Brand owners have admitted they are missing out on major revenue opportunities because they are incapable of exploiting the customer data they collect, according to a new survey of company bosses.
The study, ‘From Overload to Impact: An Industry Scorecard on Big Data Business Challenges,’ has been carried out by Oracle.
Senior corporate executives recognise the importance of collecting and managing ‘big data’, but almost a third think their firms are unprepared for the ‘data deluge’. More worryingly, 93% believe their organisations are losing millions of pounds in revenues because they cannot tap into the information they collect.
Of those surveyed, 94% said their companies are collecting and managing more business information than two years ago – an average of 86% more – and identified the biggest data growth areas being customer information (48%), operations (34%) and sales and marketing (33%).
While two-thirds of senior executives say that the ability to draw intelligence from their data is a top priority for their organisation, 29% give their business a ‘D’ or ‘F’ grade when it comes to how well prepared they are for a data deluge. Only 8% give their organisation an ‘A’ rating.
Those working in the communications industry are most confident in their organisations’ preparedness for the data deluge, with 20% giving their organisation an ‘A’ rating.
Generally, those surveyed give their organisations the highest marks in gathering data and the lowest marks in translating that into actionable intelligence.
But the most striking finding to emerge from the study is that the vast majority of those questioned believe that their company is losing revenue because of its inability to exploit the information they collect. Organisations with $1bn in annual revenues or more say they are missing out on an average of 13%, or $130m in revenue a year because of this failing.
