Today we presented a webinar to introduce our new research study, The Chief Data Officer: Bridging the gap between data and decision-making.
More than 250 CIOs and CDOs in the U.S. took part in our research study. All participants were from companies with over 500 employees from a variety of industries, including manufacturing, professional services, financial services, retail, utilities, healthcare and more.
The presentation covered five key areas:
Data is an untapped resource –Ninety-five percent of the CIOs interviewed believe data is changing the way their organization does business, but it isn’t always reliable, accessible or trustworthy. Because of that, there is a lot of room for improvement around data usage. In fact, four out of five CIOs see data as a valuable asset that is not being fully exploited.
Barriers to better usage –Organizations are finding it difficult to use data for strategic decision-making, mitigating regulatory risk, avoiding damage to the customer experience and much more, all due to data inaccuracies. Our survey found that a majority of organizations believe they could increase profits by an incredible 17 percent if their data were of the highest quality.
CIOs are under increased pressure – CIOs are finding it challenging to keep up with not only the volume of data (which is expected to increase by 33 percent in the next 12-18 months) but also the variety of data in their organization. Everything from customer and third party data to product, transactional, and location data is pouring into systems, and the business is demanding access to it faster than ever. This is leading to increased responsibility, longer working hours and higher stress level for CIOs. They are calling out for someone to help manage data.
The dawn of the CDO – The CDO role is becoming more prevalent. Gartner estimates that by 2017, half of all companies in regulated industries will have a chief data officer. Our research found that 63 percent of CIOs want to see a CDO role created at their organization. Of those that already have a CDO in place. 78 percent were hired in the last 6 months! That means there is a huge influx of new CDOs into the market.
The supporting team members – Building a team to help support your data management initiatives is important—you can’t go it alone! While the team members may vary based on your organization’s culture and specific needs, there are a handful of roles that are typically included in a data team. For more information about what “players you need on the field,” check out this baseball-themed infographic about data teams!
For the full presentation, check out the slide deck below or click here to watch the recording.