Chief Financial Officers and Chief Marketing Officers are not traditionally thought of as best friends. It might have something to do with the juxtaposition of left and right brain thinking, or differing views on how to measure the performance of marketing programs and their impact on the bottom line that keeps these two executives from sitting next to each other at the lunch table.
Yet this relationship is becoming more important as both executives realize the value of more specific marketing and customer information to help drive strategic decisions; a merger of the creative and analytical minds can clearly help improve performance and fuel growth.
Many clients of BearingPoint’s World-Class Finance practice were asking about this, so we decided to partner with APQC, conduct a survey, and report our findings on the topic. You’re invited to read the resulting report: “CFOs and CMOs: partners in information management”.
One of the disconnects highlighted in the report is around the availability of data for customer segmentation and profitability analysis: while 80% of CFOs said they are providing sufficient data, less than 40% of CMOs said they are getting the data they need to make good decisions.
We hope these findings are helpful. Please feel free to share your comments and ideas here once you’ve read the research.
Author: Monica Huber
Recession fears have grown over the last three quarters as the implications of the US credit crunch have deepened and spread abroad to become a multi-region contagion. With costs for commodities, especially energy, soaring as well, businesses will have to adapt quickly to mounting economic pressures in order to maintain growth and profitability.
BearingPoint and HP initiated a structured review, based on a survey conducted by the Economist Intelligence Unit, of how the current economic landscape has affected the business outlook for UK CEOs and how, in turn, this will impact their expectations of the IT function.
Specifically, the survey was designed to reveal answers to the following key questions:
• How will CEO priorities, in the light of the credit crunch, translate into business implications for CIOs?
• How can CIOs best position the IT function for these predicted changes?
• In what ways are CEOs expecting CIOs to use information technology to improve the situation?
One of the findings of the CEO survey which bucked reported trends was confidence. Despite media consistently claiming that the economy looks certain to slow to dangerous levels, Britain’s CEOs remain more optimistic. Whilst there was concern, the majority felt that with good planning and sensible actions the next 12 months were navigable. In fact many felt that in areas such as customer focus and cost reduction, the financial climate had simply forced them to take actions which were probably overdue.
This survey revealed some new thinking that businesses can utilize in times of economic slowdown. Review the survey analysis.