• by Ray Schultz , July 20, 2023

Most businesses agree that data and predictive analytics are integral to improving the customer experience, with 87% that say this is the case. But only 26% are using analytics to drive product and service innovation, according to Customer Intelligence - How well do you understand your customers?, a study by Acxiom. 

Perhaps more alarmingly, only 9% use identity resolution to unite data signals in a single customer view.

Moreover, on the operations & support front, 22% have real-time collaborative data platforms that can be accessed by all times. And only 23% are now using AI or ML within their advanced analytics capabilities. 

As to the reason, it may be because only 7% say customer insight is being championed by the CEO or president.  

Of the companies polled, 10% are in the exploring stage, while 48% are developing, 38% are maturing and 4% are differentiating. 

Specifically, 44% describe themselves as 44% when it comes to data health, while 38% classify themselves as developing, 9% as exploring and 9% as differentiating (the highest level).  

In contrast, 34% say they are maturing in operations and support, while 28% say they are developing, 22% are exploring and 16% are differentiating. 

Analytics and enablement are similar — 25% define themselves as maturing, while 40% say they are developing, 25% exploring and 10% differentiating.  

In strategy and mindset, 30% say they are maturing, while 52% say they are developing, 10% are exploring and 8% are differentiating. 

Acxiom partnered with research and strategy agency MTM to survey 200 business decision-makers from brands across the U.S. and the U.K.