“Having multiple records was a potential threat in case you had somebody who opted out and this was registered on one record, but not another. We needed to make sure that we always had one record as the source of truth and that all teams were looking at the same data” – Mari Miyamoto, Product Manager for Internal Systems
Tradeshift provides technology to improve suppliers’ cash cycle, allow efficient invoice-to-cash processing through one platform and create working capital benefits for all participants.
- Industry: Pre-packaged software
- Customers: Buyers and sellers anywhere in the world
- Employees: 800
- Headquarters: San Francisco, USA with 13 offices world-wide.
RapMari Miyamoto, Product Manager for Internal Systems at Tradeshift takes us through how RingLead’s Data Orchestration Platform enabled them to prevent potential compliance breaches, cleanse their database while preserving necessary duplicates and effectively utilize their sales team.
Duplicate records that threaten compliance
Tradeshift’s database contained many duplicates created to support their specific database structure and product offerings as well as in error.
As a result, it became increasingly difficult to manage their global compliance obligations. The more duplicates they had, the higher the risk.
”"Our duplicates meant there was potentially a big, big, compliance issue in terms of unsubscribes, GDPR, etc. Opt outs could be registered on one record but not the other or other… this could mean a violation of regulations for us."
Preserving necessary duplicates
Tradeshift’s database includes necessary account duplicates to separate parent accounts from regional accounts. Tradeshift used the Salesforce deduplication tool to resolve their potential compliance issues, but quickly found that it lacked the level of sophistication and flexibility needed to handle their necessary account duplicates.
”"Tradeshift's a global company. We have global leads. We needed to be specific in terms of how we matched for a company that has multiple or regional offices to ensure we were not merging them all together."
Low quality leads hampering the sales team
Tradeshift sourced leads from many channels including event or compiled lead lists. Mari found that many of these imported records within their database contained only a name and email. They did not have the data needed to support critical functions like segmenting, scoring and prioritizing.Their sales team was being simply being handed low quality leads with little or no meaningful information.
”"The quality of our lead data was a huge issue in terms of causing day to day frustrations and inefficiencies for our sales team. We were buying leads but couldn’t do anything with them."
61% of B2B marketers find generating high-quality leads as their biggest challenge (B2B Technology Marketing Community) and for Tradeshift this meant:
- Inability to prioritize leads
- Minimal rep time spent selling due to time spent researching leads
- Slow lead to contact times
- Lost opportunities.
Routing rule failures
Tradeshift’s webforms provided a lot of data, but not what their automated routing rules required for the flow they needed in their complex global environment. They were also missing data throughout the database, impacting critical functions like routing.
”"Lead routing wasn't going as expected because we were simply missing the information we needed for our lead routing rules to function."
The lack of vital data reduced their lead routing automation functionality resulted in:
- Hours wasted daily performing manual routing
- Reduced workflow and assignment efficiency
- Impaired speed to lead time.
Enable compliance with data orchestration
Mari and the team worked with RingLead’ to improve their compliance by enriching and deduplicating their data to gain a single source of truth. They also solved their other challenges by using a data orchestration platform.
1. Deduplicate to optimize compliance
Tradeshift began their journey by using RingLead to cleanse and deduplicate their lead records. Mari was able to establish master records, then surviving field values and rules to retain important data like:
- Opt-in/ opt-out or unsubscribe information
- Lead scores
- Behavioral scores.
They then progressed to deduplicate their account records. By customizing their deduplication tasks using strict and loose fuzzy matching criteria on company name and company headquarter, billing and physical addresses, they accurately identified and preserved their necessary duplicates.
Preventative deduplication on entry was established using Intelligent Forms on webforms, and real-time deduplication on their list imports. Mari now has a scheduled deduplication task that runs daily to ensure duplicate data from other entry points are captured and merged.
”"Data cleansing with RingLead gives us assurance that we know our database is constantly going through a cleansing cycle, so we can rely on a record being the single source of truth."
2. Enrich data in real time for quality leads
RingLead worked with Tradeshift to use data orchestration using multi-vendor enrichment.
Intelligent Forms enrich data coming in via webforms by appending the data needed to segment, route and score their leads in real-time.
List Upload Enrichment allows Mari to seamlessly import, map, enrich, standardize, and merge their event and purchased lead list files with their existing dataset.
By using RingLead’s simple rule building tools Tradeshift defined sophisticated enrichment rules. They enriched data in different ways dependant on the location. They also enriched NAISC codes along with other critical firmographic and geographic data to more accurately segment, score and prioritize their leads before handing on to sales.
”"With RingLead we can use multiple data sources and pull them all together into a single enriched Salesforce record that can flow through our automations, and know we are providing our sales team really high-quality leads"
3. Enrich records for smooth lead routing
Using RingLead’s data orchestration platform, Tradeshift were able to easily find, integrate and orchestrate data from multiple data providers with data standardized and segmented to their unique business requirements. They can now define and enrich records based on the data required for their automated routing rules, enabling a seamless flow to their sales teams.
Tradeshift enriched and deduplicated their data using the RingLead data orchestration platform achieving:
- Reduced risk of compliance breaches
- Surety that opt-ins, opt-outs and unsubscribes are registered
- Shorter web forms = higher completion rates + more relevant data to flow through segmentation, scoring and routing automations
- Automated lead routing reducing speed to contact times
- A 23% increase in selling time through reduction in lead research requirements (Kissmetrics)
- A 10 times more cost-effective use of resources using enrichment and deduplication on creation compared to cleansing data after (SiriusDecisions).
With the help of RingLead, Mari and the Tradeshift team have turned their data into a resource that:
- Assists to meet their compliance obligations
- Allows fast times to segment, score and route leads to the sales team for optimal contact times
- Creates more time and the quality information needed to sell
- Optimizes their use resources through proactive enrichment and prevention.
”"Enriched and deduplicated data makes our sales team a lot more efficient because they're not spending their time tracking down information, they're spending more time selling."
”"Deduplicated data gives us the surety that when we record opt-outs or unsubscribed they are fully registered to that person, there are no other records out there."