💡 THIS ARTICLE IS THE SECOND OF A 4-ARTICLE SERIES WRITTEN TO PROVIDE HIGH-QUALITY AND ACTIONABLE INSIGHTS FOR SALES & MARKETING PROFESSIONALS.
As marketing automation continues to evolve, data management can easily become a headache.
This article reveals insights into industry challenges for 2024.
We know what you’re thinking…
“Where do these insights come from?”
Since Incloud’s mission is to help its clients better leverage their technology stack, we have decided to mandate a market research firm to conduct a survey among sales and marketing leaders across Canada to provide deeper knowledge on how to better leverage marketing technologies to generate higher revenues.
- 12% are enterprise-level organizations with over 1,000 employees.
- 44% are small to medium-sized enterprises with 101 to 1,000 employees.
- 44% are small entrepreneurs with fewer than 100 employees.
If we look at the breakdown of the industries represented in this survey, it reflects the Canadian sector where distribution, manufacturing, IT, financial services and retail are the main industries and then various service-oriented industries are represented.
On October 3rd 2023, 3 marketing leaders from different industries commented on these research findings during an Incloud panel discussion event:
- Pierre-Francois Lyonnais
Director of Ecommerce & Digital Strategy at Mondou
- Martin Aubut
CMO at nesto
- Marie Josée Laramée
Associate Vice President, Sales Support and Digital Strategy at National Bank Investments
And now, we’re going to share this event’s insights in a nutshell:
As marketing technologies continue to evolve, new challenges and innovative solutions are emerging in the landscape. In this second article, we cover three survey results and provide panelists insights as well as our own take on these topics.
1. Is Siloed Data Going to be a Challenge?
- Yes: 57.1%
- No: 37.1%
- Not Sure: 5.7%
The Challenge: Over 57% of respondents believe that dealing with siloed data is an imminent challenge. Siloed data refers to information confined within specific departments or systems, hindering efficient data access and sharing across the organization.
The Solution: To address this challenge, companies must prioritize data integration and sharing. Breaking down these silos to establish data transparency and accessibility is essential. This challenge is particularly significant for large enterprises, and it’s crucial to plan for scalable solutions to avoid data silos as the organization grows.
Example: Imagine a global corporation with various departments storing customer data in isolated databases. By implementing a unified data integration system, they achieved a holistic view of customer behaviors, leading to improved customer service and personalized marketing strategies.
2. Will Data Accuracy be a Challenge?
- Yes: 68.6%
- No: 28.6%
- Not Sure: 2.9%
The Challenge: An overwhelming 68.6% of respondents express concerns about data accuracy. Ensuring high-quality, error-free data is not only a challenge but also a top priority. Data accuracy issues can undermine the decision-making process.
Solution: Achieving data accuracy involves more than data cleansing; it requires attention to data interpretation. Businesses should focus on understanding the context and meaning behind the data they collect. While accuracy is vital, the right interpretation is equally important.
Develop standardized procedures for data validation, including automated checks and data quality tools to identify and rectify inaccuracies.
Ensure all team members share a common understanding of data definitions and terms. Establish a data glossary to reduce misinterpretations.
Example: Think of an e-commerce company that relies on customer behavior data to make product recommendations. By ensuring the accuracy of the data and correctly interpreting it, they significantly enhance customer satisfaction and drive sales.
3. Will Migrating Data From Different Sources be a Challenge?
- Yes: 65.7%
- No: 31.4%
- Not Sure: 2.9%
The Challenge: Over 65% of respondents face difficulties when migrating data from a variety of sources. Data migration challenges often arise when trying to consolidate and integrate data from diverse origins.
The Solution: Organizations should develop a comprehensive plan for data integration. This plan may include the adoption of a robust data integration architecture and best practices for smooth data transfer. A proactive approach to data migration will ensure a seamless process.
Example: Consider a growing technology startup that accumulates data from different departments like sales, marketing, and product development. By planning data integration in advance and implementing an effective strategy, they ensure a seamless and accurate flow of information, leading to better decision-making and overall efficiency.
- Develop a unified plan on how to interpret data to enhance its value.
- Plan in advance to avoid data silos as the organization grows, ensuring data remains accessible and transparent.
As the marketing landscape evolves in 2024, data management challenges will persist. However, with the right strategies, businesses can overcome these hurdles and unlock new opportunities.
By addressing challenges related to siloed data, data accuracy, and data migration, organizations can harness the full potential of their data, enabling more informed decisions and efficient operations.
Key Takeaways 🔑
- Data Integration is Paramount: The presence of siloed data is a significant concern for over 57% of businesses. It’s essential to prioritize data integration to achieve transparency and accessibility throughout the organization. Scalable solutions should be in place to prevent data silos as a company grows.
- Data Accuracy is Not Just About Cleansing: While 68.6% of respondents worry about data accuracy, it’s crucial to emphasize that accuracy alone isn’t the solution. Understanding the context and meaning behind data is equally vital. Focus on correct data interpretation to drive better decision-making.
- Plan for Data Migration: Over 65% face challenges when migrating data from various sources. Planning ahead and adopting a proactive approach to data integration is crucial. A robust data integration architecture and best practices can ensure a smooth flow of information.
- Expert Insights: To enhance the value of data, develop a unified plan on how to interpret it. Additionally, plan in advance to avoid data silos as your organization grows, ensuring that data remains accessible and transparent.
In conclusion, addressing data management challenges in 2024 is essential for businesses to unlock the full potential of their data. By integrating data, emphasizing accuracy, planning for migration, and following expert insights, organizations can make more informed decisions and operate efficiently in an evolving marketing landscape.