New survey of biz execs finds companies may be data rich—but insight poor

by | Jul 19, 2019 | Public Relations

Business execs are practically swimming in data, especially in marketing and other comms fields. But is all this data actually providing them with the customer takeaways they’re looking for? New research from predictive analytics software firm Prevedere, in partnership with Microsoft, illustrates a disconnect between the plethora of data a company maintains and the forward-looking, actionable insights desired by executives.

According to the new report, Improving Data Analytics: The Most Valuable First Step towards Digital Transformation, based on responses from over 200 C-Level and VP Level executives, three major themes emerged:

New survey of biz execs finds companies are data rich—but insight poor

Dealing with these challenges is imperative for executives to gain a confident view of their company’s future performance and to begin the journey of Digital Transformation.

“The survey results identified gaps executives are currently facing regarding their data and analytics programs including having the right software, converting data into insights, gathering internal and external data, and access to global data,” said Rich Wagner, CEO of Prevedere, in a news release. “Our software not only collects and curates nearly 3 million global data series but also quickly identifies leading indicators specific to a company and fuels insights to drive business decisions.”

New survey of biz execs finds companies are data rich—but insight poor

Key findings:

  • Executives are tactical and reactive 60 percent of their time each day, which may be the result of not having the right strategic insights.
  • Over 64 percent of respondents say having the right data integrated within their planning process would improve their financial forecast, with 36.8 percent of those surveyed saying it would “greatly” improve results. Unfortunately, more than 2/3 of companies surveyed incorporate external data less than 50 percent of the time during forecast and planning activities.
  • When asked in terms of data that hinders executives’ business planning process, nearly 46 percent say having the right software to collect and synthesize data.

New survey of biz execs finds companies are data rich—but insight poor

“As executives strive to move towards a data-driven culture and truly transform their organizations, the initial phase should be to empower teams to turn data into predictive analytics using technology such as machine learning,” said ShiSh Shridhar, worldwide director of retail business strategy at Microsoft, in the release. “Together, Prevedere and Microsoft offer executives a clear, concise, and ROI-driven ‘first step’ on the Digital Transformation Roadmap.”

Download the full report here.

New survey of biz execs finds companies are data rich—but insight poor

Daily PR Updates

Essential PR industry news, opinion, and analysis delivered to your inbox daily.

Richard Carufel
Richard Carufel is editor of Bulldog Reporter and the Daily ’Dog, one of the web’s leading sources of PR and marketing communications news and opinions. He has been reporting on the PR and communications industry for over 12 years, and has interviewed hundreds of journalists and PR industry leaders. Reach him at richardc@bulldogreporter.com; @BulldogReporter

RECENT ARTICLES

The benefits of long-term relationships in influencer marketing

The benefits of long-term relationships in influencer marketing

Influencer marketing has been an important part of most brands’ advertising efforts for some time now, from small niche brands to well-known, long-standing ones. While marketing with influencers can take many different forms, such efforts fall into two general...

What do white men really think about workplace inclusion?

What do white men really think about workplace inclusion?

With social movements such as #BlackLivesMatter and #MeToo shedding light on systemic injustices in society and at work, it might be easy to assume that the men who most benefit from existing systems (white men, predominantly) would stand in opposition to change. But...