A CDO (chief information officer) is essentially an executive who manages and controls digital data assets. CDO roles first emerged in the early 2000s when the primary responsibility was to ensure compliance within the organization. With the advent of new technologies, CDOs are now able to use systems and strategies like data mining, AI, and business insight.
CDOs in today’s world are responsible for identifying data-related opportunities and improving data analytics. CDOs manage the flow of business data across an organization, enabling key stakeholders and making data-driven decisions.
As more businesses adopt digital strategies, chief data officers are responsible for taking the steps to create a data culture within their organization. Data-driven decisions are becoming the norm. This top executive must create a strong data governance program and ensure compliance with data privacy laws.
These Are Some Ways A CDO Can Help Your Company
CDOs will allow you to eliminate information silos and integrate disparate data sources.
By creating and deploying a solid data architecture that supports a single source of truth, they will give your company data significance.
They will instill a culture where data can be freely shared and processed between teams to enable informed decisions.
CDOs also keep abreast with the ever-changing regulations regarding data privacy and make sure that only authorized individuals have access to sensitive business or customer information.
A solid analytics infrastructure will be built by the executive to deliver actionable insights to decision-makers.
Role of CDOs In The New Normal
Many businesses had to adapt to the new work environment as more of their employees worked from home. CDOs will have to adapt to new working environments and be prepared for any future disruptions. Below are some of these new priorities for CDOs in the aftermath of the pandemic.
Securing Business Continuity
CDOs should ensure that real-time data collection and analysis are done so that stakeholders can make informed business decisions. Data leaders need to continue reviewing business continuity plans for their core data platforms and ensure data authenticity.
Privacy And Data Protection
Remote work is becoming more popular and exposes organizations’ critical data assets to new attacks.
Remote work has the added risk of leaking customer-sensitive data like personally identifiable information (PII), into the hands and control of riskier employees. To secure key data assets, CDOs should work in collaboration with IT security personnel. They must also create policies and permissions so that remote employees have limited access.
Digital Transformation
CDOs recognize that this is the right time for them to embrace new digital capabilities. CDOs can implement digital initiatives such as 360-degree customer view development, modernizing data architecture, and shifting to the cloud to prepare their organization for the future.
Reduce Operational Costs
Lean thinking is helping businesses navigate this unprecedented time. CDOs can assist organizations in implementing this approach. CDOs can make use of data and work together with CFOs to reprioritize and develop plans for investing in new, more secure opportunities.
Plan For Future Crises
COVID-19 was a warning sign for most organizations that they needed to seriously consider their crisis plan. CDOs will now be responsible for developing new capabilities and devising a solid strategy to manage future crises. The creation of a POE employment and hiring strategy might be a good option to help you better manage any potential crisis.
Conclusion
CDOs do more than simply store and secure organization data. These leaders sometimes work with cdo consulting services to transform the business, optimize the digital experience, and decentralize IT with new business models. Data and analytics will continue to be critical in decision-making. This has reinforced the importance this role plays in digital businesses that are reliant on data-driven leadership.
CDOs are vital in determining organizations’ success in the new information age. If you are concerned about mismanaging your data assets or want to create a data culture where data and analytics become a key part of every business process, a senior data leader will be needed.