Chief data officer (CDO) is on its way to becoming the next hot job, but according to IBM, many companies aren't quite sure what this new role is all about.
"About two-and-a-half years ago we saw the emergence of the chief data officer, but organizations are struggling to understand what CDOs do, where they put that role within the organization, and what these executives are responsible for," said Glenn Finch, global leader for technology and data, IBM Global Business Services (GBS).
About 25% of Fortune 500 companies now have CDOs in place, and more are being hired every day, according to Finch. To give companies a better sense of direction, IBM recently surveyed 37 CDOs from across healthcare, financial services, telecommunications, retail, and manufacturing organizations. This "on the ground" experience was combined with expert perspectives in an IBM study published Thursday that asserts that the addition of a CDO to an executive team supports greater focus and optimized use of data.
IBM's research finds that CDOs are being tasked to drive innovation and optimize use of data in five ways:
- Leverage - finding ways to use existing data.
- Enrichment - augmenting data by combining internal and external sources.
- Monetization - finding new sources of revenue tied to data.
- Protection - ensuring data privacy and security.
- Upkeep - managing the health of data under governance.
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