Q: Your firm has 500 attorneys and 400K CRM contacts: how many contacts are dirty?

May 7th, 2013

dirty-water

Q: Your firm has 500 attorneys and 400,000 contacts — how many of those contacts are dirty?

Answer: about 120,000.

Industry research shows that between 20% and 40% of CRM contacts are out-of-date or otherwise inaccurate.

But wait, it gets even worse…

Those remaining 280,000 good contacts are deteriorating - at a rate of 2% per month. That means that, this time next year, less than half of the contacts in your 400,000 contact CRM will still be valid.

So what is the real dollar value of a CRM with 40% dirty data?

If a CRM with 100% clean data has 100% of its value, does that mean that a CRM with 60% clean data has 60% value?

No. The real value is closer to $0 - why? Simple - because there is no way to know which contact is clean and which is dirty. It all comes down to trust - can a partner trust the CRM content when they need contact information? How many bouncebacks will a mailer to a firm’s most valued clients generate? Moreover, how much revenue can a CRM contaminated with dirty data actually generate?

The problem is compounded by where contacts come from in the first place. Contacts provided from attorney address books are fouled at the source, as it is impossible to know with confidence whether a contact is 5 minutes old…or 5 years.

At the end of the day, your CRM is only as valuable as its content.

Your investment in your CRM software, the hardware it resides on, and the human resources that keep it going all adds up to roughly zip if your content is corrupt. It’s like investing in state-of-the-art plumbing, only to pump sewage out your shower.

What does it take to clean up dirty data? For our hypothetical 400,000 contacts database, it takes 12,000 person-hours (6 FTE’s) to do the initial cleanup (+ another 9,000 hours per year to keep it clean).

There’s one catch: how do you know which contacts are dirty?

Answer: you don’t.

What are your options?

1.    You can recruit an army of people to manually check and update each and every one of your CRM contacts

2.    You can clean up your contacts with gwabbit

What is gwabbit?

The gwabbit concept is remarkably simple: harvest contacts automatically from firm emails (the freshest source available), then compare them (again, automatically) against existing CRM contacts to identify contacts that are: a) out-of-date; b) new; or c) duplicates.

gwabbit places out-of-date contacts in a queue to be reviewed by data stewards using gwabbit’s Data Quality Manager (DQM) console. DQM displays the gwabbit contact side-by-side with the CRM contact, and highlights the CRM fields it thinks are out-of-date. The data steward can then slide the updated fields into the CRM with a mouseclick.

cmc_dqm_after_25How much faster does gwabbit clean contacts than traditional methods?

Answer: 36x faster

Again, assuming it’s possible to identify all the contacts that need to be updated the old-fashioned way, it still takes an average of 6 minutes per contact to update them. By contrast, gwabbit identifies out-of-date contacts automatically and updates them in under 10 seconds - 36 times faster!

So, for our hypothetical CRM of 400,000 contacts, to clean up dirty contacts the traditional way, 6 full time data stewards would be required, at a burdened cost of $360,000.

With gwabbit, only 0.17 of one person is required, at a burdened rate of $10,000:

gwabbit processes contact updates 36x faster!

In addition to saving 5.8 people and $350,000, the resulting contact quality is far better with gwabbit than is possible with 6 data stewards manually reviewing contacts.

gwabbit also finds new high-value contacts not already present in your CRM, enabling you to expand your firm’s business development initiatives.

How many new contacts? Our hypothetical 500-person firm could expect to mine as many as 200,000 new contacts within gwabbit’s first year - a 50% boost in its CRM volume.

which-is-currentFinally, a word about duplicates - normally, duplicates are valueless in a contact management application, though gwabbit puts duplicates to work, updating the date/time stamp on CRM contacts in order for the system to know the last date and time a contact was known to be current. This is invaluable for comparing and updating contacts with confidence - why?

If a data steward is comparing two contacts for the same person, and there is no date/time stamp, how do they no which contact is current?

The answer is: they don’t know, which is a big part of the reason it takes so long to update contacts with confidence.

More and better contacts for a fraction of the cost - what’s not to like?

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New gwabbit relationship “bubble” chart unveiled at LegalTech

February 5th, 2013
gwabbit Relationship Trend Line Report

gwabbit Relationship Trend Line Report

gwabbit unveiled its latest generation relationship trend line bubble chart last week at LegalTech. The new chart plots macro relationship trends between a firm and its clients, and explodes this macro view into a bubble chart that displays the individual relationship interactions that roll up into the trend line.

The bubble chart can display either interaction frequency or strength of relationship scores. Clicking on a name on an axis will collapse the display to only those people the person interacts with. Clicking on a bubble will collapse the view to interactions for both intersecting people. The chart provides at a glance information on the most robust relationships between individuals at the firm and the client.

The latest version of the trend line report is part of a new suite of relationship features demonstrated at LegalTech. These features build on gwabbit’s foundation of high-volume/high-value contact capture and update for major CRM systems. gwabbit’s latest relationship package of features include the ability to auto-populate major CRMs with relationship data captured and scored by gwabbit along with hundreds of thousands of high-value contacts.

relationship-trend-line-next-gen2
Clicking on a bubble focuses the relationship intersection

Clicking on a bubble focuses the relationship intersection

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What’s gwabbit serving for breakfast during LegalTech®?

