According to a research released by Royal Mail, an estimated 90 per cent of companies fail to exploit data they already hold on their customers!
It was really disturbing to me as I went thro' some highlights of the report as to how companies value data. In my opinion, in the coming decade, data is going to be every enterprise's only competitive advantage and companies can't take this data casually given the value it can derive, as this research shows.
Take a look at the topline findings:
- Only 15 per cent of companies declare their data as an intangible asset on their balance sheets.
- Data is proven to be a fundamental asset. A firm understanding of a customer database can significantly bolster the bottom line and add value to the company itself, potentially adding millions to a sale price.
- Huw Davis Partnership founder Huw Davis says that clients have increasingly been asking him to value databases over the last few years, and he would recommend more businesses to do so.
- Most companies are getting less than half of the potential value from their customer
By addressing the data problem, enterprises could potentially increase their value by up to 30 per cent. It is imperative that enterprises look at ways and means to design a customer data strategy road map and extract value from it.