As an advocate of the chief data officer (CDO) role, I’ve published quite a few posts on the topic a while ago. More recently I have published on the role of the metadata and data dictionaries in achieving a higher degree of data quality. I have recently come across an article that took the data quality and data asset discussion full circle to the responsibilities of the CDO as the custodian of the data and information asset.
The IDC predicts that our digital universe – the data we create and copy – is growing by 40% each year, and that by 2020 it will contain nearly as many digital bits as there are stars in our physical universe. Mindblowing isn’t it?
Insights and predictions like this undoubtedly help data to shine as a business advantage not to be ignored in the digital world. And we are certainly seeing this as more and more businesses start to treat data like the asset it is, invest in technology and put processes in place for the purpose of harnessing the power of data to leverage the ample opportunities that exist.
But of course, no technology progression comes without risk. Data in the 21st century is valuable, which also means it is susceptible to cyberthreats and theft. And because of the value assigned to data and the very real risk of cyberthreats, regulations have been developed to do whatever is required to protect data and the insights it holds. So, while the market and businesses are quick to want to take in data and use clever tools like analytics to create new revenue opportunities, there are data governance and compliance polices that need to be taken into consideration.
It all comes back to the CDO role
This means that embarking on a data enabling journey is not a simple or easy feat. There are processes that need to be adhered to, and to ensure that a business gets this right, a data custodian is recommended.
A regular reader of my posts will know that the Chief Data Officer (CDO) role is one that I not only advocate but have shared insights about over a series of posts within the past few years. And a recent industry focused article I stumbled across – in my constant quest to soak up knowledge like a sponge – reminded me once again just how valuable this role is. It points to the need for CDOs to interface with senior and business-line leadership – and I couldn’t agree more!
By sitting the CDO at the leadership table, the business can achieve a few things:
- A data driven strategy – entrenched into the core of the business, which leads and directs all key business facets and ensures that data is being utilised as the principal strategic business advantage.
- Effective data management – ensuring that no data goes to waste until it has been vetted and that processes are put in place for effective data handling and storage.
- Governance, risk management and compliance – managing the protection of information based on regulations and mitigating any business non-compliance risk.
While I remain true to my view that not every business is ready for a CDO (depending on their data journey), forward thinking and future focused, digitally transforming businesses with an eye on seeking profit revenues and remaining competitively ‘fit’ should place the CDO at the leadership table.
Why the CDO should be sitting at the leadership table
As an advocate of the chief data officer (CDO) role, I’ve published quite a few posts on the topic a while ago. More recently I have published on the role of the metadata and data dictionaries in achieving a higher degree of data quality. I have recently come across an article that took the data quality and data asset discussion full circle to the responsibilities of the CDO as the custodian of the data and information asset.
The IDC predicts that our digital universe – the data we create and copy – is growing by 40% each year, and that by 2020 it will contain nearly as many digital bits as there are stars in our physical universe. Mindblowing isn’t it?
Insights and predictions like this undoubtedly help data to shine as a business advantage not to be ignored in the digital world. And we are certainly seeing this as more and more businesses start to treat data like the asset it is, invest in technology and put processes in place for the purpose of harnessing the power of data to leverage the ample opportunities that exist.
But of course, no technology progression comes without risk. Data in the 21st century is valuable, which also means it is susceptible to cyberthreats and theft. And because of the value assigned to data and the very real risk of cyberthreats, regulations have been developed to do whatever is required to protect data and the insights it holds. So, while the market and businesses are quick to want to take in data and use clever tools like analytics to create new revenue opportunities, there are data governance and compliance polices that need to be taken into consideration.
It all comes back to the CDO role
This means that embarking on a data enabling journey is not a simple or easy feat. There are processes that need to be adhered to, and to ensure that a business gets this right, a data custodian is recommended.
A regular reader of my posts will know that the Chief Data Officer (CDO) role is one that I not only advocate but have shared insights about over a series of posts within the past few years. And a recent industry focused article I stumbled across – in my constant quest to soak up knowledge like a sponge – reminded me once again just how valuable this role is. It points to the need for CDOs to interface with senior and business-line leadership – and I couldn’t agree more!
By sitting the CDO at the leadership table, the business can achieve a few things:
· A data driven strategy – entrenched into the core of the business, which leads and directs all key business facets and ensures that data is being utilised as the principal strategic business advantage.
· Effective data management – ensuring that no data goes to waste until it has been vetted and that processes are put in place for effective data handling and storage.
· Governance, risk management and compliance – managing the protection of information based on regulations and mitigating any business non-compliance risk.
While I remain true to my view that not every business is ready for a CDO (depending on their data journey), forward thinking and future focused, digitally transforming businesses with an eye on seeking profit revenues and remaining competitively ‘fit’ should place the CDO at the leadership table.
