Group Co.
Mastering the Role of Chief Data Officer
Traders Magazine Online News, March 12, 2018
In a world that is constantly evolving, data is viewed as a constant that is something that can be trusted. According to the inventor of the World Wide Web, Tim Berners-Lee, from an interview in 2006, “Data is a precious thing and will last longer than the systems themselves.”
Fast forward to the present day, a recent survey noted a trend that proves organizations are adopting a new importance for data in 2018. The Big Data Executive Survey 2018 from NewVantage Partners found that 62.5% of corporations made the decision to appoint a Chief Data Officer (CDO) among the ranks of their C-Level executives. The Chief Data Officer role is seen as a support system that will be the leader guiding a corporation through the new and evolving data landscape.
Data has become an important asset that needs to be controlled and used for the benefit of an organization. For many cases across the finance industry data is not streamlined. Data lacks ownership, structure, and even proper quality management. This is where the role of the CDO comes in, whether this is an executive brought up internally or a new hire from outside the company, the duties of the CDO start with management.
The effective management of data within any organization has grown in importance in recent years and financial institutions have come to recognize that their data assets represent highly strategic sources of insight. These insights can be used to leverage a wide array of business functions, including risk management, regulatory compliance, sales and marketing, product development, and operational performance, among others. That is when a chief data officer comes into the picture – with the appointment of a CDO, he is expected to get buy-in from stakeholders, advocating for and convincing about the importance of properly managed data, and finally delivering business value.
For more information on related topics, visit the following channels:
Comments (0)