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The future of marketing: Why CMOs should invest in data intelligence – Marketing magazine Australia

Over the past two years, there’s been an acceleration of the digital landscape in large part due to COVID-19. As a result, digital transformation has become front of mind for many businesses.

On a business on the transformation journey? Then it’s important to understand that the key to success is linking commercial impact to data.

This process includes connecting data across systems to generate a better user experience and then integrating that data to enable the business to measure and analyse effectiveness at scale. Done correctly, it provides visibility and allows data driven decision making at a velocity that generates business growth but also competitive advantages.  

In this process many organisations explore technologies like AI/ML and robotics. However, buying AI/ ML capable martech platforms alone won’t cut it. Too often, very capable technologies are added to the existing mix of tools without business context. And, most importantly, without adopting the human element of shifting goals, skills, procedures, and processes.  

If businesses want their marketing function to drive measurable business impacts in the future, then CMOs or CDOs and business functions must operate with a hybrid mix of marketing, technology and most importantly, data analysts. For businesses with a strong vision of being a customer centric-led organisation, cross functional and hybrid teams will be critical. They should be able to operate with speed and certainty in a competitive environment. 

Determining readiness for future technologies like AI/ML and robotics. 

Businesses often feel that if they don’t adopt digital technologies like AI/ML and robotics, they will miss out on the benefits and end up behind the competition. The reality, however, is that without proper preparation and knowledge of these technologies, businesses are unlikely to see any benefit at all. 

The success of these technologies depends largely on the amount of customer data that a company has access to. In order for these technologies to have long-term benefit, businesses need to first collect massive amounts of data across multiple – if not all – channels, including data that explains behavioural impacts and changes, customer social profiling and decision-making.  

Therefore, the first step for most businesses is looking at how they collect and store data, before they even think about entering the AI/ML and capital robotics space, and this is where customer relationship management (CRM) tools come in.  

To get the best possible view of the customer, data sources need to be collated and linked to one single profile, through a …….

Source: https://www.marketingmag.com.au/hubs-c/the-future-of-marketing-why-cmos-should-invest-in-data-intelligence/