In the new and changing environment of the digital era, information has become a prime asset for companies. The data that business acquires does not stop cease to grow at an exponential rate in increasingly shorter periods of time. So companies have to prioritise the governance and quality of data, so that this information has a favourable impact on business strategy. That is why more and more companies employ a Data Director or Chief Data Officer (CDO).
According to a report by the technology consultancy firm Gartner, in 2019, 90% of large organisations will have a CDO. Alan Duncan, the company’s research director, believes that the CDO will be the ambassador for the new culture of facts and evidence-based decision-making.
Thus the CDO emerges to guarantee the correct interpretation of data. Therefore, the CDO is responsible for analysing, classifying and converting massive volumes of information into statistics that establish predictive and prescriptive models that improve decision-making and optimise company performance through data.
In this technological and multidisciplinary role, the CDO has overall responsibility for data management. In some cases, it is important to determine to what extent this role shares functions with the directors of other business areas or with the Chief Information Officer (CIO). The CDO, however, must not only understand the business needs, but also be the driving force behind a data management platform being one of the company’s main assets.
Data quality, therefore, is fundamental to achieving effective business strategies, so one of the CDO‘s priorities is to boost, through management, its importance as a corporate responsibility, in order to achieve business growth.
Furthermore, the alignment of information management strategies with business strategy is essential for data to really add value to a company and become a competitive advantage. The CDO must address data governance; providing a coherent model and a holistic approach.
Data quality as well as data governance are certainly priority issues for a CDO. This ensures that resources are in place to identify potential opportunities and create value for the business.