Do you want to be driving towards digital transformation and all its benefits?
How about building a data-driven culture to enhance the client experience and improve productivity and sales?
If you silently screamed yes to either of these questions, then it sounds like you’re in the market for a chief data officer (CDO).
The rise of the chief data officer
Rewind to 10 years ago and the role ‘data scientist’ wasn’t really a thing in many organisations. Their role has seen a steady evolution in both application and necessity within the corporate hierarchy. Software engineers took on extra responsibilities as the realisation as to the importance of data grew. Now here we are in 2021 where we have teams of dedicated data scientists all reporting to a chief data officer.
Driving value through digital transformation?
It is your responsibility as a business operating in 2021 to continually challenge the status quo and constantly experiment. This is what a CDO can help you with by driving digital transformation and pushing your organisation into uncharted territory to uncover new opportunities.
Less than half of large companies have a chief data officer (CDO).
With such a crucial role to play within businesses, it’s surprising to see a stat like this, but there is a chance to use this for your advantage and get a leg up on your competitors. If you are the first one to adopt a CDO then you are going to be the first one covering new ground and exposing your brand to new markets using analytics.
It's worth being aware that according to Gartners 2021 CDO report; “CDOs are often the ones to lead, or at least be heavily involved in, any digital initiatives. Only 2% aren’t involved at all.”
Battling data illiteracy within your organisation
Data literacy is a point that is all too often overlooked when it comes to the success of your business. A CDO plays a vital role in helping establish foundational analytics competencies and data literacy within your organisation, meaning your team of people that can contribute to your success will grow.
In possessing a fluent and data articulate team, business leaders can partner with the right experts to gain a deep understanding of your data which can then be shared in an accessible way for those less literate. By being able to explain to the board leaders can better justify how data and analytics processes are impacting their success.
This gives your data so much more usability and can become a component of discussions and decisions about business opportunities and threats, within a team or department. Better data discussions result in actions understood and accepted by all as opposed to trusting the one data literate member of your team and hoping they know what they are doing.
Shifting to a data-driven culture
Data and analytics are like cream and scones (or peanut butter and jelly I guess for our transatlantic cousins) you just cannot or should not have one without the other.
Especially in today’s landscape businesses need CDO’s to secure and leverage big data trends in their favour. Without someone to fill this role you are leaving your organisation wide-open to be trampled on by your competition.
A CDO's main responsibility will be to identify areas where data can improve the:
By unifying the data your business collects from;
- In-app browsing
- Marketing interactions
- Social media
- Customer support
A CDO will be able to build a holistic 360-degree view of each customer. Then trickle this information down into its respected channels to help inform and adapt customer touchpoints to be better suited toward the individual and therefore improve the client experience.
Productivity and sales
With the role data plays in the pace of your business (time of tasks etc) the CDO can create the business roadmap to harness and streamline the productivity linked to this data. This includes both short and long-term data use cases that can impact your organisation's productivity and revenues.
Take the first step towards valuable data
With our Data Capture app and Data services team on offer we provide all the tools necessary to unlock the value in your customer data