A new Oracle survey finds that although “the age of Big Data is upon us,” 9 out of 10 executives feel that they are losing revenue due to inefficiencies in maximizing the value of Big Data. Additionally, 6 in 10 respondents feel their organizations are unprepared to handle the load of data being collected.
According to the survey, 48 % of respondents saw the biggest increase in data volume and variety came in customer information, followed by operations (34 %) and sales and marketing data (33 %
“With data collection and storage growing easier, the greater challenge will lie in parsing the data for meaningful insights,” eMarketer reports.
We couldn’t agree more. These days it’s not hard to collect large amounts of data, and it’s even easier to talk about Big Data. But turning that data into a tangible boost to revenue is another story.
While marketers must have an innovative, intelligent team to transform data into actionable insights, there must be a shift in how organizations function as well. Specifically, IT and marketing departments must align goals and open up the lines of communication to get everyone on the same page. The rise of the consumer’s voice in the way products and services are consumed necessitates collecting the right information from the right sources. , It also requires a sharp focus on where that information can then be applied to best improve conversion rates—and that takes technical expertise as well as marketing innovation.
How is your team using Big Data to impact the bottom line?