With over 2 million customers and 30,000 key stakeholders, change is a constant for the Water Corporation in Western Australia. To manage this change smoothly, and save thousands of dollars a year in doing so: enter Stakeholder Self Manager.
The health of your database directly impacts the health of your business – whether it’s your stakeholder management system, sales and marketing CRM, or your billing system.
Unfortunately, as change waves its magic wand over our lives, it is inevitable that details become outdated, and some are not captured correctly in the first place. For businesses on the whole, databases are not in great health, a recent study by Dun & Bradstreet reports:
“Of 223 million B2B records analysed, 71% were found to be inaccurate or incomplete.”
What does this mean for businesses and their employees?
Because of these inaccuracies and gaps in information, all too often critical messages are missed, intel vital to relationship management falls through the cracks, and precious time and energy are wasted attempting to rectify misinformation.
Not being armed with proper stakeholder information is akin to going into a meeting blind.
Previously, for Water Corporation, the only way they could check the accuracy of key contact information was to individually phone each stakeholder.
Water Corporation’s David Juers explains that the team saw this as an opportunity to reinvent the process, capitalising on Consultation Manager’s ethos of collaborative development:
“Calling stakeholders took days, was expensive and an inefficient use of resources, so we pushed this challenge to the development team at Consultation Manager to help automate this process. Together we came up with Stakeholder Self Manager (SSM), which enables stakeholders to view their own details and confirm or update changes directly to the database.”
How does Stakeholder Self Manager work?
Stakeholder Self Manager sends a bulk email or SMS to stakeholders requesting them to update their details and preferences. The stakeholder uses a unique code to securely access and update their details and preferences (See below). This places the onus on the stakeholder to ensure their details are correct – eliminating any losses in translation and saving valuable time.
The results are in…
A recent trial of the system sent to 420 of Water Corporation’s industry partners saw 20 percent of those contacted use Stakeholder Self Manager to update their details within a week. That’s a day of phone calls saved. We’ll let you do the math on how much time and money could be saved each year on a database comparable to the size of Water Corporation’s. All this from just a couple of clicks.
Best thing about the tool? It’s the stakeholders doing the clicking.
Want to keep your database healthy, and be confident that your stakeholders won’t miss critical messages? Contact us today to implement Stakeholder Self Manager for free on your Enterprise.
Learn how other organisations manage their stakeholder data. Download the free information sheet for your industry.
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