Data accuracy is the price of admission for doing business in today's markets, according to a new report by IDG Connect and Avention. But mere access to accurate data is not enough to drive positive outcomes.
The study, “Big Data for Marketing & Sales: Data Accuracy to Business Impact," examines the difficulties organizations face when developing data-focused strategies. According to the study, 42 percent of respondents are still finding it difficult to draw insights from data, while 23 percent said data quality is their biggest challenge. Other challenges reported by respondents include excessive data (12 percent), number of data sources (7 percent), list development time (5 percent), and inaccurate prospect data due to age (4 percent).
“Quality in data and accuracy in data remains critical to the business and critical to sales and marketing job functions,” said James Rogers, CMO, Avention, in an exclusive interview with CMO.com. “Sales and marketing are really looking at more than just purposing data. [They] are looking at analytics, the insight that can be derived from the data, and how these insights can be delivered in a prescriptive way in the right time, in the right way, so that they can do a more effective job in executing their activities day to day.”
According to the report, organizations need to improve in three areas to reap the full benefits of big data. First, a company needs a clearly articulated data strategy. Second, organizations need to figure out which topics are most relevant for the direction of the enterprise. Third, companies need to find and implement technology that helps deliver data in a digestible way.
“We’ve seen reports that the CMO is going to have a larger budget than the CIO by 2017, and a lot of that is evidenced in the importance of analytics and the importance of data-driven programs and engagement,” Rogers told CMO.com. “The increase in the budget of the CMO is geared toward empowering the whole business to drive improved execution and, ultimately, increased revenue and growth.”