Research shows 76% of CMOs may have missed out on opportunities because data has not been managed effectively in-house, with poor data costing an estimated £1 million to businesses.
The SBDS survey of 100 UK brand-side CMOs reveals that almost half don’t have in-house talent with the skills to manage data, despite 77% of them saying they are primarily responsible for how customer data is collected, stored and used.
Data management is a key focus for CMOs with 78% adopting technologies such as data management platforms. Despite high adoption, 32% say they have a more negative view of the technology since using them, due to a lack of value generated, lack of understanding, and lack of skills to make the most of them.
CMOs are thinking of ways to tackle the skills gap with just under a third (30%) planning to ask for advice on how to get more out of their customer data, and 28% intending to work with specialist data partners.
Simon Theakston, co-founder, SBDS, said: “The findings paint a picture of CMOs struggling to see a return on the important tech investments they’ve made. Data management tools are sophisticated in their own right, but need the expertise to manage them for the best results. The world is currently awash with data and software, yet there is a lack of skilled people to make sense of it all.”
