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Confessions of a CDO - The Evolving Role of the Chief Data Officer

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DATAVERSITY
DATAVERSITY

As organizations continue to embrace digital transformation, they are looking to their data to power these initiatives. The chief data officer (CDO) is quickly emerging as an integral role in ensuring this process runs smoothly. While the role is relatively new to many organizations, the value a CDO adds is widely acknowledged by other C-level executives. In fact, 82% of CIOs believe there is a compelling case to hire a CDO in most organizations today. Yet, not all CDOs are set up for success equally. Less than half of CDOs are given a clear remit or objective when they join an organization. For many of them, they’re pioneering their role as they go along. In order for businesses to become data-driven, they need to empower their CDO to ensure quality information that can be used in a meaningful way throughout the organization. Join us for an informational webinar in which we’ll share our findings from more than 50 CDO interviews. We’ll discuss how the role has changed over the last several years, and how the realities of the position may differ from the expectations set forth. Other topics will include: A snapshot of the average CDO Core responsibilities of the CDO The CDO’s reporting structure The relationship between the CDO and CIO

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© Experian Public • Confessions of a CDO Confessions of a CDO: Inside the evolving role of the chief data officer Presented by: Kevin McCarthy Director of Product Marketing Sean Coombs Senior Market Researcher
2 © Experian Public • Confessions of a CDO • Our methodology • The data dilemma • Exploiting data • The value of a CDO • Profile of a CDO • Key trends • Questions What we’ll cover
3 © Experian Public • Confessions of a CDO 201 Chief information officers 51 Chief data officers We spoke to
4 © Experian Public • Confessions of a CDO 90% of CIOs say business stakeholders want more access to data. The data dilemma
5 © Experian Public • Confessions of a CDO 11% of CIOs believe their ability to exploit available data is excellent. The data dilemma
6 © Experian Public • Confessions of a CDO Rating of organizations’ data capability: CIO (2015 v 2017) Ability to exploit available dataQuality of data in organization Excellent 15% Adequate 74% Poor 11% 2017 Excellent 11% Adequate 76% Poor 13% Excellent 67% Adequate 31% Poor 2% Excellent 36% Adequate 62% Poor 2% 2015
7 © Experian Public • Confessions of a CDO 29% 25% 34% 35% 31% 44% 42% 36% 24% 31% 37% 39% 41% 41% 47% 53% 0% 10% 20% 30% 40% 50% 60% Variety of data Lack of understanding of the financial impact of Data Quality issues Inability to use data for business intelligence Lack of skills within our staff Lack of strategy Volume of data Limited budget Ability to access data CDO All CIO Key barriers to exploiting data assets more effectively
8 © Experian Public • Confessions of a CDO 44% 40% 29% 54% 31% 47% 52% 37% 39% 41% 43% 45% 51% 67% 0% 10% 20% 30% 40% 50% 60% 70% Increasing volume of data Increasing variety of data Data profiling / discovery Real time processing Workflow tracking Data quality issue resolution Data capture and validation CDO All CIO Biggest data management challenges currently
9 © Experian Public • Confessions of a CDO 37% 40% 33% 41% 53% 53% 58% 39% 43% 43% 45% 57% 59% 63% 0% 10% 20% 30% 40% 50% 60% 70% Integrating data across the organization Engaging customers through digital channels Managing new trends (e.g. Big Data, Machine learning, etc.) Migrating data Increasing customer expectation Keeping pace with technology advances Improving data security / policy CDO All CIO Key business challenges over the next 24 months
10 © Experian Public • Confessions of a CDO The value of a CDO
11 © Experian Public • Confessions of a CDO 89% of CIOs believe the CDO has an important role to play in keeping companies on track with digital transformation plans. Digital transformation plans
12 © Experian Public • Confessions of a CDO 76% of CIOs with no CDO say their current role fails to cover the majority of responsibilities a CDO would have. Digital transformation plans
13 © Experian Public • Confessions of a CDO 20% 23% 28% 29% 32% 39% 40% 48% 0% 10% 20% 30% 40% 50% 60% To consolidate data quality suppliers/investment Lack of ownership in the organization Increasing costs due to poor quality data Increasing regulation / governance Decentralized data management and reporting Need a consistent approach to de-risk data driven projects Create a competitive advantage through data Capitalize on big data opportunities Top motivations for wanting a CDO
