Businesses that combine knowledge of data with creative thinking are likely to do better than their competitors, growing their revenues at 10 percent a year, twice the average rate of S&P 500 companies.
Research released Monday by consultancy McKinsey showed that companies whose chief marketing officers (CMOs) are "integrators," working with their colleagues in IT to reach company goals, are more successful that those who don't work together.
McKinsey surveyed 200 chief marketing officers for its report and tracked the financial performance of their companies.
Marketing is most often seen as a cost on a company's balance sheet, but working with IT or data teams can help track the effectiveness of advertising and other types of promotion. Data analytics can improve marketing as it "can uncover customer intentions, triggers, and interests that reveal subtle pain points and unmet needs," write the report's authors in a copy seen by CNBC.