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Businesses not utilising the full potential of their data

(Image credit: Image source: Shutterstock/alexskopje)

Businesses know data is crucial when making decisions, but where do you draw your data from? According to new research from Calabrio, businesses are too fixated on a single data point, essentially missing the bigger picture.

These findings are published in a whitepaper entitled Business Transformation and Analytics: Driving Change in a Customer-Centric World, and are based on a poll of more than 1,000 c-level business execs in the UK and the US.

The report says 39 per cent of respondents “rely too heavily on one data point”. Moreover, 68 per cent admit avoiding a major change initiative unless they absolutely must.

But change is a must – 60 per cent of respondents made a ‘significant’ sales or marketing change in the last year and a half. But when they make those changes, they’re making them off of a limited set of data points – usually those that are the easiest to derive. Those would be revenue figures and social media, while at the same time, ignoring “sources that deliver the voice of the customer”.

“While businesses are busy collecting information from more sources than ever before, many executives continue to question the validity of the data. With this level of distrust, the result is the underutilisation of data and analytics, a narrow view of what’s actually happening in the business and, ultimately, unsuccessful changes made within the business, said Kris McKenzie, EMEA general manager at Calabrio.

“Instead, companies need to take a step back and understand the contact centre captures the true voice of the customer and should be used as the main source of customer driven insights that drive any business change.”

Image source: Shutterstock/alexskopje