5 Imperative Ways a Chief Data Officer Drives Business Value
It is widely understood now that data drives business success. Data today is understood as a strategic asset – a critical ingredient for business innovation, and the currency for digital transformation. Data is now increasingly “owned” by business leaders, partnering with IT to realize the greatest value from their data. For many enterprises, this has led to a new role. The chief data officer (CDO) has been created as a bridge between business and IT.
The CDO role has tremendous potential, but many newly minted CDOs struggle to get started in a role that is often brand-new, both to them and to their business. They wonder how to build their new role into the enterprise and define their charter in a way that provides clear business value without alienating their peers. Based on Informatica’s experience working with many successful CDOs, we have put together the “Five Imperatives for the Chief Data Officer.”
Five Imperatives for the Chief Data Officer
Most CDOs have to work through influence. They don’t have the resources or authority to drive
transformation by themselves, and instead must lead through collaboration and evangelism. Thus, as table stakes, CDOs need to truly understand their market, business objectives, and culture. While it is important to have a couple of quick wins, it is just as critical to build the relationships that will enable the CDO to be an effective leader. For a new CDO, the first 30 days should be focused on introduction and assessment, while removing any prior assumptions and perceptions; the next 30 are about planning.
In helping CDOs go from the chaos and dysfunction of scattered data silos to a holistic enterprise data environment, we have found a common path to success through these five imperatives:
- Align the business and technology teams on a common data vision and strategy
- Identify compelling business drivers that are enabled by the data strategy
- Define a change management approach that builds a data-driven culture
- Develop a holistic roadmap and program that delivers incremental business value
- Leverage data governance to manage your data assets and establish shared accountability
Fostering a Data-Driven Culture
This journey not only leads to a complete, integrated vision of your data strategy, it helps to foster a data-driven culture. As many of our customers have told us, the biggest challenge of a digital transformation is not the technology — it is changing the people and processes in a meaningful, sustained way that prevents the technology from being underutilized or misused — or turning into shelf-ware.
We have incorporated these thoughts into an e-book, “Five Imperatives for the Chief Data Officer”. It is an easy read and provides a practical approach for CDOs.
I hope you’ll download the “Five Imperatives for the Chief Data Officer” today, and that it will be useful for the next steps in your data journey.