Research shows 85 percent of organizations see data as one of the most valuable assets for their business, and as organizations move up the ranks toward an optimal enterprise-wide data quality management program, they need a leader. A leader who can pave the way for their team to achieve that data dream state, a chief data officer (CDO).
Over half of data-driven organizations have a chief data officer in place today. As financial institutions begin to digitally transform and retailers innovate their e-commerce experience, the volume of customer and product data may begin to overflow.
CDOs can control the influx of data, ensure relevancy and accuracy, and inform the enterprise how to become data literate to drive insightful decision-making.
Mike Kilander, global managing director of data quality Experian says in our 2020 Global data management report, “While the business wants to be agile and informed by data, this level of distrusted data often leads leaders to fall back on making decisions by gut instinct rather than by informed data insight. In fact, we have consistently seen over the past several years that people believe almost a third of their data is inaccurate.”
When you have a CDO sitting at the table, you have a leader and team to steer your company away from inaccurate data through consistent validation practices and enterprise-wide data management, relieving your current data debt and mitigating any future risk.
With trusted insights, a CDO can help democratize your data and influence the usage of trusted information from the top down; from executives to IT to business users, like marketers, risk managers, customer reps, and operation analysts. This puts your enterprise in a position to be fully data driven.
Benefits of having a chief data officer look like this:
With a CDO leading your data efforts, you have more security and confidence that your customer, product, and operational data is constantly being monitored for accuracy. In turn, your organization will feel equipped with the knowledge and insights to leverage trusted evidence to drive business initiatives.