My university studies focused strongly on Business Intelligence. After graduating, I worked at several Fortune 500 companies in the area of content management. I could never understand why these huge companies spend so much money on Business Intelligence (think of the Data Warehouses, OLAP tools and executive dashboards etc.), but don´t spend a dime on gaining intelligence on one of the biggest assets in the company – their knowledge inventory.
Fortune 500 companies invest millions of dollars every year to produce up-to-date material for marketing, sales and employee training. Shockingly, less than half of the produced material is used at all:
“[...] IDC research has found that over 40% of all marketing assets are not in use today, with some sales organizations reporting that as much as 90% of the assets created by their marketing peers are never used by sales teams. This includes assets that have been developed for sales, channels, prospects, and current customers. [...]” (IDCs sales enablement framework, 2009)
IDC’s numbers show how big the need for Content Intelligence really is. In the coming weeks, we’ll have a series of posts on this topic to further elaborate on the pain points as well as possible solutions for enterprises. To kick things off, I’ll describe three reasons why Enterprises need Content Intelligence.
1) Excel-based inventory management is error-prone, cumbersome and expensive
The image below (1) shows two real-life examples we found at Fortune 500 clients. Content managers kept enormous Excel spreadsheets in order to monitor the inventory of marketing assets. You can imagine the time they had to spend spend updating these sheets, the likelihood of human error, and the resulting frustration. Excel is without a doubt a very powerful tool, but it was not designed for this task and hence does a very poor job of it. It quickly becomes painfully difficult to maintain these big sets of multi-faceted data (especially for non-experts) or even simply to access it – try to quickly get a certain piece of information out of the spreadsheet below!
(1) Inventory monitoring efforts
