A survey of C-level business executives in the United States and Europe found that 62 percent don’t have a strategy for effectively using the customer-originated data flowing through their networks. The survey, conducted by Coleman Parkes Research for Opus Research and sponsored by Empirix, was based on conversations with 200 executives.
As businesses migrate to multichannel, multimodal strategies for communicating with customers, using Web, phone and social media channels, these efforts place unprecedented strains on a network’s infrastructure. They also generate huge streams of data that contain valuable insight into customer activity and preferences. But only 38 percent of respondents believe they are in a position to make the most of the data generated by customers and prospects with their current systems.
“Use of mobile devices and social media is creating voluminous amounts of personal data which executives regard as an underutilized asset, especially when it comes to real-time interaction and e-commerce,” said Dan Miller, senior analyst, Opus Research, in a press release. “The wealth of customer-originated information can help companies achieve stronger customer loyalty and better market position; however, our research shows that most C-level executives lack confidence in their companies making the most of the data. They are familiar with social CRM and ‘Big Data,’ yet many are only beginning to craft a strategy for staffing and investing in IT infrastructure to closely link personal information, network data and metadata to offer better customer service, support loyalty programs or influence product development and refinement.”
Additional findings from the survey include:
• The need for more mobile strategies – Approximately 60 percent of executives stated they did not have a strategy in place to manage network data from mobile users. Only 17 percent of executives who have a strategy in place to leverage the data thought it to be effective.
• Thirty-nine percent of respondents stated they rarely use data since they lack the support to efficiently sift through it to make it more meaningful.
• Europe and U.S. differences – Less than 50 percent of executives in Europe believe their IT departments can handle the surge of data, while two-thirds of U.S. executives are confident their IT departments are prepared. And U.S. executives are more apt to use information to influence company activities, including creating efficiencies or designing new products.
A white paper on the study is available here (registration required).