A BLOG PIECE BY SIMON THEAKSTON
Did you know, that despite nearly 80% of UK CMOs adopting technology to manage their customer data assets, 76% state they have potentially missed out on business opportunities because the tools have not been managed properly in-house?
We recently ran an exclusive survey, questioning 100 UK CMOs, to find out just how businesses are monetising their customer data assets. And the findings are really interesting; they paint a picture of CMOs struggling to see a return on their investment - investments they have made into sophisticated tech such as DMPs (data management platforms) and CDPs (customer data platforms).
Just under half (49%) admit they do not have the in-house talent with the right skillset to manage data, despite 77% of them revealing they are the primary representative within their business, for how customer data assets are collected, stored and handled.
Why should CMOs invest in the tech?
DMPs have been high on the agenda for marketers over the past few years, with more recent adoption of CDP tech. Why? Well, the technology enables a business to sophisticatedly manage, store and utilise customer data assets, in one centralised environment, which in turn provides the business with the tools and insights to better utilise their data to drive return on investment.
A DMP is, essentially, a system that makes it easier to organise and activate large data sets. And DMPs are necessary for organisations to leverage data in order to gain competitive advantages. As more and more businesses throughout the world are collecting data, it is essential for internal teams - beyond just the marketers - to see the impact and influence based on those insights.
The lack of skill
The problem is, many organisations struggle to find the proficient skill and expertise, in-house, to manage and drive the machinery. Data management tools are sophisticated in their own right, but they really do need a skilled driver to manage them for the best results. With 67% of CMOs admitting they had experienced a DMP disaster over the past five years, this poses a question: how do CMOs access DataTech experts to manage the tools?
Fortunately, CMOs are starting to tackle this. Just under a third (30%) plan to ask for advice on how to get more out of their customer data and they also intend to work with specialist data partners (28%).
Introducing the DataTech services sector
It's no surprise our industry is moving towards business collaboration, and consultancy services. At a time where so much change is taking place at rapid speed, the need for trusted support and advice has never been higher.
However, sometimes advice simply isn't enough. And what these survey findings tell us, is there is a pressing need for hands-on expertise to be brought in-house - so businesses can not only be supported in the 'what' and 'how', but also in the activation, implementation and on-going management processes.
Thats why SBDS, have launched the DataTech services sector. From our very beginning, we could see the huge gap between data opporunity and the technology and software itself. No matter how smart our industry innovations are, there will always be the need for human intuition to drive the tools. The problem is, there's only a handful of experts available.
Want to know more about the DataTech services sector? Simply contact us to find out more about SBDS and what we do.