Brands lack trust in enterprise data

New Ideas in MarketingEssential news for marketers, summarised by YouGov
May 19, 2021, 2:23 PM GMT+0

A recent Syniti and HFS study found that enterprise data was trusted by only 5% of C-level executives.

Though investments around data are expected to increase with the increasing awareness of data importance, companies need to take action urgently to deliver the quality data necessary for achieving business viability. Only 5% of brand execs have “a high degree of confidence” in their own data.

Despite being aware of its importance, a “vast majority” of C-level business executives reported underwhelming data management practices. Due to a lack of an effective data management strategy, companies are significantly “under-utilising their data resources”, as reported by nearly half of respondents.

About 39% of participants reported having “world-class” maturity in mastering data management. Currently only 23% respondents have implemented a data management strategy globally at scale. Around 14% of those polled are in the pilot stage.

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