The importance of data in B2B
Ever more companies are encouraged to adopt a data-driven approach in their decision making process, data being considered the lifeblood of business activities. Nevertheless, companies tend to stagger when it comes to taking the data plunge. What is really holding them back?
Difficulties to identify possible benefits of data
A recent study in the Journal of Business to Business Marketing states that “the main challenge for organisations and researchers is to identify how development of big data and its analysis are transformed into applications and actions that benefit customers and companies” . Thus, it appears that the expected familiarity between data and B2B is in reality not that obvious. Employes are not always prepared to handle the large amount of information at their disposal. They find themselves overwhelmed by the quantity of data available to them, or even struggle to collect the right information in the first place or lack tools to process data and integrate it to their strategies.
Lack of expertise when faced with the complexity of data
Actually, it is not surprising that companies find themselves lost in the midst of information as big data is by definition overwhelming. Four terms can be used to define its unique characteristics: high-volume, high-velocity, high-variety and high-veracity. An organisation that is not used to processing a wide variety of information in big quantity will have a hard time producing accurate and up-to-date reports by itself. When companies take the data plunge without being prepared, the decision often turns out to be a flop. As a matter of fact, collection and processing of data is a full-fledge activity that requires high technical expertise, time and dedicated staff. Getting involved in data with no experience can actually be quite harmful for business: 72% of companies collect data that they do not use due to lack of expertise. Therefore, the very same data that is supposed to increase return on investment turns out to be an unnecessary expense. Indeed, time, money and human resources deployed to collect that unused data is wasted.
Truth be told, the challenge is not whether to take the plunge or not. Data is everywhere; we all took the plunge whether we wanted it or not. The challenge is not to drown in the ocean of big data. The real difficulty lies in companies’ ability to put things in perspective and promote growth based on data that has real value for them. Today, a business that wants to improve its conversion rate cannot afford to lose money by trying to process data on its own. It is necessary to delegate this task to professionals that will have the capacity to deliver actionable data that will create value for the business.
Unlock value !
For a few years now, Inoopa has dedicated itself to collection and processing of data in B2B and has developed a range of products to meet clients needs. Companies and organisations resort to Inoopa for requests regarding data enrichment and lead generation, among others. Tools like barometers and keyword search were developed with the purpose to help them easily integrate data in their strategies, better manage the volume, velocity, variety and veracity of information while adding value to it.
Inoopa encourages companies to have a data-driven approach. The key is to get hold of the right information in order to experience full the full potential of the various actions and applications that data can have for B2B.
If you have challenges to tackle, do not hesitate to contact us, we will help you take a straightforward, useful data plunge.
Have a nice day !
Written by Maria Mayala