Fortune 500 CMO - IT Procurement
To understand the role of Fortune 500 CMOs (chief marketing officers) in terms of enterprise IT procurement.
CMOs appear to have some sway over the marketing technology portion of a company's IT budget, though data on Fortune 500 CMOs, specifically, is quite limited.
- While not limited to Fortune 500 companies, the 2017-2018 CMO Spend Survey by Gartner indicates that 22% of marketing budgets go into marketing technology (martech), suggesting that "procurement leaders need to take control of this spending," suggesting that CMOs have some influence over IT spending.
- The 2018-2019 edition of the CMO Spend Survey states that martech spending is now up to 29% of corporate marketing budgets.
- A 2018 ProcureCon report discusses the importance of the relationship of the CIO and CPO (chief procurement officer) in terms of IT spending, but no mention is made of the CMO or other roles.
- RSA List Services, which sells executive email lists, makes no mention of CMOs among the Fortune 500 decision makers for IT budgets, instead noting "CIOs, VPs of IS/IT, CTOs and other top executives with the authority to buy and the money to spend for Information Technology."
- CMOs are faced with increasingly limited budgets and need to work closely with CFOs and procurement officers to help manage their budgets, according to a KPMG report.
- Numerous articles discuss the need for a greater alignment or collaboration between the CMO and CIO to advance digital transformation.
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