Distribution and marketing executives are starting to use Big Data technologies to better inform their sales initiatives, according to new research published by by the consulting firm kasina
The study, titled Progression from Analytics to Action for Data-Driven Firms
, finds that increasing product commoditization and fragmentation of distribution channels is driving new business analytics and intelligence efforts at the majority of asset managers and insurers.
, kasina's director of e-Business Research told MFWire
that "leading asset managers and insurers are building or expanding business intelligence teams within marketing and sales to provide more timely customer insights and on-demand reports on staff desktops and mobile devices."
"With better customer information, wholesalers and call center staff are able to be proactive in managing meetings and calls. A few firms are using data to identify potential redeemers as well as prospects that are similar in profile to their best clients. They are targeting customer segments with more appropriate and relevant marketing messages and doing a better job with lead qualification and conversion," she added.
According to the study, "nearly half of business data initiatives are led by sales managers and 27% by marketing departments, pressured by competitive realities and the need to justify rising sales and marketing costs. The vast majority of data initiatives are focused on internal goals for informed decision-making and operational efficiency, using analysis of historical trends and descriptive reporting on the current state of the business. "
"As more firms adopt a data-driven approach they will obtain advantages and opportunities similar to companies in other industries with compressed margins and commoditized products, namely increased productivity and enhanced profitability," Binder told MFWire
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