In the previous post we talked about how the marketing stack is killing your business due to the large number of solutions in it.
But as a B2B marketer who needs insights, how do you deal with this challenge? The two most common approaches are to:
- Use the built-in analytics available with each solution within the marketing stack
- Try integrating them within a centralized pure play data analytics solution
Well, according to published research, both options have their own set of challenges.
Using built-in analytics for each solution
According to the 2013 Marketing Analytics Benchmark Report by MarketingSherpa, the need for marketing analytics from multiple sources was established beyond a doubt.
But there are significant challenges associated with collecting the analytics needed. Here’s how most organizations rank their top objectives for marketing analytics:
And yet when asked about whether they’re able to leverage the organization’s analytics data to gauge marketing effectiveness:
- 46% said they occasionally gain insight from analytics data
The organizations surveyed stated that the greatest challenge to effective use of marketing analytics has been attributed to lack of resources and time:
- 21% – Lack of resources to execute
- 20% – Time required
- 17% – Lack of understanding in how to proceed or execute
- 15% – Budget constraints
- 13% – Lack of systems integration
- 10% – Lack of appropriate systems
Using a centralized pure play data analytics solution
Another option for marketers is to use a centralized data analytics solution. But according to various studies, this also poses some serious challenges.
Finding insights from data is a challenge
A recent study by Data Intensity and Researchscape International on the current state of data analytics found that despite significant enterprise spending on analytics, obtaining meaningful value from business data is a major obstacle.
Here is a side-by-side comparison on Cost vs. Value for data analytics solutions:
Another study conducted, by MIT Sloan Management Review and the IBM Institute for Business Value, found the following reasons as the primary obstacles to widespread adoption and use of information and analytics in an organization:
- 28% – Lack of skills internally in the line of business
- 24% – Ability to get the data
- 23% – Ownership of the data is unclear or governance is ineffective
- 21% – Concerns with the data
So here are the questions you need to think about:
Do you have to build competencies on arcane things such as data models and integration frameworks so that you can cobble together analytics across different point solutions?
Does a pure play data analytics solution support your need to make rapid business decisions? Or is it time to move to a data analytics as a service solution provider?
If you want to know more about ‘data analytics as a service’, contact us