How to Make a Business Case for Hiring a CDO

 
 
By Dennis McCafferty  |  Posted 09-05-2017 Email
 
 
 
 
 
 
 
 
 
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    How to Make a Business Case for Hiring a CDO
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    How to Make a Business Case for Hiring a CDO

    Challenged by data-driven demands, many CIOs support the hiring of a CDO. However, these executives have differing perspectives about the role's limitations.
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    Effective Argument
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    Effective Argument

    82% of the CIOs surveyed believe there is a compelling case to hire a CDO in their organization, and 88% said the role adds value to their data management strategy.
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    Performance Gap
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    Performance Gap

    76% of CIOs who don't have a CDO said their role doesn't cover the responsibilities a CDO would handle.
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    Expanded Role
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    Expanded Role

    63% of CDOs said they feel an increased responsibility for data management compared to a year ago, and nearly 50% said they've felt increased pressure to provide data to business stakeholders more quickly.
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    Motivating Factors in Hiring a CDO
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    Motivating Factors in Hiring a CDO

    Capitalizing on big data opportunities: 48%, Creating competitive advantage: 40%, Reducing risk in data-driven projects: 39%
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    Top Business Challenges for CDOs
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    Top Business Challenges for CDOs

    Improving data security: 63%, Keeping pace with tech advances: 59%, Responding to increasing customer expectations: 57%, Migrating data: 45%, Managing new trends: 43%
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    Out of Reach
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    Out of Reach

    53% of the CDOs surveyed said a lack of access to data limits their organization's ability to leverage it, but only 36% of CIOs agreed.
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    Fiscal Woes
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    Fiscal Woes

    47% of CDOs said their company is limited in its ability to leverage data due to a limited budget, but just 42% of CIOs agreed.
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    Short-Sighted
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    Short-Sighted

    41% of CDOs said their organization is limited in its ability to leverage data because of a lack of strategy, but only 31% of CIOs said this is true.
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    Shaky Start
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    Shaky Start

    Just 47% of CDOs said they were given a clear objective when they joined the company.
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    Replicated Role
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    Replicated Role

    26% of all the survey respondents said their company has multiple CDOs.
 

With business stakeholders increasingly demanding quick access to data, the vast majority of CIOs are convinced that their organization needs to hire a chief data officer (CDO), according to a recent survey from Experian Data Quality. The resulting report, "The Chief Data Officer: Powering Business Opportunities with Data," states that CIOs can't cover the same kind of professional ground that CDOs can. Thus, there's a sense of urgency to bring a CDO  on board, to better position their company to create competitive advantage, while reducing the risk in data-driven projects. CDOs, however, said they are limited in their ability to access data, with a lack of needed funding available to fully leverage it—a perspective that few CIOs share. To move forward in an effective, business-benefiting manner, the two executives should get on the same page. "As digital transformation continues to disrupt organizations, the demand to harness data as a business asset will only increase," according to the report. "Organizations today undoubtedly see the value in hiring a CDO, and those without a CDO understand the value in recruiting them. … Now, more than ever, [CDOs are] proving to be an invaluable business asset. By being the de facto 'guardian of data,' they can ensure their organizations leverage their data to its maximum potential, while doing so in a responsible and safe manner." More than 200 U.S. CIOs and 50 CDOs took part in the research, which was conducted by Insight Avenue.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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