Today’s post comes courtesy of Jack Newton, Director of Outbound Product Management & Strategy for Oracle Social Cloud. He shares insights about the state of collaboration between Marketing and IT and some of the benefits collaborators are experiencing within their own organizations. Follow Jack on Twitter @jnewto.
Marketing and IT leaders considering improving collaboration between teams should look at the strong benefits that cooperation can bring.
The chart below is from Oracle’s Socially Driven Collaboration study. The study synthesizes responses from 900+ IT and Marketing leaders from 500+ organizations across 20 industries and 50 countries. It looks at how companies are leveraging social to unite people, processes and technologies, and the business benefits that collaboration can bring.
Organizations that don’t promote a culture of collaboration are missing out - and it’s costing them: Results of increased collaboration that hit directly at the bottom line include:
While the marketing agenda is still the primary driver of social business collaboration, the inclusion of product development (speed to market) and sales/customer service (greater adoption of products and services) in the top three benefits suggests that improved collaboration offers the opportunity to align social business activities with operational measures linked to ROI.
According to Capgemini and MIT Center for Digital Business, the most digitally mature companies have measurable performance advantages: they generate, on average, 9% more revenues, are 26% more profitable than their industry competitors, and have a significantly higher market valuation (12%).
Time is of the essence for overtaking competitors that are lagging behind. While many Marketing and IT leaders report they have increased the level and degree of collaboration (41% and 38% respectively) over the past 12 months, an absolute majority of Marketing and IT respondents (56% and 60% respectively) report no change in the collaborative relationship. A small number report that they collaborate less. To get started or build upon what’s working today, see 5 Tips for Marketing and Collaboration Success.
Read more in Oracle’s Socially Driven Collaboration study.