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Chief Executive Officer. The title has a way of instantly portraying the person who bears it as the person in charge. The top dog. The Big Kahuna. But with the massive increase in the importance of data within efficient, data-driven businesses, CEOs will likely be outshone in importance by the C-level exec who can best leverage data to promote growth. In short, the time for the Chief Data Officer has come.
Growing in Importance and in Number
The importance of the Chief Data Officer is widely becoming more acknowledged through the business world. Organizations who had long left such duties to those personnel outside the C-suite are quickly changing tact. According to a report by Gartner, the number of CDO roles within companies have grown 57% since 2016. In fact, a full 47% of companies now employ a CDO, even if that exact title isn’t used across the board. This is a major increase over just 23% of organizations having a CDO role just a year ago.
Why CDOs Are So Valuable
The value of CDOs aren’t just in what they know about data, analytics, business efficiencies or other similar attributes. They’re also incredibly value for what they actually do and focus on for an organization. Gartner’s study suggests that 45% of a CDOs time is focused on what matters most: creating value and revenue generation. Using data-driven processes to increase revenues is of huge importance for any modern organization, so having a professional in this role ensures revenue is a top priority. In summary, the focus is on the results, not just the process.
The CDO Transition
That last point about results is crucial. Previously, CDOs largely were solely responsible for data governance and data quality. But those days are largely over. By integrating third-party data quality solutions, the future CDOs will be focused solely on results and on proving ROI on the adoption of a data-driven culture. So, as the numbers of CDOs increase, their roles and responsibilities are also changing quickly. Has your organization been keeping up with this pivot?
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