Companies are adopting more solutions to gain a 360-degree view of each customer.

While 88% of companies believe their investments help their organization understand customer needs, only 61% of consumers agree — a gap that is costing retailers $62 billion a year, according to research from Talend. The provider of cloud and big data integration software surveyed 361 IT leaders and 1,094 consumers in the United States, the U.K., France, and Germany.

Despite a wealth of data available about customer behavior and purchasing choices, companies have a long way to go in terms of effectively using this data to better meet consumer expectations. The good news is 63% of IT respondents indicated that using data to better understand customers is a top business priority for 2017. And 80% of companies rank this initiative at an eight or above on a 10-point scale.

Today’s IT organizations also recognize the importance of putting customer data in the hands of more employees, with 80% of surveyed companies indicating they’re making customer data accessible across multiple business units.

This is a…