Global Survey Reveals Companies Struggle to Unify Data Assets
Seven in ten respondents say they would convert more sales if they have key information at time of engagement.
Note: TDWI’s editors carefully choose press releases related to the data and analytics industry. We have edited and/or condensed this release to highlight key information but make no claims as to its accuracy.
Hazelcast, Inc., a provider of real-time intelligent applications platforms, today released a global study revealing that 8 in 10 (79 percent) retail and financial services companies struggle to harness real-time data and combine it with historical data to glean better insights for engaging customers, increasing revenue, and boosting conversion rates.
The survey also found that respondents expect drawing on customer details at the point of engagement to boost conversion rates by nearly 45 percent, which necessitates combining real-time with historical data.
“This study reveals both the challenges and the opportunities related to making the transition to a real-time business,” said Kelly Herrell, CEO of Hazelcast. “Success requires the ability to combine the explosion of real-time data with the business context stored in databases in a way that enables instantaneous actions.”
The survey of 629 business and IT decision makers in the U.S., Europe, and Asia Pacific also shows that senior IT executives are investing in different strategies for processing real-time data and unifying it with historical data to increase consumer engagement and drive sales.
Other survey highlights include:
- Two-thirds (66 percent) of companies have seen a significant or very significant increase in data over the last 12 months from customer applications and interactions.
- Seven in ten (70 percent) organizations said they could transform their ability to close sales and special offers if they were equipped with more relevant customer information at the time of engagement.
- Companies are planning to increase spending on technologies to help capture value from data. Nearly four in five (78 percent) expect to increase investment in in-memory technologies over the next 6 to 12 months with 76 percent planning to focus on stream processing.
- A majority of survey respondents said social media and viral memes (53 percent) are now causing the biggest demand spikes for their organization -- ahead of annual retail events such as Black Friday (50 percent). This shifting landscape drives volatility in consumer demand, making it even more critical that companies can more readily access all data at any time.
Of the 629 respondents, 105 each were from the U.K. and Germany, 202 were in the U.S., and 217 were from the APAC region. The survey was conducted by Sapio Research. Access the additional results from survey report and findings here.