Keys to Success for Chief Data Officers
- by 7wData
Chief data officers will be successful when they establish authority, secure budget and resources, and monetize their Organization’s information assets.
Chief data officers (CDOs) have a big job: They are responsible for determining how to utilize information as a business asset. Gartner found that through 2019, 90% of large organizations will have hired a CDO, but only 50% will be considered a success.
Ahead of Gartner’s Data & Analytics Summit 2017, Doug Laney, vice president and distinguished analyst at Gartner, discussed how CDOs can be successful in the midst of developing best practices, high expectations, and demands by their organizations.
A: The role of the CDO is relatively new and evolving quickly. CDOs are the head custodians and chief stewards of an Organization’s information assets. Organizations have a growing stake in aggregating information and using it to make better decisions. CDOs are tasked with using information to automate business processes, understand customers, develop better relationships with partners, and ultimately sell more products and services faster.
By 2020, 50% of leading organizations will have a CDO with similar levels of strategy influence and authority as their CIO. CDOs can establish a leadership role by aligning their priorities with those of their organization. To a great extent, the role is about change management. CDOs first need to define their role and manage expectations by considering available resources.
CDOs will gain authority when they successfully verify that their organization can own and control its data, and that it has probably future economic benefits. Gartner recommends that CDOs apply the principles for identifying traditional assets (e.g., physical and financial assets) to data in order to lead their organizations in recognizing data as a legitimate, valuable asset.
A: It has proved difficult for CDOs to get anything other than moderate budgets and limited resources when they report into an existing business unit like IT.
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