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Fortunately for marketers, more and more CFOs have bought in to the importance of investing in analytics. But what areas do they sense are most crucial to back? According to August research, more than half of CFOs in the US plan to devote dollars in the next few years to data analysis of customer- or finance-related affairs.
In August 2016, Deloitte polled 122 CFOs, representing various industries, mainly in the US, about their priorities for and expectations of analytics, among other areas.
More than half of respondents said analytics that help their businesses understand customer profitability (58.2%) or financial optimization and forecasting (51.6%) are likely to receive backing in the next few years. Other types of analytics that track, for example, supply chain and manufacturing rounded out the poll at 29.5% and 26.2%, respectively.
Based on this research, CFOs must be becoming aware of their marketers battle to understanding the customer journey. In a related study from Millward Brown, released in August, 55% of US senior marketers said they don’t feel optimistic that they’re keeping up with the ebbs and flows of today’s consumer.
And this is where analytics can perhaps play a crucial role. Fortunately, there appears to be a growing acknowledgement by organizations to ramp up proficiency in data mining in the coming years. Back in April of this year, research from the Economist Intelligence Unit and Cognizant uncovered that 43% of European and American executives claimed demand for analytics and big data skillsets will be important in three years, compared to the 38% who believed it to be key in Q4 2015.
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