A key headline from this year’s research centres around the increasing value organisations are putting on their data and the critical link being made between the role of data, the customer and driving monetary value.
According to our research, data is the defining feature that supports businesses to foster better customer relationships and they believe they could increase sales by as much as 29% if their customer data was fully accurate. Our research shows that businesses are driven by a strong desire to put a face to the vast and varied amount of information available to them; with 97% of organisations looking to achieve a single view of their customers to improve their ability to better reach, serve and retain customers, to ultimately drive revenue.
However, the ability to put this into practise is letting them down. The perception of what constitutes a sophisticated data management approach has risen and when asked where businesses felt they were in terms of this, the majority rated themselves poorly. Only 14% believe they have a sophisticated approach to data quality management, and for the UK this was only 10%, down from 26% in last year’s research. Whilst these figures indicate a decline in maturity, for me it’s an indication that the complexity to reach a sophisticated approach is better recognised and understood today, and even more so in the UK, this is positive for businesses and consumers if it drives effective action.
The explosion of digital data represents a significant opportunity for businesses, yet, understandably, the sheer volume of customer information is causing substantial challenges. Our research cited that, on average, businesses have 50 or more customer contact databases, a marked increase from only 10 in 2014. This combined with a growth in mobile and social channels makes managing data one of the biggest challenges for businesses in 2016.
Due to this increasing complexity, businesses realise that to manage data as a strategic asset it needs a leader and 82% of businesses are actively looking to employ ‘data-centric’ roles as part of their data quality management strategy. In the UK, nearly a quarter of respondents sought after having a Chief Data Officer to support their data quality management strategy. The market is seeing new data leaders coming on board acting as ‘an enabler for change’, interconnecting the necessary processes and technology to firmly put data at the heart of their strategy. The ability to do this is empowering organisations to make better sense of their data and deliver improved customer relationships. Those who are putting data at the centre stage of their business strategy are reaping the rewards and making their organisations more agile, competitive and forward thinking.
In this paper, our own experts will examine the issues raised by the research and identify the key aspects you should consider to progress your own businesses data maturity. You can read Dealing with the deluge: Humanising your data strategy report here. You can also get a flavour of some key findings by taking a look at our Global Data Management Research infograpic here.