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MANAGINGDATA AS A STRATEGIC ASSET
Background
In the last few years companies have become aware of the value and importance of
information technology, business intelligence, data management, data analytics & data
integration as well as the value of Data as an Enterprise Asset. The management of this
data has become more visible and crucial.
To this end many companies have realised that they must better define strategic priorities formanagement and delivery of data throughout the enterprise. They must identify new business
opportunities through the analysis of data, and significantly improve revenue generationthrough more effective use of enterprise data.
In an ideal world, one person should be focused on the quality, management, governance
and the availability of data. It is about treating data as a strategic asset. But most
organisations do not give data the same kind of attention as other corporate assets.
As companies now understand the importance of data and the enterprisewide governance
and utilisation of data as an “asset” thus was born the position of the Chief Data Officer
CDO. Fundamentally, the CDO is tasked with being the voice of data and generally
representing data as a strategic business asset at the executive table.
The CDO is typically a member of the executive management team managing their
companies’ enterprisewide data administration and data mining functions.
The Role – Managing DATA as a Strategic Business ASSET
The marketplace is now getting a better understanding and now has a clear vision of
Data managed as an asset
Datadriven decisionmaking
The Chief Data Officer now holds the position of being primarily responsible for
implementing that vision.
In essence, managing data as an asset means improving links between the databases;
making information/data easier to find online, making it easier for analysts and decision
makers to quickly access and transform data into the new formats and knowledge. It means
lowering the cost of consuming and using data because we keep having more data to
manage.
CDOs typical responsibilities include:
The CDO should develop capabilities to measure and predict risk and influence enterprise
risk appetite at the executive table. The CDO should also be watching the topline revenue
numbers as well as the bottom line.
Once you treat data as a strategic asset then you enable the CDO to generate more
revenue or lower costs through the use of data.
Statistics
According to Gartner research, 4.4 million IT jobs will be created to support big data within
the next two years.
Some stats about CDOs:
Data stewardship, or being the chief owner of all enterprise data.
Data aggregation, or being responsible for “building bridges between business units and
creating an enterprise focus for the data”.
Communicate data schemas and eliminate any semantic differences among enterprise
data.
There are over 200 chief data officers serving in large enterprises today. That’s more than
double the number from 2012.
Banking, Government and Insurance are the top 3 industries for Chief Data Officers – in
that order. However we are now seeing other industries rising.
For those looking for Strong Data candidates orthose looking at new Data opportunities:
Fergal Keys, Partner, IT & Business Changee: [email protected] | t: +353 1 6377060 |www.thepanel.com