With data being one of the most valuable assets in an organization, the pandemic has only accelerated how organizations harness the power of their data to provide actionable insights that can truly transform the organization for the better. As per this Gartner report, “Today’s savvy CDOs must juggle multiple business priorities while delivering sound data governance, consistent data and analytics (D&A) quality, and reliable, secure and appropriate data sharing”.
Alongside this chief data officers (CDOs) have a critical role to play in continuing to deliver on digital transformation initiatives, while expanding value streams, managing costs and mitigating risks. Likewise, Gartner explains that "the journey to the cloud also continues to place additional demands on CIOs, CFOs and D&A leaders to provide innovative and transparent information across the business".
Therefore, accomplishing all of these objectives requires effective collaboration across business lines to improve monetization, governance and transparency. Gartner finds that “By 2025, chief data officers (CDOs) who establish value-stream-based collaboration will significantly outperform their peers in driving cross-functional collaboration and value creation”.
CDOs must capitalize on this opportunity now, or else they will undermine the likelihood of their success in expanding value for years to come. According to Gartner “Success hinges on a simultaneous focus on improving business relationships and forging a data-driven culture across the enterprise”.
Source: Gartner, Predicts 2022: Data and Analytics Leaders Must Expand Value While Managing Cost and Risk, 29 November 2021
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