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BI Spektrum, Germany: Cognizant’s Global Business Leader for Enterprise Information Management Looks at the Rise of the Chief Data Officer as an Interesting Career Option

“While there is a huge amount written about data scientists, much less is 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:

“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 CDO’s focus is 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. Interestingly, this is not something that is traditionally part of financial services per se, but is increasingly central to financial businesses. The CDO plays a pivotal role in helping financial companies stay ahead by managing risks and remain compliant more efficiently.

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

Click here to read more in German.

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