Brands Urged To Treat Data With Respect
A report commissioned by Royal Mail has found that a staggering 90% of the companies in the UK are not making the best use of customer data at their disposal and in the process they are collectively losing out on millions of pounds in sales. A little more effort on part of the companies in understanding the customer data at their disposal could lead to a 30% increase in value.
According to Colin Bradshaw, head of data strategy at Royal Mail, hardly 15% of the companies that they investigated considered their data to be a valuable intangible asset. But not everyone is in favor of assigning a value to data; the question raised by some people is that how does one assign a value to something as intangible as data. Yet all agree that data needs to be managed better if it is to be of more use as information. Most companies err in using overly simple statistical methods to understand data and they do not use data for running most of their applications.