Yesterday, the Marketing Manager blog wrote about data-confident marketers and how they were three times more likely to see revenue growth, with those who’ve seen significant growth in the last year also three times more likely to launch campaigns in under 15 days.
A separate study — entitled The State of Data Confidence, from Collibra — shows what can happen when the confidence isn’t there, specifically for the roughly two of every five who lack data confidence “largely because they can’t trust what they can’t see.”
“Data lives in too many places — and worse, by too many rules,” the report says. “Different systems. Different definitions. Different owners. This creates redundant work, misaligned insights and missed opportunities.”
41% said the top challenge in accessing interdepartmental data are issues around data quality and how that impacts trustworthiness. 37% said data silos, 32% said inconsistent standards, and 32% said limited data visibility.
(Source: Collibra)
“When teams can’t find the data they need — or don’t even know it exists — progress stalls and blind spots are created.”
Collibra outlined five common strategies among those effectively “tackling silos:”
- “Establish shared definitions and metadata standards across departments” for better understanding
- “Implement federated stewardship models that give teams ownership of their data domains”
- “Automate data discovery and access controls to reduce manual effort”
- “Govern data in place with system-agnostic frameworks”
- “Track lineage and usage across systems to build trust, support compliance and improve context for decision-making”
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