January 24th, 2013

breakfast_with_gwabbitEnjoy a full breakfast with gwabbit, along with a generous helping of news and information from one of the fastest growing tech providers to the Am Law 100.

Find out why the world’s largest law firms are gaining a competitive edge with gwabbit automatic contact and relationship capture solutions.

gwabbit solves a fundamental problem of major firms: how to source and update fresh contacts to your CRM. Firms fail to capture many, if not most of their high-value contacts. Many of those captured are out-of-date and inaccurate.

How many contacts? A 500-attorney firm captured 100,000 new high-value contacts with gwabbit and updated another 17,000 — in the first 3 months of operation!

gwabbit’s new relationship capture feature auto-populates your CRM with relationship data. Find out why gwabbit’s strength-of-relationship scoring is the most accurate in the business!

Other exciting features include our new client relationship trend line report, and Outlook address book auto-population and update features.

When: Wednesday, January 30th @ 8AM ET

Where: Warwick Hotel — 54th and Ave of the Americas (across from the NY Hilton)

We’ll be serving a full breakfast. Email Laurie Shaffer to register: lshaffer@gwabbit.com

We look forward to seeing you there!

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gwabbit ROI analysis: more contacts = more revenue

December 6th, 2012

Data from firms using gwabbit are yielding surprising findings regarding the number of lost and outdated contacts. For example, a 600-attorney firm that sources its CRM by traditional methods (including syncs to MS Outlook), is projected to lose well over 200,000 high-value contacts and fail to update an additional 50,000 on a timely basis.

This ROI analysis was developed using data from firms using gwabbit. It provides a glimpse into the scope of the opportunity lost from traditional contact sourcing. The bottom line is simple: more contacts = more revenue.

gwabbit ROI analysis

gwabbit ROI analysis

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gwabbit does relationships! Webinar - Wednesday, Nov. 14

November 12th, 2012
gwabbit relationship trend line report

gwabbit relationship trend line report

Now gwabbit® does relationships!

gwabbit Enterprise can now automatically capture and score relationships from enterprise email traffic and insert them into the “Who Knows Whom®” fields in your LexisNexis® InterAction® CRM. Strength of relationships can be scored based on email frequency, date, and inbound vs outbound email.
Relationship data is captured from email FROM and TO addresses. gwabbit can exclude CC and BCC contacts, squelching relationship “noise” from core contact relationships. gwabbit also captures the entire signature contact, not just the email address.
gwabbit’s dynamic relationships trend line report plots relationship macro trend lines between client businesses your firm interacts with, as well as individuals at the business and your firm. The trend line report is intended to enable you to monitor interaction levels with clients to spot downward trends that may require attention.
See a webinar on Wednesday, November 14 at either 11AM ET or 2PM PT. Click below to register:
or contact Laurie Shaffer at lshaffer@gwabbit.com

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Are address book-sourced CRMs obsolete?

May 22nd, 2012

water-glass-medA CRM without fresh contacts is like plumbing without a water supply – what’s the point?

Still, thousands of companies invest $ millions to purchase and maintain their CRM systems – only to source those CRMs with contacts from user address books.

Yet most users don’t save contacts to their address books – most simply go “dumpster diving” in their email inboxes looking for the email that contains the signature contact they’re looking for.

Those few users that do bother to save their contacts rarely update them in a timely way.

And how do you update contacts? How do you know if a contact is five minutes old…or five years? How can you determine which of two contacts is most current?

For all that money spent on CRMs, it truly is a “garbage in = garbage out” proposition.

gwabbit is transforming contact capture and management. Its gwabbit Enterprise Server turns CRM contact capture on its head by automatically sourcing signature contacts sourced from the enterprise email feed. Originally developed for Skadden Arps, gES sources and updates hundreds of thousands of fresh, high-value contacts to the enterprise CRM and ERM, dramatically leveraging the enterprise’s investment in its knowledge management systems.

With its companion product, Contact Management Console (CMC), gwabbit compares captured contacts against CRM content, identifying new contacts, update candidates, and duplicates. Its Data Quality Management console streamlines contact additions and updates. CMC’s social network “auto-find” feature automatically locates contacts on LinkedIn, streamlining research. Finally, CMC provides executive reports on emails processed, new contacts captured, as well as updates and duplicates.

The heart of the gwabbit enterprise solution is its Enterprise Server. gES automatically harvests signature contacts from all inbound enterprise emails. How many contacts? One gES customer captured over 30,000 high value contacts in its first hour of operation!

gES contacts are deposited into a DBMS, which is bridged to the enterprise CRM via gwabbit’s Contact Management Console. CMC compares captured contacts against the CRM and offers powerful Data Quality Management tools, reporting, as well as remarkable new DQM routing and filtering capabilities.

