Creating value from data is easier said than done, but bringing aboard a chief data officer can improve how data is managed and, ultimately, monetized.
The volume of data in an organization is growing immensely–which begs the question: Is it time for a chief data officer? If a CDO is not already on board, it may be time to recruit one. According to a survey from Experian Data Quality, titled "The Chief Data Officer: Bridging the Gap Between Data and Decision-Making," CIOs and other senior tech leaders are under pressure to provide better data to the business side more swiftly. Yet their efforts are often sidetracked due to a lack of data management. Without any ownership over data-driven decision-making, one of a company’s best assets—its data— goes untapped.
Additionally, inaccurate data creates business-impacting issues and regulatory risks. By hiring a CDO who can take command of data management, companies can potentially avoid such outcomes.
"Business leaders 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 CDO puts that concept front and center."
The survey revealed:
*49 percent of those surveyed feel increased pressure to provide data to the business more quickly, and 47 percent see a greater demand for higher quality data.
*57 percent anticipate that within the next 12 to 18 months the volume of data managed within their organization will expand by an average of 33 percent.
* 70 percent said they face obstacles in implementing data-driven decision-making because no one seems to "own" the process.
More than 250 CIOs and CDOs took part in the research.