14 © Experian Public • Confessions of a CDO 82% of CIOs believe there is a compelling business case to hire a CDO. Hiring a chief data officer
15 © Experian Public • Confessions of a CDO Profile of a CDO
16 © Experian Public • Confessions of a CDO CDOs in 2017 Typically aged 35-44 yearsBeen in CDO role for 2 years Typically believe they have replaced a previous CDO role Usually only one CDO Typically report to CEO or CIO Spend most of their time on cost savings projects Team sizes range from 8 to 50 people – but smaller than CIO team Responsible for range of technology purchases including data security tech., data quality tools, data governance tools, and data preparation tools See role as influencing corporate strategy and defining a tactical data management strategy Likes learning, teamwork, technology, data, feeling valued, solving problem Struggles with staffing, customer expectations, new technology, budget, data security Typically have a budget of $500K - $5m
17 © Experian Public • Confessions of a CDO Within the last 6 months 5% Within the last 6-12 months 29% Within the last 12-18 months 15% Within the last 18-24 months 15% Within the last 24-36 months 16% Longer than 36 months ago 20% When the CDO role was created When CDO role was created Less than 6 months 2% 6-12 months 10% 12-18 months 18% 18-24 months 23% 24-36 months 27% Longer than 36 months ago 20% Tenure
18 © Experian Public • Confessions of a CDO CDO’s relationship with the organization
19 © Experian Public • Confessions of a CDO 0% 0% 0% 10% 29% 24% 37% 2% 2% 6% 8% 16% 29% 37% 0% 10% 20% 30% 40% CRO (Chief Risk Officer) COO (Chief Operations Officer) CMO (Chief Marketing Officer) CFO (Chief Financial Officer) CTO (Chief Technology Officer) CIO (Chief Information Officer) CEO (Chief Executive Officer) Currently report to Ideally should report to CDO reporting structure: Current vs. ideal
20 © Experian Public • Confessions of a CDO 22% 26% 26% 29% 31% 33% 37% 39% 43% 49% 43% 33% 39% 43% 41% 35% 28% 33% 29% 22% 35% 41% 35% 28% 28% 32% 35% 28% 28% 29% 0% 20% 40% 60% 80% 100% Drive large, cross-functional data management programmes involving multiple stakeholders Set and enforce data governance policy Create innovation centers around data using data scientists and other data professionals Fulfil requests for analytics and data insight from business users Be trusted advisor on analytics / data across the enterprise Provide platforms and technologies to support analytics within the enterprise Prepare data for use by the business Measure and ensure quality data throughout the business Be the guardian of data quality in the organization Influence corporate strategy, define data management strategy and translate it into tactical implementable steps CDO responsibility CIO responsibility Joint responsibility Responsibilities of the CDO and the CIO
21 © Experian Public • Confessions of a CDO Generally difficult / negative / competitive 18% Distant / neutral / no relationship 43% Generally positive / supportive / aligned 39% Description of relationship between CIO and CDO CDO description CIO description Generally difficult / negative / competitive 22% Distant / neutral / no relationship 16% Generally positive / supportive / aligned 62%
22 © Experian Public • Confessions of a CDO How CDOs spend their time
23 © Experian Public • Confessions of a CDO Allocation of CDO’s time 12% 22% 31% 35% 35% 49% 57% 57% 14% 16% 43% 45% 47% 49% 43% 41% 0% 10% 20% 30% 40% 50% 60% Data monetization Revenue generation Risk management and compliance Improving customer experience Data monitoring and visualization Cost savings Operational efficiency Data innovation Projects taking up most time Projects would like to focus on
24 © Experian Public • Confessions of a CDO 4% 16% 31% 33% 37% 41% 43% 65% 0% 10% 20% 30% 40% 50% 60% 70% 80% Another CDO Governance lead Customer-focused data roles Data stewards Compliance officers Data protection officers Data scientists Data analysts Roles CDOs are hiring in the next year
25 © Experian Public • Confessions of a CDO Key trends CDOs are feeling increased value CDO are ushering in digital transformation CIOs and CDOs have a complex relationship CDO’s responsibilities can vary significantly CDO role adds value to data management
