Guest post by Andrea Fishman, Principal with PwC's Digital Services practice
"CIOs & CMOs Sitting in a Tree, C-O-O-P-E-R-A-T-I-N-G"
Ok, it doesn’t rhyme, but everyone IS suddenly talking about the relationship between CIOs and CMOs. As well they should. Few partnerships will determine the future of corporate success more than this one. The world of the CMO has taken an evolutionary leap forward in the use of analytics and digital tools to engage with customers at each stage of their interaction with the enterprise. But embracing these capabilities means working hand-in-hand with CIOs. There’s plenty of reason to get the relationship right. Companies with healthy executive relationships were 2.4 times more likely to be top performers, and 70% of top-performing companies say that they have a strong CIO-CMO relationship. The numbers shift across different sectors, but the trend line is largely the same:
Getting there isn’t easy. A business executive once told us, “It takes teamwork and a lot of effort to achieve the changes expected from technology.”
It’s not just the CIO that runs the technology show anymore – the CMO now has a good share of the budget at his/her fingertips, with only 53% of IT spending under the CIO’s control.
The key is to strike this budgeting balance without creating any tension. Here’s what to do:
- Create a chain of command: everyone’s responsibilities will be clear when it comes to market-facing tech like apps, website and customer analytics.
- Make sure CIO’s role is considered in making decisions about development and planning, and that both the CIO and the CMO have clear instructions on their roles.
- IT and marketing plans should be reviewed by both parties to ensure all aspects are aligned and to create opportunities to share expertise.
Andrea Fishman is a principal with PwC’s Digital Services practice, where she has more than 15 years experience driving innovation and change through emerging technologies. She guides brands through transformative digital experiences, optimizing interactions across channels and media. Andrea is a pioneer in applying advanced analytics to marketing organizations, connecting social insights with media performance data and user behaviors to deliver a connected digital strategy. Follow her @andreafishman.