As organizations recognize the positive impact that big data has on a company’s performance and innovation, the position of Chief Data Officer (CDO) continues to grow in prominence across numerous industries.
Gartner predicts that by 2019, 90% of large companies will have a CDO role. Why? According to Mario Faria, Research Vice President at Gartner, "Business leaders are starting to grasp the huge potential of digital business, and demanding a better return on their organizations' information assets and use of analytics."
Information is power, and the CDO has the ability to bridge the gap between the technical and business aspects of a company. They are able to understand the strategic business value of data and what can be accomplished with it, while also having the knowledge and credibility to drive data’s significance throughout an organization.
So what exactly does a CDO do, you ask? The CDO focuses exclusively on the vision and strategy surrounding the use of data within an organization, and is responsible for:
- The protection and privacy of corporate information
- Managing the quality and lifecycle of data
- Ensuring that data is well organized for meaningful analytics
- Handling the collection and harnessing of data
- Driving efficiency or improving risk management
There’s no doubt that one of the biggest challenges that companies face is hiring the right people for the right roles, and the world of big data is no different. As more and more companies embark on this big data journey, could the position of CDO become a career stepping stone to becoming a CEO?
For additional information about CDOs and how enterprises can create and propel a successful big data strategy, check out our recent blog post 5 Recommendations for Big Data Success as a Chief Data Officer. And to learn valuable tips, best practices and practical advice on how to take advantage of this growing wealth of unstructured data, download our whitepaper "7 Steps To Create Maximum Business Value From Unstructured Data".