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Data management and analytics becoming important for businesses

A number of large US firms are now looking to utilize data management systems as a means of driving growth, Warc has reported.

The news provider highlights the importance of effective data management and data quality measures for keeping costs to a minimum and maintaining customers.

Indeed, the report points to a recent study by Ovum which suggested that US businesses were losing $700 billion every year as a direct result of storing poor quality information.

It stated that incorrect and out-of-date records, missing material and inconsistent formatting wasted time and leads.

As such, Warc drew attention to the growing importance of the business analytics segment.

IDC estimates that the market for business analytics tools will enjoy annual growth of seven per cent from 2009 to 14, with many firms looking to consolidate sources including social networks, search and retail.

"After three decades of existence, the business analytics market is finally reaching the mainstream market and gaining status as a formal management discipline," Dan Vesset, program vice-president at IDC, confirmed.

Posted by Richard JonesADNFCR-2366-ID-800106405-ADNFCR