26 © Experian Public • Confessions of a CDO Questions
27 © Experian Public • Confessions of a CDO Thank you! For further insight, download the full report on our website. edq.com
©2017 Experian Information Solutions, Inc. All rights reserved. Experian and the Experian marks used herein are trademarks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the trademarks of their respective owners. No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without the prior written permission of Experian. Experian [Public. Confidential. Internal. Restricted. – please choose the appropriate category]

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Confessions of a CDO - The Evolving Role of the Chief Data Officer

  • 1. © Experian Public • Confessions of a CDO Confessions of a CDO: Inside the evolving role of the chief data officer Presented by: Kevin McCarthy Director of Product Marketing Sean Coombs Senior Market Researcher
  • 2. 2 © Experian Public • Confessions of a CDO • Our methodology • The data dilemma • Exploiting data • The value of a CDO • Profile of a CDO • Key trends • Questions What we’ll cover
  • 3. 3 © Experian Public • Confessions of a CDO 201 Chief information officers 51 Chief data officers We spoke to
  • 4. 4 © Experian Public • Confessions of a CDO 90% of CIOs say business stakeholders want more access to data. The data dilemma
  • 5. 5 © Experian Public • Confessions of a CDO 11% of CIOs believe their ability to exploit available data is excellent. The data dilemma
  • 6. 6 © Experian Public • Confessions of a CDO Rating of organizations’ data capability: CIO (2015 v 2017) Ability to exploit available dataQuality of data in organization Excellent 15% Adequate 74% Poor 11% 2017 Excellent 11% Adequate 76% Poor 13% Excellent 67% Adequate 31% Poor 2% Excellent 36% Adequate 62% Poor 2% 2015
  • 7. 7 © Experian Public • Confessions of a CDO 29% 25% 34% 35% 31% 44% 42% 36% 24% 31% 37% 39% 41% 41% 47% 53% 0% 10% 20% 30% 40% 50% 60% Variety of data Lack of understanding of the financial impact of Data Quality issues Inability to use data for business intelligence Lack of skills within our staff Lack of strategy Volume of data Limited budget Ability to access data CDO All CIO Key barriers to exploiting data assets more effectively
  • 8. 8 © Experian Public • Confessions of a CDO 44% 40% 29% 54% 31% 47% 52% 37% 39% 41% 43% 45% 51% 67% 0% 10% 20% 30% 40% 50% 60% 70% Increasing volume of data Increasing variety of data Data profiling / discovery Real time processing Workflow tracking Data quality issue resolution Data capture and validation CDO All CIO Biggest data management challenges currently
  • 9. 9 © Experian Public • Confessions of a CDO 37% 40% 33% 41% 53% 53% 58% 39% 43% 43% 45% 57% 59% 63% 0% 10% 20% 30% 40% 50% 60% 70% Integrating data across the organization Engaging customers through digital channels Managing new trends (e.g. Big Data, Machine learning, etc.) Migrating data Increasing customer expectation Keeping pace with technology advances Improving data security / policy CDO All CIO Key business challenges over the next 24 months
  • 10. 10 © Experian Public • Confessions of a CDO The value of a CDO
  • 11. 11 © Experian Public • Confessions of a CDO 89% of CIOs believe the CDO has an important role to play in keeping companies on track with digital transformation plans. Digital transformation plans
  • 12. 12 © Experian Public • Confessions of a CDO 76% of CIOs with no CDO say their current role fails to cover the majority of responsibilities a CDO would have. Digital transformation plans
  • 13. 13 © Experian Public • Confessions of a CDO 20% 23% 28% 29% 32% 39% 40% 48% 0% 10% 20% 30% 40% 50% 60% To consolidate data quality suppliers/investment Lack of ownership in the organization Increasing costs due to poor quality data Increasing regulation / governance Decentralized data management and reporting Need a consistent approach to de-risk data driven projects Create a competitive advantage through data Capitalize on big data opportunities Top motivations for wanting a CDO
  • 14. 14 © Experian Public • Confessions of a CDO 82% of CIOs believe there is a compelling business case to hire a CDO. Hiring a chief data officer
  • 15. 15 © Experian Public • Confessions of a CDO Profile of a CDO
