Does Your Company Need To Hire A CDO?

In 2002, Capital One appointed their first Chief Data Officer (CDO), to manage a collaboration between supply chain and market analyses and IT. Today, more than 250 million terabytes of new data are created daily and 54% of companies employ a CDO.

Business collect consumer data from a wide array of sources: social media engagements, web traffic, user demographics and purchase history. All this information, if properly collected and analyzed, can be analyzed to guide business decisions and improve customer experiences. With new advances in machine learning and artificial intelligence, analysis can not only identify and predict market trends, but prescribe the best actions to take.

Business can also benefit from collecting and analyzing internal data: monitoring supply chains, employee performance and operations. Analyzing this internal data can help to improve efficiency, lower operating costs, and increase profits.

CDO are responsible for managing the company’s data strategy, and are increasingly hired for their skills with technology, rather than traditions marketing or business analytics. Companies that employ a CDO, collect more data than their competitors and are better equipped to analyze and act on that information.

More than 80% of business see benefits from their big data initiatives. Data initiatives can have a positive impact on business operations from launching new products and disrupting industries, to increasing efficiency and decreasing costs. With so much potential benefit, CDOs are becoming more common across many industries, from finance and technology, to public sector jobs.

To learn more about CDOs, check out this infographic:

Infographic Courtesy of Semarchy https://info.semarchy.com/cdo-infographic