Considering the strategic value of your business information, where is the hierarchy among your key assets? Who handles what, and how is it sewn up?
While businesses rely on the IT department, specifically the CIO and CTO, for technological matters, the CFO should be involved in key decisions related to developing an Information Management (IM) Strategy. While CMOs handle everything from branding to communication, if the marketing team needs technical assistance, they must seek assistance from the CIO, who will obtain the necessary software and ensure that it is fully compatible with the Company's existing infrastructure.
From the early 1980s to the early 1990s, office politics revolved around enterprise technology and were simple. Although practices and methods for any strategic information system are frequently considered the responsibility of the CIO, they have evolved to the point where they should be evaluated and implemented with the guidance of the CFO. This is despite the fact that the Sarbanes Oxley Act of 2002 requires publicly traded companies to include the CFO in this activity.
It's fine if your company, like most, uses information technology for any technological purpose. However, from a fiduciary standpoint, the CFO must be involved in key decisions where he or she must drive a key role in developing an information management strategy.
How Things have Changed in these Digital Practices are Now Shaping Up
Marketing is now transformed into a technology-driven sector at nearly every touchpoint of the consumer journey, and as a result, in terms of CMO vs. CFO vs. CTO. CMO's think more strategically and are now spending more on IT, but their budgets are larger and growing faster than IT budgets.
With Marketing, Technology, and Information becoming more intertwined, traditional roles and responsibilities have become increasingly blurred around tech-led marketing initiatives such as content marketing strategy. Newer positions, such as CIO/CTO, are being added to the mix.
As demonstrated by Infotechlead, the CMOS in the US will spend over $122Bn on investments in marketing technology (Martech) and services by 2022 from $90Bn today. The growth of marketing technology will Out-space that of technology services as marketers emphasize building customer experiences, automating more processes, investing in innovation, and supporting more forms of mobile engagement.
The Rise of Martech
A growing no. of suppliers with constantly sophisticated services is predicted to welcome the marketing sector, which improves all areas of CRM-CMS marketing. (If you are already using CMS, consider Drupal). CMS, despite being traditionally led by the CIO, has made its way under the CMO's watch because it has become so simple to use and implement.
Martech spend rises to nearly one-third of budgets as marketers look to test, embed, and scale technology across the enterprise. According to Gartner’s CMO Spend Survey 2018-19, marketing technology now accounts for a whopping 29% of total marketing expense budgets.
Rethink the Role of CMO to CMO Collaborators
- The shift from Brand to Customer Experience has changed the CMO remit
- The CMO Collaborator must govern experiences across the entire organization
- The CMO Collaborators can lead change and drive world-class experiences
By forming a partnership on marketing tech, decisions such as content marketing strategy, important business decisions receive input from the CMO with their in-depth knowledge of business strategy. The CFO with a focus to determine specifically what information is key to the success of a business. The CIO with their expertise in risk management and security, and the CTO who keeps the company ahead of the competition.