What Prevents Marketing and Finance Leaders from Effective Collaboration?
Digital transformation is under way and it’s changing the industry. One of the necessary conditions for successful transition is closer cooperation between marketing and finance leaders. In this article you’ll learn what causes most disagreement and where they should find more common ground. In June 2019, Ernst & Young published a report about potential that cooperation between CMOs and SFOs has. In the age of digital transformation, MarTech helps businesses better understand their clients, track activity along the customer journey, stimulate growth, and analyze data to provide insights for marketers. They use everything that new technology and data offer to invest smarter, increase customer loyalty and retention, and adopt a customer-focused approach to marketing. To successfully implement this data-driven approach, they need significant investments, which should be approved by CFOs who want to hear a strong business case and see ROI forecasts before making any decisions. That’s why collaboration and better dialogue between the two functions is crucial in the age of digital transformation. According to Ernst & Young survey of 304 C-level managers in finance and marketing, 90% think that these departments need to be more involved into one another’s activities, and 83% believe that this cooperation will improve… Read more »
