Technological advances have brought with them a deluge of data that is often overwhelming for businesses. Understanding what to do with it, and what it tells a business, is a highly complex process. Enter the Chief Data Officer.
According to the below infographic, by next year nearly all large global companies will have a data officer in their C-Suite. But, as found when examining the mandate of the CDO in PwC’s 2017 Chief Data Officer survey, what they will do once in that role is less clear.
Most CDOs report that their role was put in place for risk and regulatory reasons. To mature, however, the survey suggests that CDOs need to be “more forward thinking and become involved in business activities that positively impact the top and bottom lines”.
This is easier said than done when it is often unclear who is responsible for data strategy within an organisation – from data scientists, information officers, other C-Suite members or, as is often the case, no one single person. Further, legacy systems, skills gaps and organisational complexity over who ‘owns’ data in the workplace are additional challenges that need to be dealt with.
Addressing and overcoming such problems will pay dividends, as businesses with more mature data functions and capabilities, and in particular, oversight of data analytics functions, will be best positioned to improve their competitive position.