NEWS20 July 2022

Data to become more important than business relationships

Data analytics Europe News Trends UK

UK/EUROPE – More than half ( 53%) of business leaders in Europe admit that data will become more important than personal business relationships in the future, while two-thirds believe more accurate ( 66%) and complete ( 65%) data is needed, according to data from Dun & Bradstreet

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The findings are published in Dun & Bradstreet’s Future of Data report, which surveyed 1,700 business decision makers across Europe, and they reveal a concern around data quality and its impact on an organisation.

The results show that the most important business priority for organisations following Covid-19 is customer retention ( 40%).

However, due to a lack of data quality, organisations believe they will be unable to convert new customers ( 27%) or retain current ones ( 25%).

Poor data quality and management is also making it a challenge for organisations to find new customers ( 22%) and maintain accurate data on existing customers ( 20%), according to the research.

The lack of accurate and quality data is having a serious impact on businesses, said Dun & Bradstreet, leading to a fifth ( 19%) of European businesses failing to sign a new contract with a customer and a similar number even losing a customer ( 18%).

To ensure that data quality is improved, the company said that businesses must invest in their data strategy.

On a positive note, almost two-thirds ( 63%) believe their business leadership understands the importance and potential of data, with 60% prepared to democratise data to make it more widely accessible for employees to help with better decision-making and flexibility.

Another solution that organisations are turning to is obtaining external support to help improve their data quality, with respondents suggesting drawing on more third-party data both help current customers ( 62%) and win more business ( 60%).

“Sales and marketing teams are under more pressure than ever,” said Susan McKay, international chief marketing officer at Dun & Bradstreet. “Supply chain issues are exacerbating perennial problems, like having up-to-date information on customers.

“It’s never been more important for businesses to ensure they are equipped with the best quality data to help them identify new customers and retain existing ones. Businesses cannot afford to put a foot wrong with prospects.

“It’s imperative they have access to the right data, expertise and resources to reach prospects in a timely manner with relevant services, and serve customers with solutions fit for purpose.”