New Study from CIO Magazine, The CMO Club and EPAM Spotlights Crossroads in CMO-CIO Relationships
Press Release: July 30, 2014
Boston, New York, and Newtown, PA - July 30, 2014 - EPAM (NYSE:EPAM), a leading provider of product development and software engineering solutions, together with industry leaders CIO magazine and The CMO Club, has released a new study looking at the challenges CIOs and CMOs are facing in pursuing omnichannel strategies. The results of the survey - which combines responses from more than 400 marketing & IT executives - illustrates the ongoing challenges with C-suite roles and responsibilities for roadmap ownership, budget and staffing when it comes to technology and new media.
"A company's success will be centered on the customer centricity focus across the C-Suite," said Pete Krainik, CEO and Founder, The CMO Club. "The CMO's expertise on customers and the CIO's expertise on customer-centric IT/digital platform delivery will be the alignment point for success or failure. This study helps both CMOs and CIOs understand critical success points."
The CIO-CMO Omnichannel Crossroads white paper identifies three crucial business intersections that - if not addressed jointly - can create significant hurdles in executing successful strategies.
- Miscommunication harms the bottom line - It's important for both the CIO and the CMO to realize that something as simple as language can be a barrier to further collaboration. Semantics matter.
- Technology funding is a tug of war - CIOs and CMOs are both expecting more IT funding and manpower, but have fundamentally different expectations of how that money will be spent.
- The omnichannel flashpoint is mobile - For some, dual claims of ownership over mobile strategies are creating significant conflicts while others are discovering profitable and new depths of collaboration. In the survey, 86% of CIOs claimed ownership with 76% of CMOs saying the same.
"Whenever CIOs and CMOs truly collaborate, a great deal of learning takes place on both sides," said Maryfran Johnson, editor in chief of CIO magazine & Events. "Some of the best CIO-CMO panel discussions at our recent events have been about how both IT and marketing can work together to create the digital enterprise."
The white paper concludes by mapping out three fundamental steps for CIOs and CMOs:
1. Don't assume you know what your business counterpart means. A product, a service, a platform, an application - all of these words have deeply different meanings for CIOs and CMOs.
2. Embrace the infinite roadmap because omnichannel doesn't have an expiration date. All executives are used to operating with different timelines. Yet, nothing in omnichannel is ever done - launch dates are a relic of the past, quickly being replaced by continuous innovation and agility.
3. Replace your motto: not "Digital First" but "Digital Always." The most advanced organizations in omnichannel planning assume customers can get online everywhere and are operating as "digital everywhere" entities.
"Today, heightened customer expectations put a spotlight on collaboration in the C-suite," said Arkadiy Dobkin, CEO and President, EPAM. "We see retailers competing with banks, media companies competing with telcos, and travel companies offering insurance. In this study we go beyond that and look at how stakeholders that we work with can better understand the best practices of competing in the Digital World."
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CIO is the premier content and community resource for information technology executives and leaders thriving and prospering in this fast-paced era of IT transformation in the enterprise. The award-winning CIO portfolio - CIO.com, CIO magazine (launched in 1987), CIO executive programs, CIO strategic marketing solutions, CIO Forum on LinkedIn ,and CIO primary research-provides business technology leaders with analysis and insight on information technology trends and a keen understanding of IT's role in achieving business goals. Additionally, CIO provides opportunities for IT solution providers to reach this executive IT audience. CIO is published by IDG Enterprise, a subsidiary of International Data Group (IDG), the world's leading media, events, and research company. Company information is available at www.idgenterprise.com.
About The CMO Club
The CMO Club is a membership organization exclusively for senior marketing executives who want to meet, share, and learn from each other. Fueled by inspiring local dinners, regional events and the Digital "Members Only" Clubhouse, marketers provide and receive valuable insights from each other, in a "non vendor selling" environment. Working with the over 800 club members and best-in-class strategic partners, The CMO Club also addresses the top CMO challenges each month with thoughtfully curated content. Company and membership information is available at www.thecmoclub.com.
About EPAM Systems
Established in 1993, EPAM Systems, Inc. (NYSE: EPAM) is recognized as a leader in software product development by independent research agencies. Headquartered in the United States, EPAM employs over 9,800 IT professionals and serves clients worldwide utilizing its award-winning Central and Eastern European global delivery platform and its locations in 17 countries across 4 continents. In 2013, EPAM was ranked by Forbes as #6 among America's 25 Fastest-Growing Tech Companies and #2 on the list of America's Best Small Companies: 20 Fast-Growing Tech Stars.
For more information, please visit www.epam.com.
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
EPAM Systems, Inc.
Alex Lyashok, Head of Global Operations
Phone: +1-267-759-9000 x56669