All these reasons, Moore says, are key drivers for marketing to deploy a big data analytics solution within the next few years. Even then, Teradata says many will continue to wrestle with the data hairball, as only 57 percent of marketers plan to deploy a real-time decisioning solution to complement the analytics solution within the same time period.
Manual Business Processes Are a Roadblock
While most marketing departments are already headed in the right direction when it comes to leveraging their data, they are running into roadblocks as they go. Teradata says the roadblocks are often not the result of technology adoption, but a shortage of data analytics skills and a reliance on unrefined processes. In fact, 42 percent of companies list a lack of processes to bring insights into their decision making as their main barrier to using data in decision making.
Teradata found that 48 percent of all marketers still just use data on an ad hoc basis. Only 33 percent have embedded data systematically or strategically into their standard processes.
"You've got to have tools in place to allow you to be more agile at what you do," Moore says. "You've got to automate processes. Many marketers still rely on the number one tool on the globe, which is Excel spreadsheets. You've got to find ways to be more optimized."
However, that is set to change: 80 percent of marketers say that within two years they will have implemented or begun projects to automate data quality, performance management and marketing workflow processes; within the next 12 months, 56 percent of marketers expect to be using data to systematically drive their marketing.
What Data-Driven Marketing Means for the CIO
What does all this mean for CIOs? Teradata points out that most marketing departments lack control of data management and strategy and rely on IT to get access to pertinent data.
It's become the conventional wisdom that as marketing becomes more data-driven and reliant on IT processes, the chief marketing officer (CMO) will become the CIO's biggest customer. But conventional wisdom aside, few marketers currently see IT as their allies. Teradata found 74 percent of marketers don't think marketing and IT are strategic partners.
Data scientists in the marketing department have a somewhat different view. Teradata found that 35 percent of data scientists in marketing departments view marketing and IT as a partnership. Teradata suggests these data scientists often serve as a bridge between the marketing and IT organizations.
Moore says that the trend toward data-driven marketing presents the opportunity for a dÃ’Â©tente between marketing and IT, a chance for CMOs and CIOs to come together to produce results and increase their importance to the business.
Sign up for CIO Asia eNewsletters.