Good data is vital for business decisions

Possessing good data is the heart of good business decision making, it has been claimed.

According to an article for DM News, while the overall trend for many organizations is to reduce the overall marketing spend, there is a good case for continued investment in marketing analytics.

"Applying analytics in your day-to-day marketing work is no longer a nice-to-have; it's a must-have. Organizations that don't have at least basic analytics capabilities will not survive in an era where knowledge is power," the article explained.

Businesses that show high "analytics maturity" have a forward-thinking view, the news provider added, this helps them to maintain high profitability levels attract more customers and maintain a competitive advantage.

The news may encourage a number of US-based companies to invest in improved data collection and data quality tools to ensure the accuracy of their information.

Meanwhile, organizations looking to improve their data management procedures should ensure that they are aware where any business information is going to be stored, a report on the Messaging Architects website said.

Posted by Paul Newman