Companies across industries cite the growing importance of data analytics to improve sales and marketing effectiveness and decision-making. But many struggle to piece together siloed data, properly define the business need or design a solution. As a result, they often fail to realize widespread business impact from their efforts, according to a new report conducted by the Economist Intelligence Unit (EIU) and sponsored by global sales and marketing firm ZS.
The study, “Broken links: Why analytics investments have yet to pay off,” found that 70% of respondents described sales and marketing analytics as “very” or “extremely” important to their organization’s competitive advantage. About half (52%) said their organizations invest heavily in analytics. But only 2% think transformations in their sales and marketing analytics capabilities thus far have had a “broad, positive impact” on their company.
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