Clean and relevant data can transform how marketing, procurement and finance manage marketing budgets, assess the value of expenditure and approach decision-making.
Data has long been described as the black oil of a business, and with good reason. The constant flow of insight, information, behaviours, customer interactions, agency costs and so much more, can be used to thoroughly refine an organisation’s marketing strategy. Every touchpoint, from marketing budget through to procurement’s spend review, can be optimised, leading to improved results even with tighter budgets and measurable cost savings.
With the right tools and methodologies in place, marketing teams can use data to assess how well campaigns have performed within specific markets and against clear metrics. According to Google research, marketers have already recognised that access to data delivers improved business performance and seven out of 10 use data to support decision-making across all levels.
This value is echoed throughout the marketing value chain. Marketing Procurement can make far more strategic decisions if teams have access to factual, robust data. It empowers procurement teams as their decisions are based on facts and figures that are relevant to their business and that align with their internal metrics. They can see exactly how budgets are being spent and how they have performed against benchmarks and gain deeper visibility into the return on investment (ROI).
For finance teams, navigating budgeting and benchmarks at a time of intense political and economic complexity can be stressful. The use of data to get a single viewpoint across all departments and provides them with greater clarity and comfort around their spend.
The data-driven priority
Data-driven leadership is, according to the Harvard Business Review, a priority for most organisations. The value it offers is proven. The challenge is not the technology, it’s the people. The Data and AI Leadership Executive Survey 2022 found that only 26.5% of companies have become truly data-driven with a mere 19.3% managing to establish a data culture. The latter is the single biggest obstacle to truly realising the potential of data – if people don’t understand the value of the data, the data can’t deliver its value.
The Procurement Leaders CPO Compass report 2022, stated that 85% of respondents said they intend to expand the use of data to drive efficiency gains in 2023.
It’s clear the goal for right now is to ensure that marketing, procurement and finance understand how data can support them moving forward, and how important it is in turbulent financial times.
If everyone is on the same page, then data will shift from a complexity to a transformative value-add that allows for every team to collaborate on marketing spend and strategy.
Building a data-driven foundation
Marketing teams are under pressure. This isn’t news. They’ve always been under pressure to get the best results with the most bang for the proverbial buck, while constantly innovating and evolving to meet ever-changing consumer expectations and behaviours. Marketing needs data to keep up with the customer, to create personalised experiences, to demonstrate clear ROI, and importantly, to connect with the right agencies at the right price, for the right results.
Marketers need optimisation, accuracy, insights and ROI.
Procurement teams face a different kind of pressure, one that can often create friction with marketing. Procurement has to minimise risk at every opportunity to ensure that suppliers are properly managed and pricing is accurate and fair. The struggle with transparency, inaccurate data and poor internal communications is real. Procurement has to be compliant, is managing relationships with agencies and has to provide accurate invoicing and data to the finance team.
Procurement needs visibility, benchmarking, risk mitigation, and relevance.
Finance teams live under pressure. Teams expected to pull in all inputs from across all departments and silos within limited time frames – these rarely arrive on time. Finance is also expected to ensure that every last i is dotted and t is crossed, and maintaining vast reams of complex data so that they can deliver clean audits to compliance and governance teams on demand – not to mention delivering advanced ROI against the bottom line.
Finance needs advanced ROI, transparency, reliability, and efficiency.
Enter data-driven marketing, the pressure valve. Imagine if every cog in the machine moved smoothly, no blockages or delays, but instead sharing data and insights that transforms how teams collaborate?
Granular insights. Reliable data.
Technology has become the organisation’s greatest ally – especially when it comes to Marketing Procurement, because it transforms how marketers use their data. Technology is providing insights and reliable metrics that can be used to make informed decisions on marketing spend that meets their KPIs. Procurement and Finance can tap into the same data to gain visibility into performance and spend allocation. The key is the right technology.
You need a solution that’s reliable and provides you with insights that you can lean on to make decisions that deliver measurable returns and savings.
RightSpend provides marketing teams with data-driven budgets, strategies and planning aligned with optimised marketing spend and the ability to make accurate investment decisions.
Procurement gains access to up-to-date analytics and tools to optimise and right-size spend and confidently negotiate with agencies. Whilst Finance identifies areas for further investment and demonstrates efficiencies and savings.
Book a demo today to see how data can empower your Marketing Procurement efficiencies.