If you haven’t considered a Chief Data Officer role for your organization, consider the success and competitive advantage that today’s data-driven brands are achieving. Netflix (turned down by Blockbuster as a partner in 2000), recently surpassed Walt Disney Co. as the United States’ number one media company in market value. Amazon, which started as an e-commerce book seller out of Jeff Bezos’ garage, has become the world’s biggest online retailer. Domino’s, whose stock was just $3 a share in 2008, has turned itself into the largest pizza company in the world based on global retail sales.
Using data to deliver new business models and new value for customers is the key to future success, and organizations will need a Chief Data Officer who can drive change and progress faster than their competitors. Here’s what the future holds for the role of CDO:
- 57% of enterprise organizations now have a Chief Data Officer, and 24% are considering creating a Chief Data Officer position. —MicroStrategy 2018 Global State of Enterprise Analytics Report
- Currently, 45% of the average CDO’s time is allocated to value creation and/or revenue generation, 28% to cost savings and efficiency, and 27% to risk mitigation. —3 Top Take-aways from the Gartner Chief Data Officer Survey
- Through 2019, 90% of large organizations will have hired a CDO, but only 50% will be considered a success. —Smarter with Gartner: Keys to Success for Chief Data Officers
- Top internal challenges to the success of the office of the CDO are cultural challenges to accept change (40%) and poor organization-wide data literacy (35%). —3 Top Take-aways from the Gartner Chief Data Officer Survey
- 80% of successful CDOs will have value creation or revenue generation as their number one priority through 2021, up from less than 50% in 2016. —Smarter with Gartner: Keys to Success for Chief Data Officers
- By 2021, the Office of the CDO will be a mission-critical function comparable to IT, business operations, HR, and finance in 75% of large enterprises. —3 Top Take-aways from the Gartner Chief Data Officer Survey
Think you want to be a Chief Data Officer? Does your organization need a Chief Data Officer? Read this blog by MicroStrategy Chief Human Resources Officer Rich Cober to learn the skills a CDO needs to be successful.
Want to know what Constellation Research Founder and Disrupting Digital Business author Ray Wang thinks about the Chief Data Officer role? Get this Global 2000 adviser’s insights and advice in The Role of Data in Digital Transformation, a new 18-page Q & A-style resource.