  • 16. 16 © Experian Public • Confessions of a CDO CDOs in 2017 Typically aged 35-44 yearsBeen in CDO role for 2 years Typically believe they have replaced a previous CDO role Usually only one CDO Typically report to CEO or CIO Spend most of their time on cost savings projects Team sizes range from 8 to 50 people – but smaller than CIO team Responsible for range of technology purchases including data security tech., data quality tools, data governance tools, and data preparation tools See role as influencing corporate strategy and defining a tactical data management strategy Likes learning, teamwork, technology, data, feeling valued, solving problem Struggles with staffing, customer expectations, new technology, budget, data security Typically have a budget of $500K - $5m
  • 17. 17 © Experian Public • Confessions of a CDO Within the last 6 months 5% Within the last 6-12 months 29% Within the last 12-18 months 15% Within the last 18-24 months 15% Within the last 24-36 months 16% Longer than 36 months ago 20% When the CDO role was created When CDO role was created Less than 6 months 2% 6-12 months 10% 12-18 months 18% 18-24 months 23% 24-36 months 27% Longer than 36 months ago 20% Tenure
  • 18. 18 © Experian Public • Confessions of a CDO CDO’s relationship with the organization
  • 19. 19 © Experian Public • Confessions of a CDO 0% 0% 0% 10% 29% 24% 37% 2% 2% 6% 8% 16% 29% 37% 0% 10% 20% 30% 40% CRO (Chief Risk Officer) COO (Chief Operations Officer) CMO (Chief Marketing Officer) CFO (Chief Financial Officer) CTO (Chief Technology Officer) CIO (Chief Information Officer) CEO (Chief Executive Officer) Currently report to Ideally should report to CDO reporting structure: Current vs. ideal
  • 20. 20 © Experian Public • Confessions of a CDO 22% 26% 26% 29% 31% 33% 37% 39% 43% 49% 43% 33% 39% 43% 41% 35% 28% 33% 29% 22% 35% 41% 35% 28% 28% 32% 35% 28% 28% 29% 0% 20% 40% 60% 80% 100% Drive large, cross-functional data management programmes involving multiple stakeholders Set and enforce data governance policy Create innovation centers around data using data scientists and other data professionals Fulfil requests for analytics and data insight from business users Be trusted advisor on analytics / data across the enterprise Provide platforms and technologies to support analytics within the enterprise Prepare data for use by the business Measure and ensure quality data throughout the business Be the guardian of data quality in the organization Influence corporate strategy, define data management strategy and translate it into tactical implementable steps CDO responsibility CIO responsibility Joint responsibility Responsibilities of the CDO and the CIO
  • 21. 21 © Experian Public • Confessions of a CDO Generally difficult / negative / competitive 18% Distant / neutral / no relationship 43% Generally positive / supportive / aligned 39% Description of relationship between CIO and CDO CDO description CIO description Generally difficult / negative / competitive 22% Distant / neutral / no relationship 16% Generally positive / supportive / aligned 62%
  • 22. 22 © Experian Public • Confessions of a CDO How CDOs spend their time
  • 23. 23 © Experian Public • Confessions of a CDO Allocation of CDO’s time 12% 22% 31% 35% 35% 49% 57% 57% 14% 16% 43% 45% 47% 49% 43% 41% 0% 10% 20% 30% 40% 50% 60% Data monetization Revenue generation Risk management and compliance Improving customer experience Data monitoring and visualization Cost savings Operational efficiency Data innovation Projects taking up most time Projects would like to focus on
  • 24. 24 © Experian Public • Confessions of a CDO 4% 16% 31% 33% 37% 41% 43% 65% 0% 10% 20% 30% 40% 50% 60% 70% 80% Another CDO Governance lead Customer-focused data roles Data stewards Compliance officers Data protection officers Data scientists Data analysts Roles CDOs are hiring in the next year
  • 25. 25 © Experian Public • Confessions of a CDO Key trends CDOs are feeling increased value CDO are ushering in digital transformation CIOs and CDOs have a complex relationship CDO’s responsibilities can vary significantly CDO role adds value to data management
  • 26. 26 © Experian Public • Confessions of a CDO Questions
  • 27. 27 © Experian Public • Confessions of a CDO Thank you! For further insight, download the full report on our website. edq.com
  • 28. ©2017 Experian Information Solutions, Inc. All rights reserved. Experian and the Experian marks used herein are trademarks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the trademarks of their respective owners. No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without the prior written permission of Experian. Experian [Public. Confidential. Internal. Restricted. – please choose the appropriate category]