ComputerWeekly, UK: Cognizant’s Global Business Leader for Enterprise Information Management Talks About the Rise of the Chief Data Officer in Today’s Organizations

“While there is a huge amount written about data scientists, much less has been said about the role of the Chief Data Officer (CDO),” writes Karthik Krishnamurthy. “However, the value of this individual to any business must not be underestimated.” Excerpts from his blog:

“In the last couple of years, businesses have recognized the role of the data and many of them have identified data as part of their core business strategy. Businesses are also acknowledging that data in the business setting is separate from the systems running it. There is now an understanding that data is hugely valuable; if harnessed and analyzed properly, it can make businesses run better by realizing cost efficiencies and run differently by bringing innovative products and services to the market.

Insight from data gives a better understanding of customer preferences, helping organizations develop new commercial models, deliver tangible business value, and remain competitive. This evolution has caused a demand for new business roles, the most prominent of which is the CDO.

The role of the CDO first emerged as a valid and valuable role in the financial services industry to deal with the extreme pressure that arose from the financial crisis and rapidly evolving regulations. The CDO’s focus is now on building integrated data ecosystems that bring in social cluster data to identify unusual patterns in transactional behavior, flagging them to prevent loss and fraud.

The CDO plays a pivotal role in helping financial companies stay ahead by managing risks and remain compliant more efficiently.

Retail, which has witnessed a huge change in the way their global value chains work, is another industry where CDOs are bringing real business value. Through harnessing customer data, retailers can offer targeted products and services and improve customer satisfaction levels significantly.

Sectors such as telecommunications, energy & utilities, pharmaceuticals, and automotive manufacturing have all identified the value of the data and are creating business leaders responsible for data.

Here are Cognizant’s insights for the traits needed to make up the ideal CDO:

- Has a deep knowledge of data and ability to identify this as a corporate asset

- Has strong business acumen and ability to identify business opportunities through new information products

- Provides vision, strategy and insight for all data-related initiatives within the organization

- Takes ownership and accountability of data and its governance within the organization

- Passion and interest in technology

Data management now sits at the C-suite level, emphasizing the value the role of the CDO brings to organizations.”

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