Just take a look at some of the biggest names in business, and it becomes obvious how crucial big data is. Companies across the globe are relying on big data to fuel their business insights, improve business decision making, and enhance their marketing campaigns. The Experian Data Quality Benchmark Report delved into some of the biggest insights companies are gaining from big data and how it's being utilized to advance the goals of companies.
Companies Everywhere Are Using Big Data
One of the primary rules of business is that, in order to succeed, you need to be leveraging some of the same advantages your competitors are. It's estimated that about 95 percent of all businesses globally are using big data to fuel insights, and that remaining 5 percent is rapidly falling behind. Companies are investing in software applications to manage and analyze data, improve insights, enhance social media correspondences, and provide better services to their customers.
Many Companies Are Struggling with Inaccurate Data
It's no doubt big data can reveal some major insights about a business. However, in order for those insights to be useful, you need to be able to rely on their accuracy. On average, companies in the U.S. estimate that about 32 percent of their data is inaccurate. Inaccurate data can form as a result of duplicate datasets, inaccurately logged datasets, and outdated datasets. To offset the impact of incorrect data, companies need a software tool that can aid in routine data cleansing, so all data is of high quality and relevance.
The Majority of Businesses Use Their Big Data to Fuel Marketing
Big data can provide a range of business insights, assisting in improving workflow, fine-tuning inventory, and enhancing internal communication. However, its most popular use is to aid in marketing. About 87 percent of businesses report relying on big data to fuel predictive analysis, so they can gain the critical insights necessary to target their marketing campaigns and improve lead generation.
In fact, big data can provide some truly remarkable insights into customers. Target, for instance, used their big data to identify which of their frequent customers were pregnant, based on their previous purchases. They used this information to tailor product recommendations and coupons that were relevant to expectant mothers, thus increasing sales.
Leveraging Big Data Effectively Is the Biggest Hurdle
While the majority of businesses are using big data, not all are gaining the results they need. Managing big data contains a variety of tasks, from collecting and organizing that data to transforming it into relevant insights that can drive business growth. To make the best use of data, marketers need to have the right tools at their disposal, tools that will make data analysis more efficient and accurate.
Use Marketing Automation Software to Fuel Big Data Insights
Marketing automation software can solve all of your data management problems, allowing you to get the most from your data. It provides a cloud-based platform to store and manage data easily, while incorporating data cleansing tools to ensure all data is up-to-date and accurate. Most importantly, marketing automation software contains a variety of analysis tools that enable you to turn your jumbled datasets into clear, actionable plans for company growth.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.