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BizReport : Advertising archives : February 18, 2015

Study: Unintegrated data the biggest challenge for businesses

A new study indicates online brands are losing millions each year because of the quality of their data. Talend's research finds just over $13 million is lost annually by businesses who use poor data/data analysis.

by Kristina Knight

Data integration hub Talend has surveyed companies to find out how data is - and is not - working for them. The takeaway: those who have solid strategy and a high quality data pool are seeing better customer retention, acquisition and revenue.

Talend also culled data from Forrester, Gartner, McKinsey, CapGemini and IDC for the report.

The research also indicates that even though several studies have pointed to properly siloed and analyzes data an important to overall performance only about 20% of those surveyed have actually implemented big data tools and only 13% say executives pushed for data solutions. In most offices it seems the IT staff controls data.

Ashley Stirrup, CMO of Talend said, "I hope some of the stats presented around the success data-driven companies are enjoying, will serve as a wakeup call for marketing organizations yet to fully embrace this next wave of innovation. The simple truth is this - data is fundamentally redefining how business is conducted. Either marketing aligns with IT to gain the 360-degree view of the customer necessary for making every touch point personal or they will lose out to competitors that do it first."

According to the report brands using customer data are finding:

• 23x greater likelihood of customer acquisition
• 6x greater likelihood of customer retention
• 19x greater likelihood of profitability

Image via Shutterstock

Tags: advertising Talend, data analysis, data quality, data trends

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