It’s estimated that nearly 2.5 quintillion bytes of data are created every single day. With all of this data being generated we’ve seen a monumental shift in not only the way marketers are retrieving this information, but also how much of it it they’re collecting and analyzing. Juggernauts like Facebook, Apple and Google continue to expand their tracking capabilities, allowing organizations large and small to take advantage of the explosion of newly formed marketing channels and interconnected devices. Most executives hope their “data first” mentality will help them increase sales, optimize promotional material, or even improve customer satisfaction. Here in lies the problem.
Digital marketers have become obsessed with data collection, but many have no idea how to turn their data into actual marketing intelligence. In fact, a recent study by Oxford Economics and Verizon found that only 8 percent of businesses were utilizing more than 25 percent of the IoT information at their disposal. This is a very surprising statistic when you evaluate the resources, infrastructure, and expertise necessary for organizations to collect and store all of that information.
To compound this problem further, a recent study by Harvard Business Review revealed that 18percent of organizations connect to over 15 data sources, and 9 percent have no idea how many sources they’re currently pulling data from.