Randy Bean from NewVantage Partners reports that only 37.8% of companies have achieved to establish a data-driven organization, highlighting a real challenge with evolving the internal culture, skills, organization and processes in order to manage data as business assets.
The CDO has a unique leadership to establish this transformation, and support the business ambition.
In order to pave the way for success, these 4 recommendations from the 2020 MIT CDOIQ Symposium are key:
⭐ Aligning with the business strategy: it’s crystal clear that any initiative has no purpose if it doesn’t fit with the general objectives of the company. By defining and aligning on the business strategy and goals, CDOs help frame the right context for deriving value from data and as such support the business.
✨ Communication, to articulate the complexity of understanding and managing data across the organization and its technical and business silos. This puts the CDO in the position of a popularizer, rephrasing a hardly understandable "jargon" in terms that convey the business value.
❤️ Trust! Trust in data is what a big part of failed data initiatives are lacking. CDOs' role is to build, develop and sustain trust in data for every decision-maker within the enterprise and all the stakeholders, driving data citizenship and innovation.
🧑🤝🧑 Training and career path, in order to fully integrate data strategy, governance, architecture, analysis and consumption as systemic capabilities, and enable organizations to "embrace data as a business asset.".
We have built YOOI specifically to support CDOs in their mission to develop the data culture and drive the success of data-driven strategies in generating business outcomes !
💪 With YOOI, CDOs have the cockpit to pilot all their Data & Analytics initiatives. From defining and deploying your data strategy to encouraging collaboration from top to bottom in your organization YOOI is the data value management solution you need.
To know more how YOOI can help you in your data-driven business ambitions, schedule a demo!