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Companies must harness data to work for them

Rachel Wheeler Archive
US businesses have been told that they need to use their data effectively if they want their organization to grow.

Writing for the Kodak Grow Your Biz blog, Pat McGrew highlights the need to constantly analyze customer information in order to find out which people to target.

"Data is the lifeblood of most companies, but few companies know how to harness it and make it pay its own way," she writes.

"Even the fanciest CRM system or data warehouse won't help unless you understand what data can tell you and how to use that knowledge."

Ms McGrew recommends that businesses look at customer address data and buying patterns to effectively segment different individuals.

Meanwhile, Richard Edwards, principal analyst at Ovum, recently claimed that CRM systems contain only a handful of information relating to contacts and customer prospects.

He recommended that businesses utilize social search and analytics to fill in any gaps pertaining to consumer information.

Posted by Richard Jones