It’s here. Big data has arrived. You’ve likely seen articles popping up in industry press on the subject, ranging from “What is big data,” “Why you need big data,” and so on. It’s a natural extension of the Information Age in which we live.
The advancement of technology has made data collection easier, but many marketers still have a tough time deciphering all of it. A recent eMarketer article revealed that 6 out of 10 executives felt that their organization was not prepared to handle all of data available. Even more telling, 9 out of 10 of those executives believe that the failure to capitalize on the available data leads to lost revenue. This means their lack of understanding impacts the bottom line.
According to the article, “The largest group of those polled, 43%, thought the most needed refinement lay in the ability to turn information into actionable insight.”
An essential element for making your data actionable is a robust data management platform. The right data management system allows you to pull data from multiple sources into a single unified platform. Its dashboard environment gives you a complete view fo what’s going on across the board – making sense of what otherwise could be overwhelming. This eliminates the need to try piecemeal solutions and slap data sources together (which poses risks of misinformation or key pieces getting lost). Plus, it saves a ton of time otherwise wasted on fixes and attempting to locate missing data.
Just last week, Harvard Business Review featured an article with similar findings to those of eMarketer. Entitled “Marketers Flunk the Big Data Test,” it reveals that in a survey of nearly 800 marketers based at Fortune 1000 companies, the majority rely on their gut instead of their data. Aside from their lack of statistical know-how, these marketers tend to chase “noise” and follow data distractions instead of meaningful metrics.
In the coming weeks, we’ll share what those meaningful metrics may be. Until then, if you’re looking for more information of how a data management platform (DMP), take a look at this post.