Getting the most from your data: Five reasons organizations need a Chief Data Officer
Data is the heart of modern business -- the fuel powering organizations forward. However, many are still struggling to unlock value from the wealth of information they hold, with organizations across EMEA unable to use a third (33 percent) of their data effectively. For some, a primary reason for such ineffective use of data is the absence of a C-suite executive with accountability to modernize technology, author enterprise data strategy, and accelerate a data-driven culture: the Chief Data Officer (CDO).
Some believe the C-suite is already overcrowded and the thought of adding another position is unappealing, but in the contemporary business landscape, data is increasingly shaping corporate strategy. Without a CDO, the C-suite will miss key opportunities.
The tension between the CDO and the CISO: The balancing act of data exploitation versus protection
Data is the most valuable resource for the global enterprise. For any company wanting to remain relevant in today’s competitive business landscape, data needs to be at the center of every business decision, allowing the C-suite to review initiatives, make real-time decisions and if necessary reverse actions. A quick response fueled by real data insights will power and improve the customer experience and product offerings while driving lower prices through better efficiency. Ultimately, this will improve the bottom line and deliver successful outcomes for many organizations.
However, to unlock the true value of data, it is equally important that organizations ensure that confidential data is always secure. To achieve this, the Chief Information Security Officer (CISO), who acts as the gatekeeper to data to ensure it is compliant and secure, and the Chief Data Officer (CDO), who aims to unlock and exploit data, have different and competing priorities, yet they must be able to work together towards a common goal to achieve the strategic objectives of the organization and deliver great customer and business outcomes. There are significant benefits to be had when these two role holders work together and huge drawbacks when they don’t.