Key takeaway #1: It is time for a Chief Data Officer (CDO)
In March we were fortunate to attend this year’s Gartner Data & Analytics Summit in Grapevine TX. As always, the event offered opportunities for networking and learning from the best in the data science industry. Again, Master Data Management (MDM) was one of the hot topics. We are happy to share our key learnings with you in short series.
According to Gartner definition “The CDO is a senior executive who bears responsibility for the firm’s enterprise wide data and information strategy, governance, control, policy development, and effective exploitation. The CDO’s role will combine accountability and responsibility for information protection and privacy, information governance, data quality and data life cycle management, along with the exploitation of data assets to create business value”
In a time of unbounded information, limitless connections between organizations, people, and things are multiplying tremendously. With this rapid expansion the importance of data management, data protection, and analytical competency are becoming equally significant. Thus it is vital that a new organizational role be designed to address data management, integration, and utilization challenges. Chief Data Officer (CDO) – a role which fits within the traditional CMO and CIO positions – was created to bridge the gap between functional leaders and the IT department.
While accumulating meaningful data in this expanding environment offers a lot of benefits, it can be challenging, frustrating, and expensive. Companies need the right infrastructure to capture data as well as the ability to access and extract it. Last but not least companies have to convert it into insight. In a perfect world, functional business leaders own their information and the CDO primarily investigates platforms and security. The CDO also should create an environment allowing each individual functional user to access the information they require. To accomplish this goal of turning data into insight, current and future CDOs will face three important challenges
- Driving business outcomes with data
- Fostering data-related cultural change
- Gauging the ethical implications of data management
Based on CAMELOT’s experience and supported by Gartner research, we have found more and more organizations are implementing the role of CDO. According to our experts, by the end of 2020 more than 90 % organizations within the regulated industries will introduce the CDO role into their organization.
Of course this provides a great career opportunity for all MDM and Data Analytic leads. Start to plan now your path to become CDO. CAMELOT Management Consultants is looking forward to support you and your organization on this journey.
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