This powerful suite of contact capture and management tools completely transforms the way that contacts are sourced to CRMs, as well as the way they are kept current. gwabbit enterprise solutions have effected a paradigm shift in contact management, dramatically boosting the value of CRM content for business development initiatives. Contacts = money, and gwabbit enterprise solutions provide more and better contacts for enterprise CRMs. CRMs will never be the same.

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gwabbit in Times Square!

August 26th, 2011
gwabbit in Times Square!

gwabbit in Times Square!

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GWABBIT ANNOUNCES RESELLER AGREEMENT WITH LEXISNEXIS

August 22nd, 2011

Media Contact
Laura Hinson
lhinson@gwabbit.com
888-492-2248, ext. 6

GWABBIT ANNOUNCES RESELLER AGREEMENT WITH LEXISNEXIS TO OFFER HIGH-PERFORMANCE GWABBIT ENTERPRISE SERVER AS ADD-ON TO INTERACTION CRM

August 21, 2011 — CARMEL VALLEY, CA – gwabbit (www.gwabbit.com) the world’s
leading provider of automated email contact and relationship capture solutions today announced a reseller agreement with LexisNexis (www.lexisnexis.com) to offer the gwabbit Enterprise Server™ as an add-on to LexisNexis® InterAction®, a leading Customer Relationship Management (CRM) application for professional services. The agreement, announced at the International Legal Technology Association (ILTA) annual conference, will enable InterAction users to leverage gwabbit technology to automatically extract up-to-date and accurate contact data from the “signature block” of email messages and import that data directly into InterAction.

gwabbit Enterprise Server was originally developed for Skadden, Arps, Slate, Meagher & Flom
LLP, one of the world’s largest and most prestigious law firms with a rich history of leadership
in law firm technology.

The combination of gwabbit and LexisNexis InterAction solves a fundamental problem with all
CRM deployments – how to capture up-to-date and accurate contact information. gwabbit
Enterprise Server goes beyond traditional synchronization with user address book entries,
enabling accurate capture of contact information directly from the “signature block” commonly
used within email messages.

“Companies invest tremendous resources into building and maintaining their CRM systems, yet
their contact sourcing is incomplete, and continuously out-of-date,” said Todd Miller, CEO of
gwabbit. “It’s like investing in plumbing without a fresh water supply. Through our relationship
with LexisNexis, gwabbit Enterprise Server will supply the industry leading CRM solution with
an abundance of current contact information.”

“gwabbit Enterprise Server turbocharges InterAction by automatically driving high volumes of
current contact data into the most powerful CRM system on the market,” said Michael Lipps,
vice president and managing director, Legal Business Software Solutions for LexisNexis. “This
powerful collaboration enables law firms to significantly increase the scope and efficacy of their
client development initiatives.”

Please visit LexisNexis booth 603 at ILTA for more information.

About gwabbit, LLC

Founded in 2008 gwabbit is the world’s leading provider of automated email contact and
relationship capture solutions. Its flagship product, gwabbit, grabs email signature line contacts and automatically creates or updates contact information in customer address books or CRMs.

gwabbit has received numerous awards and industry accolades, including winner of the CES
Mobile Apps Showdown 2010 and the DEMOgod award for 2009 and 2010. Additionally,
gwabbit has made numerous media “Top 10” and “Must have” lists. For more information, visit
www.gwabbit.com

About LexisNexis

LexisNexis® (www.lexisnexis.com) is a leading global provider of content-enabled workflow
solutions designed specifically for professionals in the legal, risk management, corporate,
government, law enforcement, accounting, and academic markets. LexisNexis originally
pioneered online information with its Lexis® and Nexis® services. A member of Reed Elsevier
[NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), LexisNexis serves customers in more
than 100 countries with 15,000 employees worldwide.

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gwabbit releases version 2.0 recognition engine for BlackBerry!

May 3rd, 2011

Just in time for BlackBerry World™, there’s something new under the hood of gwabbit for BlackBerry! gwabbit’s latest recognition engine, version 2.0, our most accurate ever, is available now.

Our new version 2.0 engine features improved parsing of job titles and company names, as well as street addresses.

What do you have to do to get version 2.0? If you’re already a gwabbit BlackBerry user – absolutely nothing. It’s already live!

If you’re not yet one of the million+ gwabbit BlackBerry users, find out what your missing and download today:

Download gwabbit for BlackBerry Free
Purchase gwabbit for BlackBerry Premium

What about our gwabbit Outlook users? Don’t worry, we’re packing up version 2.0 and will have it ready for you soon – watch out for the announcement!

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gwabbit FaceBook contest: win a gwabbit mug!

February 2nd, 2011

Join gwabbit on FaceBook!

Our gwabbits are suited up for game day! You can win a gwabbit mug if you’re the first to correctly predict the score of Superbowl LXV! Post your predictions on the gwabbit FaceBook page right up until kickoff. If you guess right and you’re in the 48 contiguous states, we’ll send you a mug! Our Superbowl contest is open to anyone who Likes gwabbit wabbits, so tell your friends - good luck!
superbowlgwabbit1

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