Rise of CDOs highlights importance of data in business today
The role of chief data officer (CDO) is essential in organisations broadening their data governance horizons.
According to Gartner, around one-quarter of large multinationals had appointed a CDO by December 2015, and this is expected to grow to 90 per cent by 2019.
Tip of the iceberg
Ted Friedman, research vice president and distinguished analyst at Gartner, said this rapid uptake is just the beginning of something greater.
“It represents a much deeper change occurring throughout most organisations,” Mr Friedman said.
“Practitioners of distinctive data and analytics disciplines will need to broaden their understanding and work more closely with others to realise the benefits of using data and analytics to capture transformative business opportunities and mitigate risks.”
CDOs are responsible for the governance and utilisation of data and information assets company wide, including data analysis, data mining, data processing and information sharing.
“The opportunities to generate business value from data and analytics are practically infinite.“
The next phase of data and analytics
Mr Friedman suggested the CDO leadership role will become ever more commonplace as organisations break down silos.
“The journey toward digital business is, at its core, a drive to better collect, manage and exploit data assets and apply analytics for richer insights,” he said.
“The opportunities to generate business value from data and analytics are practically infinite.The challenge is how to harness this rapidly expanding landscape – how to target the right opportunities – despite internal constraints such as budgets, governance mandates, skills and culture, and external forces like competition, market dynamics, and regulatory and social pressures.”
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