Businesses Believe Data Will Become More Important than Business Relationships

For the past few years, owing to well-documented disruption, businesses have been forced to embrace data, digitisation and new ways of working more than ever before. Dun & Bradstreet’s Future of Data Report reveals that more than half (53%) of business leaders believe data will become more important than personal business relationships.

It’s a bold claim, but one that is grounded in data itself. And nowhere is this more apparent than in sales and marketing. Two-thirds of the 1,700 respondents believe more accurate and complete data is needed to convert sales opportunities.

However, while business decision makers acknowledge the importance of data, many are still struggling with a dearth of data quality. Lack of inaccurate information about customers and suppliers is cited as a reason for failing to sign new customer contracts by nearly one fifth of European businesses surveyed.

Sales and marketing teams are under more pressure than ever to retain customers and identify new ones so it’s vital to ensure they are equipped with the right data.

Read on to discover how investing in data strategy and expertise can help you.

Investing in a data strategy and expertise 

Improving data quality isn’t something that just happens – it’s a process that requires investment in a data strategy.

According to The Future of Data report more than 60% of respondents believe their business leaders understand the value and potential of data. However, that still leaves more than a third of respondents whose leadership isn’t yet embracing a data-driven mindset.

Things become yet more complex when we consider how data quality is just one piece of the puzzle. Because you could have the best data in the world at your disposal, but you can’t derive benefit from it if you can’t access it. Far too many leaders aren’t yet granting their employees access to essential information in a timely manner, which can be the difference between reaching a customer before the competition.

The power of partnerships and data management

On the journey to obtaining data and then maximising its value, expertise is key. But not everyone is an expert. Partnerships can be a powerful means to unlock valuable insights. More than 60% of our respondents believe that more third-party data could help then support current customers better, as well as winning more business.

In the wake of the many challenges facing sales and marketing teams, effective data management can be a key differentiator against the competition. Business decision makers agree that access to more data can support revenue generation, and that effective data management can be a competitive advantage.

Dun & Bradstreet’s data can be the difference

For all the talk about big data, business leaders are still struggling to implement best practices in data management. And nowhere is this felt more acutely than in sales and marketing; this has only been amplified by the ongoing economic uncertainty that will almost certainly continue into next year.

Data can be the key to help organisations navigate potential downturns and seize opportunities, But doing so requires access to the right data.

What will determine successful businesses and leaders in the years ahead is a willingness to listen, learn and collaborate – even in the face of complexity. Only then can you leverage the power of data to unlock insights, empower your employees, and ultimately grow your business.

Get in touch to learn more about elevating your data strategy and management.