled out is the most accurate data. The CRM may or may not have been updated, or all the other places data was pulled to fill out that last best form.

DATA FLOW:

Client/Prospect --> [[CRM - maybe]] --> Forms --> Custodian

Ideally all the data needed to fill out any kind of form - account opening, new client paperwork, etc - is in the CRM. But how often is that actually the case? That data is usually pulled from all over the place in order to fill out paperwork.

Some from the CRM, some from the client's Sharepoint folder, some from this software or that software - it all gets put on a form and (fingers crossed), the receiver (custodian, insurance company, etc) accepts it.

But then let me ask again, who owns the data on THOSE forms? Well, the custodian really, they're the ones that take that form and enter all that info into their system, THEIR system.

So that's why its important that you own your data and that you store it in a way that is incredibly easy for your team to find, analyze, etc.

Somewhere in a place you own... everything that gets entered on any form anytime or into any software anywhere... that data should be stored. And cleanly I might add.

Imagine within a few seconds your team could find absolutely every piece of data on a client or prospect... How much time would that save?

I'm going to continue noodling on this for awhile, but in the meantime, you should probably talk to Simplicity Ops about your data.

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