Utilizing MarTech to Correct Inconsistencies and Save Time
Human error is estimated to be one of the single biggest risks for many businesses. Global analyst firm IDC estimated the cost of human error in UK pharma alone to be over 27 million dollars in their ‘Counting the Cost of Employee Misunderstanding’ report. Additionally, 89% of companies claimed they saw productivity levels drop due to human error and 85% said their reputation among peers and clients suffered as a direct consequence.
In today’s constantly evolving marketplace, avoiding human error is key to staying competitive but has become more challenging than ever.
Marketing Resource Management (MRM) is one of the ways to fix that.
If you want to remain competitive in a national or global marketplace, your operation cannot lose time, money and resources managing and executing redundant processes, and fixing the mistakes that inevitably occur under such circumstances.
Human Error in the Workplace
A recent “P-Touch Means Business” survey suggests the average employee wastes nearly a full work week every year looking for lost or misplaced materials. Risk Management Magazine says enterprises are losing around 37 billion dollars due to “employee misunderstanding”.
Human errors in proofing, lost materials and inefficient (or incorrect) business processes can be measurably—if not completely—diminished by employing marketing resource management software as your intelligent solution to streamline your company’s efforts.
Just like the spellcheck on your word processor, MRM can help correct inconsistencies and lost time or delays throughout all of your marketing processes. Utilize MRM solutions to streamline communications between stakeholders, manage data and marketing materials from a central location, and ensure brand compliance.
MRM can improve your marketing processes by eliminating entire areas of potential human error, such as:
- Data and marketing list management
- Brand and regulatory compliance
- Proofing of marketing materials
- Misuse of images and photos
- Consistency of general business processes
Marketing Resource Management in Practice
Below are two examples of how marketing resource management can be utilized in your business. The following are based on the experiences of one or more companies:
- Company A is a national chain of retail stores. They’ve allowed their regional branches to promote their business via local advertising campaigns. Unfortunately, because the local branches bypassed the appropriate chain of command and did not proof the marketing materials correctly, brand integrity and reputation were negatively impacted. Since implementing a MRM solution, Company A was able to allow autonomous regional marketing campaigns while maintaining national brand consistency.
- Company B is a food services provider for a variety of organizations, from university cafeterias to corporate catering events. Costs and pricing can vary significantly from location to location; when menus were being created manually, it became harder to ensure correct pricing. So how do you eliminate or minimize the mistakes that can happen across thousands of locations with infinite variability in menu items, costs and local market conditions? To balance this critical strategy, Company B utilized a marketing resource and operations solution to allow corporate to lock in pricing based on location and uphold contracts.
These are just a couple of real life examples of how MRM has helped businesses in the past. No matter the diversity of industry or the problems faced, marketing resource management software can be customized to work for you to improve profits by eliminating human errors and the dramatic consequences those errors can have.
Strata’s Cloud-Based MRM Solutions
As the business world becomes more complex, daily challenges demand smart, sophisticated solutions. It’s time to stop writing off human error as a cost of business and take your marketing efforts to the next level of efficiency and cost-effectiveness with marketing resource management.
Learn more about how Strata’s innovative marketing resource management solutions can help you – download our free guide on How MRM Helps Streamline Marketing Processes or contact us directly at any time.
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