September 24, 2021
7 priorities for CDOs and enterprises to become high performing data-driven organization
📰 The office of the Chief Data Officer (CDO) is as critical as “traditional” departments for more and more enterprises.
The CDO's role is now central to the digital transformation of organizations:
- ensuring alignment of D&A investments with the business needs,
- leading efforts toward data-driven decision making embedded within all business functions,
- managing the roadmap and deployment of all the tools, platforms and trainings to make it happen.
That’s a both strategic and complex position, and extremely demanding in term of expectations.
Arvind Murali M.B.A., M.S. has laid out in an insightful Forbes article 7 priorities for CDOs and enterprises to become high-performing data-driven organization.
1. Identify the real value of data. We hear a lot “we need to make value from data”. The CFO is the best partner for CDOs to determine the business value to target, how to proceed, and most importantly how to measure success (KPIs).
2. A strong and business-driven D&A strategy. Data is an enabler, not a goal. CDO needs to ensure that the core focus of D&A strategy is to enable and accelerate business strategies. He needs to oversee the D&A strategy being accepted and communicated clearly and widely in the organization.
3. People resist change. When developing a data culture, it is hard to make them understand why they need to work in a new way. CDOs need to show them how they can evolve and support them in this change with training and communication.
4. Data Governance is not bureaucracy. It is guarantying the availability of the data, its quality, trustability and its proper use. This means that data needs to be valuable, operable and usable to business strategies.
5. Change legacy processes & technologies. Change is not only for people. It is CDO's responsibility to investigate and invest in a modern platform that can facilitate the driving and management of D&A projects and maximize their cost benefits.
6. Measure success. KPIs are key to measure and share business impact. CDOs need to focus not only on operational efficiency but also monitor wider trends and signals. This helps them anticipate, plan and support organizational moves.
7. Make partnerships. CDOs need to partner internally with different departments, to understand their challenges, objectives and needs, and also externally with technology vendors, analysts, peers for a broad understanding of the ecosystem and best practices.
🔱 CDOs are considered business leaders. They need to map their data strategy on the business objectives and become a change agent using data as an asset to achieve business outcomes and needs.
🙋♂️ YOOI supports CDOs in their journey through those priorities by providing a cockpit to manage the portfolios of initiatives and assets across the enterprise, to track and optimize the value generated.
🧑🤝🧑 YOOI also enables CDOs to animate data communities to support data literacy and change management efforts along the way.
To know more how YOOI can help you in your data-driven business ambitions, schedule a demo!
Further reading: The Priorities Of A Modern Chief Data Officer (forbes.com)