Today, the value of data to a business is undeniable. However, the data alone cannot contribute anything without a strategy. From how they are obtained (technology) to how they are managed and what benefits they bring to the company. These and other questions are presumably the ones the CDO or Chief Data Officer has to answer. Digital signage in retail – Learn More About This
What is a CDO?
CIOs are responsible for a broad agenda that spans data management , analytics, data science, ethics, and digital transformation. They are change agents leading the data-driven transformation of their organizations.
The CDO’s work is focused on maximizing the value of the data , as well as optimizing its exploitation by the company and ensuring that this is done in the most effective way and in compliance with all the necessary security standards. 12 principles of agile methodology in project development
Companies that base their strategies on analysis, artificial intelligence or machine learning can improve or optimize their marketing, commercial or sales strategies (among others); as well as improve your overall results. Analytics helps make data-driven decisions, and the role of the CDO plays a critical role in obtaining, managing, analyzing, and transmitting its value.
What is the value that the CDO brings to data management?
Although interest in data analytics by companies has grown over the past two decades, many companies still struggle to capture, share, and manage data. Until now, they lacked the vision of a CDO. This is the one who takes responsibility for the data and its management throughout the organization, to ensure the maximum use of this strategic asset. These are three of its most notable functions: Data architecture: the basis of a differentiating strategy
- Work with each department individually and jointly.
- Design a common way to acquire, store, manage, share, and use data .
- Ensure that the organization adopts a data-driven decision-making culture.
As we say, until relatively recently, many companies may not have appreciated the potential that data provides them, and the amount of relevant and useful information that they can contribute in decision-making or in the analysis of data has been neglected. results. The future of data processing: blockchain and big data
Nowadays, however, large and small companies recognize this value and take into account the data that they have that provide information on transactional processes. For example, how consumers will behave in the face of a price change or what will be the purchasing trends of a certain product . This type of data can be used to create reports or feed analytical processes, which leads to better decision making.
The Role of the CDO and the Importance of Data Strategy
The need to appoint a CDO and define a data strategy go hand in hand . The purpose of both actions is to ensure that all data resources are positioned in such a way that they can be used, shared and managed easily and efficiently . In other words, having a data strategy does the following:
- Ensuring that data is managed and used as primary assets.
- Establish common methods, practices, and processes for managing, manipulating, and sharing data across the enterprise.
- Make sure that there is alignment between the goals and the objectives set for the use of the data.
Unfortunately, most companies don’t try to solve their data problems by designing an information strategy, but by hiring a data analyst , systems engineer, or data scientist. An ideal scenario for a company could be to have the department and the figure of the CDO to lead the strategy and to have the advice of companies or external consultants who are experts in the implementation and execution of this tactic. 5 ‘big data’ solutions at the service of your business
However, companies can acquire this vision and benefit from its advantages by applying the following actions:
- Align the key objectives of the organization with the data value chain. This should be the CDO’s priority, followed by the implementation of a modern and integrated internal data infrastructure , the achievement of more effective and efficient internal and customer-centric business processes, or the expansion of cognitive capabilities that will enable the company to become a digital disruptor.
- Develop a strategy in line with the key objectives of the organization . At this point, the CDO can start, for example, by establishing data governance at the enterprise level, driven by business optics. However, even the best strategy can fail if the company culture is unwilling to change, and so the CDO will need to work to establish a data-driven, more agile and adaptive culture.
- Attract the talent necessary to fulfill the strategy. Finally, the CDO will need to find the profiles that help achieve the goals. Depending on these, more technical, hybrid roles that combine statistical, mathematical and business skills will be required, such as the data scientist, or experts in transmitting new and complex concepts in understandable visualizations.
Every company needs data, but just as important is the CDO, who will be able to see the big picture and design a strategy , and transform the organization. Those with this talent will see that all data-centric efforts pay off. In fact, the CDO has gone from filling a specialist role to occupying an essential leadership position.
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