The CDO is also responsible for enabling organizations to manage data as a corporate asset. This means being responsible for how companies use and extract value from data, including how they protect data privacy and maintain compliance with laws related to data integrity and accessibility. The CDO needs to create order from chaos and get the most business value from information the company possesses to improve overall insight and competitiveness.
Connecting with customers
The CDO has to be able to appreciate the importance of connecting technology-based processes that operate organizations with the 'human element' - typically ignored yet crucial information that lies in unstructured data, often in social networks. In order to achieve this, the CDO will need a "whole-brain" approach that lowers the barrier between useful information and action.
Research shows organizations that leverage big data to connect with customers make more money. In fact, using data can result in smarter business decisions and more revenue for companies of various types and sizes.
Ultimately, data should be managed as a product. It is the CDO's responsibility to identify new sources of data, as well as determine how to package existing data from a multitude of sources to create value-add or even commercial offerings. Making smart use of information that is created and stored every day will enable organizations to unlock more opportunities and better differentiate themselves from the competition.
Becoming a data-driven organization is no longer a choice, but a necessity. Making decisions based on data-driven approaches not only increases the accuracy of results but also provides consistency in how the results are interpreted and fed back into the business.
Data has the potential to change an organization. Today's businesses need a new 'data hero'. As the information advocate, the Chief Data Officer is that driver of change.
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