Think About a Data Management Strategy
In a 2015 Econsultancy report, 196 respondents said they could not get the full value from all their data sources. Additionally, only 7% said they could turn their data into useful information and act on it. Thinking about a data management strategy should be top-of-mind before diving into the available technology.
One Gartner study suggests that less than 15% of companies have a data management strategy. Another study predicts that 60% of big data projects will fail to go beyond piloting and experimentation and will be abandoned through 2017.
Using data effectively may be more complicated than marketers think.
eMarketer reports that large companies and small companies (those with 500 employees or less) face similar challenges. The sheer amount of data that is now available is the biggest challenge among the study respondents. The second and third challenges are disparate data platforms and an inability to get a single view of multiple data sources that are used across the organization.
Technology has enabled organizations to gather data, but it has also divided the stakeholders internally. With so many stakeholders seeking different data, and reading it differently, a data management strategy is important so all stakeholders in the organization have a clear view of the situation.
Rest assured, if you think your company is slow to adapt to big data and the changes it brings, many companies are slow to adapt and need DMP’s and processes to help them along.