Data is no longer an advantage – everyone has it yet, not everyone uses their data to its greatest potential. That’s where the chief data and analytics officer (CDAO) comes in. Primary motivations for hiring a CDAO vary, but according to a recent Experian report, the top three motivations for hiring a CDAO include:
- Capitalizing on big data opportunities
- Creating a competitive advantage through data
- Having a consistent approach to minimize risk in data-driven projects
Many companies are looking to CDAOs to create competitive advantages, new products, or new services with data. Effectively, the CDAO is tasked with monetizing, governing, and managing the organization’s data.
The responsibilities of the CDAO
With CDAOs being a relatively new role to most organizations, new CDAOs can be overwhelmed with where to start, how to meet uncertain goals, and what should take top priority. Companies wanting to establish a CDAO position often benefit from hiring an outsourced CDAO to assume the position until the department is filled, and strategies are in place.
Whether working with an outsourced resource or a new hire, a CDAO can create enterprise value by serving as the catalyst for change, to bring your organization from where it is today to your desired future state.
Simply put, a CDAO can:
- Elevate and prioritize digital transformation initiatives: A CDAO can define and execute on transformation priorities that can become stalled without expert oversight.
- Implement a strategy that embraces data: Based on the needs of the business and leadership’s goals, a
