Maintaining data quality is an ongoing issue that affects many businesses. Millions of dollars of budget are wasted every year because of poor data quality. Companies rely on accurate data to assist their marketing, sales and customer service efforts. If the marketing department doesn’t have the right information on their customers, they could waste precious time chasing leads that don't exist.
According to a 2016 IDG study, large enterprises have embraced the rise of data analytics, with 78% agreeing that data strategy, collection and analysis have the potential to completely change the way they do business. Before the insights of consumer trends were collected and analyzed, businesses first created a product, then spent costly marketing dollars to shape the minds of consumers to desire said product.
That model has changed.
The 7 most expensive words:
"We have always done it that way"
When adopting a strategy towards data, businesses often prefer to start with what they already have and slowly adopt new technologies… sometimes this is a good approach, but if your company wants to use the collected data efficiently, a point usually comes where the used tools are not sufficient anymore.
The new year has arrived and now is a good time to get familiar with the CIOs’ key strategic priorities and concerns they have in mind for 2017. The Nomura Holdings CIO Survey does just this by examining their budget priorities for this cycle.