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I have been drinking from a virtual fire hose since joining my most recent technology company, Anametrix, a cloud-based digital analytics innovator. A whole new book opened for me on how digital analytics can both increase top line revenue and reduce spend by shining a very bright flashlight into marketing efforts.
We are all painfully aware of the data explosion problem. In 2011, the Gartner Group stated that information volume collected by businesses today is growing at a minimum 59% annually. The rapid adoption of social media has also caused customer data to explode in the last few years, creating entirely new challenges for marketers. It is now imperative for organizations to think differently to accommodate the variety, volume, and velocity of their growing customer-related data.
This is where my recent experiences come in: I have personally seen how digital analytics can harness the power of massive amounts customer-related data. It can literally simplify the accelerating complexity by providing deep visibility – as well as clarity – into the effectiveness of various marketing efforts, across both online and offline channels.
I will now outline the role of IT and CFO in adopting cloud-based digital analytics solutions, discuss the benefits as well as challenges of moving to this emerging category, and provide some illustrative examples on how digital analytics can transform your marketing organization.