Data analytics is the top priority for CIOs according to Gartner and the fastest growing budget item on the CMO’s wish list, according to Exact Target.
Yet it didn’t feature as a top three priority for either of these executive groups as little as a year ago.
According to the ExactTarget study, “It makes sense that data and analytics top the list, as marketers noted increasing conversion rates and collecting behaviour-based data as two of their top three 2014 [priorities]. Likewise, the second greatest budget increase is for marketing automation, which will play a key role as marketers act on the data they’ve collected to power 1:1 customer experiences and enhance their brand relationships.”
Anna Russell, director of Sydney based data science outfit Polynomial said the findings make sense, “That data analytics is high on the priority list for both CIO and CMO doesn’t surprise me – these two areas of business are working increasingly closely to drive business performance, and analytics is the connection point that allows marketing and technology to work effectively in tandem.”
To further prove the point, a study of 330 leading US businesses by the MIT Centre for Digital Business revealed that the companies who lead on data driven decision making had four percent higher productivity overall and six percent higher profits.