Teradata 2013 PARTNERS conference kicked off Monday morning with presentations by Teradata President & CEO Mike Koehler, and Daniel Pink, keynote speaker and celebrated author. Together they emphasized the benefits and challenges of maximizing big data, specifically with collaboration between marketing and IT departments.
Famously, Gartner has predicted within a few years marketing will spend more on technology than IT departments. Furthermore, companies that integrate people and marketing will deliver 50% higher internal marketing investment than companies that do not. This is a crucial, says Koehler. "The building blocks are in place to link marketing and IT in ways to benefit customers, companies and their careers as never before."
Here's why it matters: Things are different now, due to evolution of technology -- including the ability to Google fair prices and customer feedback -- customers have the upper hand. Pink later says that due to the shift of information we've moved from a world of "buyers beware" to one of "sellers beware." Pink adds that we are more valuable in sales if we move from problem solving to problem identifying: By detecting latent problems of customers, we can now market with crunched data, expertise and industry knowledge, tilting the balance of buyer/seller power back into the firms favor.
The only way for firms to win, continues Koehler is bringing marketing and IT together. Doing so enables a firm to provide the ultimate, optimized IT experience. "Marketing needs to work with that to deliver customer centric goals."
Customers are forcing IT to look at data differently, regardless of the business model, argues Koehler. "Look at the crucial spot where your brand meets market… The customer relationship has evolved quickly, they don't want to be targets, they want to be listened to." Business need real-time customer feedback, to build emotional relationships and delivery experiences.
Koehler concludes that Teradata's vision, and what the vision of attendees should be, is integrating marketing across all channels of a company and putting the customer at the center of everything the firm does.
"Put customers' needs and wants ahead of your company's. The best way to get outside-in is to create a single view of your customer. Identify where data lies, and integrate it to create a single reaction customers have for your brands." In a recent survey, Teradata says 7% of their clients have this single view. "Tear down data silos to improve data flow! Improve interactions with the company. Do that an you'll be adding value and building trust, and trust is cornerstone of a lasting relationship."
Only 1 in 4 marketers believe there is a sound relationship between marketing and IT. Despite this connect, 3 in 4 marketers tell Teradata they plan to implement big analytic solutions. Most companies are already talking about some form of data driven marketing, but less than 10% of marketers on a global basis use customer data in strategic way.
"I leave you all with some words of wisdom... Remember, In God we trust, everybody else bring data to the table."
Becca Lipman is Senior Editor for Wall Street & Technology. She writes in-depth news articles with a focus on big data and compliance in the capital markets. She regularly meets with information technology leaders and innovators and writes about cloud computing, datacenters, ... View Full Bio