Best-in-Class Companies Improve Return on Marketing Investment (ROMI) Through Use
According to research presented in a new report, “Predictive analytics: The BI Crystal Ball,” Best-in-Class companies have improved visibility of predictive analytic measures to management at a mean average rate of 36% increase in the past 12 months, versus 9% among Industry Average companies, and -1% among Laggards. Additionally, fifty-nine percent (59%) of Best-in-Class companies receive information for predictive analysis within a business day or less from actual business activity, versus 45% of all other respondents combined.
“Increasingly, companies are realizing the value of using data and information to align their current actions with their future objectives,” said David Hatch, Research Director of Aberdeen’s Business Intelligence Practice. “Organizations are under pressure to predict the future more accurately than ever before, both in terms of becoming more proactive within shifting market dynamics, and achieving improved performance through a better understanding of customer behaviors and attitudes, assessment of risk, improvement of process efficiencies, and planning for product development, pricing, and market positioning.”
Aberdeen research found that the top pressure driving companies to evaluate and invest in predictive technologies and capabilities was the need to elevate customer satisfaction and loyalty. Understanding the customer, and applying that knowledge to marketing, sales, and customer service activity is not a new concept, but the technologies available today to perform these tasks within a predictive environment are increasingly effective.
This is evidenced by the current and planned investments that Best-in-Class companies are making, and the performance results they have achieved. The underlying technologies involved are complex and often involve the rapid movement and manipulation of massive amounts of data. Aberdeen’s report cautions end-users to carefully consider options, and realize the ramifications across the architecture and infrastructure of information systems as part of the equation.
Tags: aberdeen research, business activity, business intelligence, combin, crystal ball, customer behaviors, customer satisfaction and loyalty, customer service, david hatch, efficiencies, laggards, mak, market dynamics, market positioning, Marketing, marketing sales, massive amounts, performance results, predictive analysis, predictive technologies, proactive, ramifications, rapid movement, research director, risk improvement