There’s been a lot of hype around big data; what it could mean for businesses. However, one must consider that big data only provides insights, which need to be used to implement changes in order to drive profit. Big data solutions are not cheap, and your company needs to make a return on such investments.
Big data is Expensive.
Marketing teams can unlock ROI.
This is why the relationship between the CIO and the CMO is becoming increasingly important. These two are in charge of making sure that these investments turn into growth and profit for the business.
“Companies that are more data driven are
5 percent more productive and 6 percent
more profitable than other companies”
– Harvard Business Review
The CIO and CMO relationship is one in which we hope that opposites will attract. CIO often has access to IT infrastructure, customer data, and have the technical understanding to be able to access and analyze the data, whereas CMO has a the creative mindset and budget to be able to implement solutions that drive consumer engagement.
However, this relationship can also be a difficult one, as opposites may bump heads. The way to approach business, and the mindset of these two groups is often slightly different. Marketers often have a demand for speed, while IT solution shifts can often be difficult and timely to implement. Marketers may think creatively, while IT needs to be able to provide solutions to help make plans a reality.
Marketing solutions sound nice in theory- but only if you can implement given your infrastructure!
There is often also tension between marketing and IT as there are an increasing amount of digital marketing or cloud marketing solutions available, however not all of them can fit within the company infrastructure! There is a risk of time + money being lost if solution propositions are not properly reviewed by IT as well!
Overall, Big Data is providing tons of potential to unlock new revenue and to have a stronger understanding of your customers. A lot of this insights are useful for marketers, however, the CIO/CMO (IT/Marketing) relationship needs to consist of a happy marriage in order to be able to obtain RIO unlock the full potential of your company!