Big Data is a big problem for some marketing companies, according to a new report. CEOs and lower-level managers don’t see eye-to-eye about its importance—with the report accusing the former of “wearing rose-colored glasses” when it comes to discussing the subject. Such a disconnect, says the report, hinders success and can lead to the deterioration of any competitive advantage the company may have hoped to achieve.
The report, sponsored by analytics and marketing applications company Teradata, states that data-driven companies are more likely to outperform their competitors with regards to profitability. However, just one in four companies offers financial rewards to employees who embrace the use of data.
“The survey is clear that organizations succeed when the data-driven vision and leadership are shared, and the benefits of data initiatives are consistently tracked, promoted, and most importantly, linked to corporate goals and business results,” says Chris Twogood, VP of products and services marketing for Teradata.
In addition, the report stated:
- About half (47%) of CEOs believe that all employees have access to necessary data, while only 27% of other respondents agree.
- Forty-three percent of CEOs think relevant data is captured and made available in real time, compared to 29% of all respondents.
- Fifty-three percent of CEOs think data utilization has made decision-making less hierarchical and further empowers employees, compared to 36% of all respondents.
- Fifty-one percent of CEOs believe data availability has improved employee engagement, satisfaction, and retention, while only 35% of the other respondents agree.
