With the amount of data being generated around the world continuing to grow at an astounding rate, many companies will find themselves devoting more and more of their data centres to the storage and processing of this information. Greater penetration of the internet, alongside increasing use of social media may be among the key reasons why the amount of data in use is skyrocketing. As a result of this, firms will find there are huge opportunities for them to get valuable insights into their customers.
But surprisingly, many businesses might not be recognising the great potential this can offer to them, as much of the information that is available is going unexploited.
A recent study by Robert Half Technology found less than a quarter of companies collect data such as email addresses, user demographics and buying habits from their customers.
And even among the companies that do collect these details, a large number aren't making the most of them, which means all this valuable data could be just sitting on your databases, doing nothing and costing you storage space.
Connect better with users
By having the tools and expertise in place to extract useful analytics from your customer data, you can greatly improve how you interact with your customers. Senior executive director at Robert Half John Reed explained: "This type of information gives firms an opportunity to create more personalised online experiences for customers, develop highly targeted marketing campaigns and optimise business practices."
Lack of expertise
Key reasons suggested as to why firms may not be making the most of the data they collect include not having the IT systems and resources in place to handle large volumes of information, or a lack of a budget to pay for tools and personnel with the right expertise.
Of the chief information officers who answered yes when asked if their company collected customer data, 53% admitted their department does not have sufficient or adequately-trained staff to generate strategic reports and other actionable business data from the information.
Therefore, if you want to get ahead of your rivals, investing in this area could be a great way to improve your processes and develop a more personal, customer-friendly enterprise.
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