In my last blog “What’s reshaping MarTech in the new normal?”, some key trends for the new normal including the focus tech vendors for implementation, the rise of cloud and the top MarTech initiatives were summarized. Taking that discussion forward with respect to technology and skills, the new normal witnessed significant increase in the use of emerging technologies and the realization that organizations need to build new skill sets to maximize utilization of MarTech platforms.
The last year witnessed increased investments in emerging technologies concerning marketing with Artificial Intelligence and Machine Learning leading the race followed by the Internet of Things (IoT), Augmented Reality, and Virtual Reality (AI/VR).
Source: NASSCOM MarTech Report 2021
Moreover, these technologies in addition to Voice Search will remain the key focus for the planned investments to improve overall customer experience by enhancing personalization and online engagement.
Source: NASSCOM MarTech Report 2021
Another trend that came to the fore was the need for new skill sets to manage and run the new-age MarTech platforms.
Our study revealed that there is a significant positive impact on DCx with increased investment in MarTech. However, only investment will not to the job and it needs to be substantiated by proper utilization of the MarTech platform to gain maximum benefit. This trend is clearly highlighted across industries where some like BFSI and Travel and Hospitality have relatively low MarTech investments but higher level of DCx.
Source: NASSCOM MarTech Report 2021
A similar trend was highlighted in a recent Gartner study which noted that marketers use only 58% of their existing tech platform capabilities. This is mainly because extracting full value needs either upskilling of internal marketing talent or additional investments in new workflow management applications.
Thus, in order to get maximum value from the MarTech platforms enterprises need to upskills their marketing talent. This was also reflected in our survey where skillsets in Data and Analytics along with digital marketing and cloud computing were the top picks.
Source: NASSCOM MarTech Report 2021
The new normal has seen an increased use of emerging technologies and the need for reskilling as a key parameter for business continuity across industries. And they also apply to MarTech which has now become an important part not only of the marketing department but also for the overall business functioning.
This year’s MarTech report highlights more insights that are re-defining the implementation of MarTech in the new normal. Read more in our report “MarTech – The Digital Customer Experience Imperative From Personalized Products to Personalized Experiences”
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