Most business leaders agree that more data is usually a good thing for business. Data can improve competitive advantage, identify inefficiencies or be the impetus for an entirely new product or service. However, just because you have data doesn’t mean you can use it. A new study has found that a significant majority of companies are not able to take advantage of the data they are collecting and, even when they attempt use the data, many are struggling to analyze it.
Massive detailed data sets are no longer just of interest to statisticians and data scientists. Many businesses have realized that�big data�can yield enormous business benefits. This promise of improving competitive advantage has driven modern organizations to collect more data about their customers, operations and performance. You might assume that, with all of this data lying around waiting to answer even the most ephemeral of questions, businesses can become their own oracles — predicting the future with a single well-formed query. However, that is not the reality, especially when it comes to marketing.
The shift has given modern marketers better access to information such as real-time customer behavior, sentiment and preferences. Yet, a new study, �“Marketing in the Digital Age: Winning with Data & Analytics,” conducted between December 2011 and February 2012 of over 300 business executives, found that a lack of analytic skills and appropriate technology are keeping marketers from optimizing the use of all the new data being collected.