So, you’re a new CDO, hah? Does the company await valuable, data-driven insights from you? But, wait. Don’t you have all the resources necessary to give them what they want? Not at all? Well, we might have some insights and knowledge to help you with data acquisition.
But firstly, let’s make a brief review of chief data officer responsibilities to make sure we’re on the same page.
We’ll take an analogy with Chief Financial Officer. Money is an important asset to a business. So you definitely employ somebody who is a specialist in financial matters to look after that asset. If the information is deemed to be an asset of a business, why shouldn’t you have someone to look after the data.
The research for our 2015 annual analytics report identified that 422 of 1,225 organizations
had adopted the CDO role – statistically 34 percent of the market.
Whether that person is called CDO, or Head of Data, or Head of Analytics it all depends now only on the size of your organization and the complexity of data sets you’re dealing with. The more data you can manage effectively – the more power you get. For now, it depends on the organization size, but you can be the driving force and get asset bigger than the size of your company.
Data as an asset haven’t been put onto a balance sheet but it becomes more tangible these days, some organizations even talking about data insurance.
Most CDOs are measured by their impact on data management, organizational efficiency and business outcomes, which aligns with the data value chain.
To become successful CDO should possess good communication skills. The ability to build relationships across the business. This skill directly affects who well you’ll be in data acquisition and data management. Because in order to get the information you’ll going to communicate with all department. You’ll have to ensure they will go extra mile to provide data to you.
<h3id=”Chief-Data-Officer-vs-Chief-Information-Officer”>Chief Data Officer vs Chief Information Officer
Chief Information Officer is more concerned about platforms and technology. He’s playing on the side of business automation and digitization. He’s about driving your customers online. This role ensures that your business effectively in communicating online via digital products and apps. The goal of CIO is to make business autonomous, rely less on physical business processes and save money on such automation.
Chief Data Officer, on the other hand, concerned about the data those digital platforms produce. CDO is a one who alerts and directs CIO in further adoption of online platforms. There is still no clear definition of to whom is CDO reports to. The survey shows they report to Chief Marketing Officers, CIOs, CFO, or directly to the CEO. It all depends on who originally feel the need for your knowledge. This is what department you should support in first place.
Now, here are three technology-dependent responsibilities of CDO:
From here we’ll take a close look at how you can perform these responsibilities and make a roadmap for you.
You’ll need to determine main data generating sources. Typically there are two options: the one where your company communicates with customers. Or the one inside your business processes (communication, manufacturing, etc.).
You can have two or even five main data sources, depending on the size of your company. Our automotive partner had a data source on manufacturing – we’ve developed an analytical system that would help sort out all test performed during the quality assurance stage.
Now, when you structure all your main data sources and develop a comprehensive system to log them, you can get to the additio
nal streams. We’ve been working on a big-data processing platform for water quality project that had too many different types of data. And the project keeps logging new data types and sources, which complicates the development of the platform. So, if you have such type of industrial specifics, you should get it beforehand, in order to make additional gaps in software architecture.
The data processing requires exquisite algorithms. In most cases, if we’re talking about Big Data, it’s better to go for existing products like Microsoft Azure, DataRobot, Data Bricks, etc. From here we can help you integrating you collecting platform with those services, to ensure all data channels are connected to the hub.
The third and the most important, revenue-generating step in your work. Once, the signals are identified and the protocol is established, it’s high time for development of notification system. You can get from a simple email notification system to the more exquisite inside-app notifications.
The actual development of the notification system is not the most challenging part of a problem. But the algorithm, “if-then” protocol and a number of pipelines to is up to you. As a CDO you should sort out which data signal should trigger notification and where to head your data pipelines. And we’re here to help you bring the system to life.
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