Who needs a Chief Data Officer (CDO)?
The growing recognition of the business value of data has brought about the rise of a new title, the chief data officer (CDO), according to a research study conducted bv Experian Data Quality.
The study, which interviewed more than 250 chief information officers (CIOs) and CDOs from large organizations in the US, found that data is a critical asset that has been largely untapped up until this point. Ninety-five percent of CIOs believe data is changing the way their organisation does business. In addition, four out of five see data as a valuable asset that is not being fully exploited within their organization.
To create that ownership, the role of the CDO is growing amongst U.S. businesses. The data finds:
- Sixty-three percent of organizations without a CDO would like to see the role created in the future
- The creation of the CDO role is being driven by three main drivers: a need for a consistent approach to de-risk data driven projects, growing costs due to poor data quality, and increasing regulations.
- Seventy percent of respondents view the CDO as being a “trusted advisor” of data across the enterprise
“CDOs should approach their position as a consultant,” said Eugene Kolker, CDO of Seattle Children’s—Hospital, Foundation, and Research Institute.
“Outreach and education about the importance of data and analytics to the enterprise is critical. CDOs can aid building a vision of people, process, and technology, along with a culture that embraces using data and analytics to address business needs, enable growth, and empower innovation.”
“Business leaders finally are learning that to gain valuable insights from information, but they need to create a culture around data,” said Thomas Schutz, senior vice president and general manager of Experian Data Quality.
“Businesses need evangelists for data and individuals with the intelligence to not only ensure information assets are governed, accurate, accessible and complete, but also promote the use of data for good across the business. The rise of the CDO puts that concept front and centre.”
To obtain a copy of Experian Data Quality’s The Chief Data Officer: Bridging the gap between data and decision-making, visit https://www.edq.com/whitepapers/chief-data-officer-report/.