In the world of marketing data need to rule — the likes of Tesco Clubcard such as has been showing us for many years what we could learn from customers and how using data properly can bring huge wins.
And a new report by Rosslyn Analytics suggests that lots of businesses are failing to exploit the opportunities of data, relying instead on gut instinct instead of making educated decisions.
The study, which comprised a poll of 600 UK organisations throughout January of the year, revealed that 31% of entrepreneurs believe their company do not use internal information efficiently to gain a competitive edge while a further third could not judge one way or another.
It’s hardly a surprise that entrepreneurs have very little faith in their companies since the study also suggested that less than half (44 percent ) of business leaders thought that data was considered a strategic asset in their business.
Data disparity
Most cite that the disparity of the data as the single biggest challenge to efficiently utilizing information to make decisions within their businesses with 43 percent of respondents stating they suffered because their data came from too many resources and included too many different types.
If this question was asked of marketers specifically, 55 percent of respondents said the disparity of resources caused difficulties within their business. The second most significant challenge was cited as inferior quality of information, a motive that Charlie Clark, CEO, Rosslyn Analytics ought to be considered.
“It’s shocking that many organisations continue to make conclusions without information. Company leaders will need to renew their efforts and concentrate on improving the accessibility and quality of information necessary to create informed decisions which are aligned to business goals,” he said.
“In the modern era of intelligent, self-service data technology, there’s absolutely no excuse for information not to be in the hands of decision-makers.”
