It’s a sign of the digital marketing times that CMOs now spend more on technology than any other corporate officer outside the CIO’s office. And the biggest driver of that tech spending is big data, which accounts for 37 percent of the marketing technology budget, according to member-based advisory group CEB.
“The CIO brings the expertise in determining the quality of the data, as well as the process of acquiring and analyzing it; the CMO brings the expertise of how the data can be utilized to drive business decisions. The CIO brings the knowledge of what’s possible—or could soon be possible—through technology, while the CMO pushes IT further by asking the right questions, giving them the right ideas, and pushing them to find a way,” said Anne Park Hopkins, senior client partner in Korn Ferry’s CIO Practice. “This responsibility to leverage data to drive the business strategy and business decisions, however, is shared.”
Today’s enterprise is swimming in data that could enable marketing transformation, but transforming that data into knowledge has proved difficult.
“CMOs and marketing organizations need to hone their focus on both the business questions they need answered and the decisions they want to inform with analytics,”