Why CIOs Need a Chief Data Officer

 
 
By Dennis McCafferty  |  Posted 08-11-2015 Email
 
 
 
 
 
 
 
 
 
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    Why CIOs Need a Chief Data Officer
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    Why CIOs Need a Chief Data Officer

    High-quality data, often overlooked within a business because it has no one to extract and define it, could be costing organizations a major revenue source.
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    Significant Oversight
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    Significant Oversight

    52% of surveyed respondents have seen their responsibilities for data management increase in the last 12 months.
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    Better and Faster
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    Better and Faster

    49% feel increased pressure to provide data to business more quickly, and 47% see a greater demand for higher quality data.
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    Big Data
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    Big Data

    57% anticipate that within the next 12 to 18 months the volume of data managed within their organization will expand by an average of 33%.
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    Narrow Focus
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    Narrow Focus

    68% admit they struggle to find stakeholders who take anything other than a siloed view of data management.
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    Leadership Gap
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    Leadership Gap

    70% said they face obstacles in implementing data-driven decision-making because no one seems to "own" the process.
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    Impactful Error
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    Impactful Error

    92% said they've experienced problems as a result of inaccurate data within the last 12 months.
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    Safe Hands
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    Safe Hands

    70% view the CDO as a "trusted advisor" of data throughout the enterprise, and 86% said a CDO adds value to data management strategies.
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    Executive Decision
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    Executive Decision

    63% of those at organizations without a CDO would like to see the role created in the future, and three out of five of these survey respondents anticipate appointing a CDO within the next two years.
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    Serious Consequences
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    Serious Consequences

    41% of survey respondents at organizations without a CDO said the presence of inaccurate data in the last 12 months has made it difficult to use data to drive strategic decision-making, and 40% said it has created regulatory risks.
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    Revenue Generator
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    Revenue Generator

    44% of survey respondents overall view data quality as a strategic asset for business, and 42% see the potential to monetize high-quality data in the future.
 

The volume of data that CIOs and their teams oversee is growing immensely–increasing the need to hire a Chief Data Officer (CDO) if they don't already have one on board, according to a recent survey from Experian Data Quality. The report, titled "The Chief Data Officer: Bridging the Gap between Data and Decision-Making," reveals that CIOs and other senior tech leaders are under pressure to provide better data to the business side more swiftly. However, their efforts are stymied due to a lack of an enterprisewide approach to data management, without any "ownership" over data-driven decision-making. As a result, inaccurate data is causing business-impacting issues while creating regulatory risks. By hiring a CDO who can take command of data management, companies can 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." More than 250 CIOs and CDOs took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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