DataFlux, a provider of data management solutions, released results from a new survey highlighting that fewer than 20 percent of businesses have successfully leveraged their data to obtain a single view of their customers. The research is a result of 551 survey respondents (40 percent of whom are C-level executives).
Key Findings
While organizations understand the business value of obtaining a single view of their customers, few companies have actually achieved this feat. According to the survey respondents, only 17 percent have achieved a single view of their customer base. However, almost half (48 percent) are either in the process of – or have plans to – implement a system to deliver a single view of the customer in the next 18 months.
The survey also highlighted a gap in the implementation of data management initiatives. While there has been significant adoption of data quality (59 percent) and data integration (55 percent) projects over the past 18 months, master data management (MDM) initiatives lag behind at 31 percent.
As the value of data becomes more widely understood, an increasing number of businesses are moving toward implementing comprehensive data management strategies. Large businesses (greater than 10,000 employees) are leading the way with more than 65 percent stating they already have a well-defined data management strategy in place. The number falls to 49 percent when taking all respondents’ answers into account. Only nine percent have yet to formalize a strategy.
Despite a majority of respondents indicating that they currently have, or will be implementing, comprehensive data management strategies, executive ownership remains elusive. When asked to identify all the organizations that are accountable for managing and resolving data management problems, respondents stated:
o IT – 80 percent
o Operations – 33 percent
o Finance – 20 percent
o Executive management – 17 percent
More information on Customer Relationship Management can be found at www.CRMindustry.com
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