Added: Kaleigh Frawley - Date: 02.12.2021 22:57 - Views: 16187 - Clicks: 8411
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Remember Me. With the explosion of data and the value it brings for companies, hiring a Chief Data Officer CDO has been on the agenda of the majority of companies. Companies are in a literal race trying to find Chief Data Officers. But does that really mean that every company truly needs a CDO? And is it necessary for all companies to have one in place? The reality is that people working in the role of CDO are still fighting for the right to be called and appointed a Chief Data Officer. Giving CDOs their mandate and authorisation sends a message that a company takes data seriously, and at the same time gives the CDO the deserved acknowledgement, emphasises Vanessa.
What we are trying to do here is fight for the right to be called a Chief Data Officer. Would that work? If you are doing the work of a Chief Data Officer, why not get that mandate and that role? Using data to make critical business decisions and impact revenue streams inevitably gives rise to the need for a Chief Data Officer.
Data is coming into the organisation from various systems and applications, but someone needs to look after the security and privacy of the data, Vanessa recounts. And they need someone responsible for driving the agenda for responsible AI. Business leaders are focused on innovation and new revenue streams, but the CDO ensures that they are responsible when it comes to AI and that they are making the right decisions.
All three areas of the same important and should be given equal attention, they are not siloed. Just like any other new employee, they need to get acquainted with the business. After her appointment as a CDO, Vanessa says she spent Really need some company a month just talking to more than 50 people in the organisation trying to figure out how the organisation works, who are the data owners, and where are the pain points. This model should help the CDO explain management where the organisation is in terms of data governance. The Target Operating Model should help the CDO to understand how the organisation works today and where they want to see it in the future.
When a CDO is appointed they have a vision of how a company should operate, but they also inherit different units and people in diverse positions in them. Talking to people helps the CDO understand where the data gets stuck. Again by talking with people who claim they own the data — the data stewards, the CDO should figure out the organisation structure and create a data governance structure and an implementation plan.
When doing data science, many companies get stuck in the PoC phase and never move on. And oftentimes moving on to implementation proves a challenge. The CDO helps in this stage with prioritising by comparing them against different criteria and deciding which of them are up for industrialisation. When a CDO comes into an organisation, they bring in a new set of eyes, and that really value, states Vanessa. With their fresh views, the CDO can help identify pain points with data.
Then the pain points are categorised for complexity and impact of addressing so that the CDO has an idea which ones to prioritise. Vanessa gives attention to several most common hurdles for data listed according to prioritisation:. After analysing the problems, the next step is building a vision and strategy for data.
But the biggest challenge today is actually making room for the Chief Data Officer in the organisation, states Vanessa. The scope is another challenge because the role is relatively new and a lot is expected from the CDO. Expectations are great, but they should undergo a reality check by creating a roadmap of how goals are going to be achieved. Every company has legacies, and it is a challenge for the CDO where to start and which to cover.
Also, because the work is shared with other C-levels, having them on the same and getting their commitment can sometimes prove to be an issue. So finding this set of skills can sometimes be a challenge too. Data governance often divides and confounds CXOs. Vanessa gives an example from her experience when innovative technology was discussed among He in the company.
But on the other hand, when responsibility needs to be taken, Vanessa recalls everyone rejecting having the ownership. With the innovation and the value of data, comes the responsibility of data governance.
Organisations must clearly establish who owns the data as data governance is critical. Taking a birds-eye view on the value of CDOs, they represent a single point of contact for the organisation regarding data, Vanessa summarizes.
By appointing a Chief Data Officer to drive the data initiatives, the company has a clear reference for data-related questions. Moreover, the CDO helps with breaking down silos and creating a holistic view of data in the organisation.
The Chief Data Officer has the mandate to create policies, guidelines and rules and enforce them to manage data. They implement Really need some company governance and hold business able for the quality of their data. This is crucial because there are multiple units in a company who are investing in their own different platforms, which in the long run is not effective. And lastly, CDOs are in charge of allocation, motivation and cost-effectiveness of expensive resources, one example being data scientist as a valuable resource.
The bottom line is, just like a company has a CTO responsible for the technology, and a CFO in charge of the finances, in the digital era it is indispensable to have a CDO — a person that will look after the data, as the most valuable asset.
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Therefore, knowing how to monetise your data effectively can be a differentiator for competitive Mahendra Samarawickrama, Senior Manager — Data Science and Analytics at Australian Red Cross, talks about how, if governed properly and put to the right use, AI and data science can help enhance social justice A recent survey of C-suite, information technology, and artificial intelligence practitioners offers interesting insights on the enablement of digital capabilities using cloud-based data capabilities.
Facebook Twitter LinkedIn. Business Data Governance Data Management. August 7, The role of Agile Analytics in instilling a data-driven culture. You may also like. Advanced Analytics Business. Artificial Intelligence Business. Data Governance Data Management. Recent posts. How to monetise your data to fuel growth in your business: Chat with Bill Schmarzo. Social justice and sustainability by leveraging data science and AI: Interview with Dr. Mahendra Samarawickrama. Future Says… AI for Good. AI opens the path to deing sustainable societies. Future Says… AI Foundations.
Necessary Necessary.Really need some company
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