According to the market research report published by P&S Intelligence, India digital transformation market is predicted to touch $710.0 billion by 2024, registering a CAGR of 74.7%. If we observe the global numbers, the market is about to cross more than US$ 462 billion by 2024 and will grow at a CAGR of more than 18.5%. What these numbers imply is- there can be no doubt on the need of embracing digital transformation and new age technologies at the core of business processes. If organizations are expecting to grow in this digital era, they have no option but to immerse and adopt the digitalization.
While it is obvious that every member of an organization is required to adopt and be part of the digital transformation, the changes in this fourth industrial revolution will percolate from top to bottom. The key decision makers or as we understand, the CXOs are the first in the category to imbibe the changes. The CXOs are also diverse in the way they take care of multiple segments of an organization which often raises a question- who holds the most crucial place amongst CEOs, CFOs, CIOs and CMOs?
Examining the Role of CMOs
With the agenda of digital transformation hovering on multiple companies today, a research from Dentsu Aegis Network shows that chief marketing officers (CMOs) hold the central position to assist their companies in the journey of bringing necessary changes required for digital transformation.
According to the research, eight out of ten CMOs believe the shift to digital means they must transform, which will not come just by optimizing the business but that marketing must hold the bag for innovation in the future. However, still ‘transformation and innovation’ are ranked the least important roles for the marketing function. Another research shows that a CMO holds 34% of the time in giving direction to a company’s digital transformation, which is more than other C-suite positions. Hence, the role of CMOs is extremely crucial when we talk this journey.
The New Age Role of CMOs
Any organization can have an existence in a long run if it knows to evolve with its evolving customers and no one can understand the customers better than a CMO. While the customer base is going to be driving force for the digital transformation, a CMO has to be the driving tool. With sales and customer service and management being the key responsibilities of CMOs, creating space for digital transformation will also become their key responsibilities in order to drive the former two.
With technologies seeping in every aspect, the customer experience is also undergoing digital transformation and if organizations want to attract and retain the customers, CMOs will have to take the first seat. Hence, the importance of CMOs cannot be less than the other CXOs in leading the bandwagon. If businesses want to become more agile and resilient in this new age technology, a shift needs to come in corporate thinking and consider CMOs as equal partners in championing and leading the digital transformation.