Gartner, the information technology experts, predicted that by 2015, 25% of large organizations would have a Chief Data Officer. The first month of 2015 is wrapping up and we’ve heard these acronyms again and again – but what exactly is a “CDO”? With 50% of Fortune 500 companies filling this position, let’s break down the job description and determine whether your organization needs one.
Data needs a leader.
With the growing digital landscape, we know that the influx of customer data can often overwhem and stymie growth. This is why organizations need to identify a data champion. A Chief Data Officer can help make sense of this information, advocate it and deliver data-driven growth through all departments in an organization. A good CDO should not be a one-trick pony but have a set of capabilities balancing technical skills, business knowledge and people skills to truly drive transformative change.
Why should marketers care?
One of the Chief Data Officer’s main responsibilities is to help marketers stay informed to make decisions underpinned by data. Derek Strauss has been the CDO of TD Amerirade for 3 years and in that time, has used insights extracted to test different ways to build better client relationships, leading to improved ways of working for the whole company. Because CDOs work closely with both the IT and marketing departments, they can help develop new architecture to really execute insights-driven marketing programs.
So, could a CDO help your organization? Let us know.