The influx of data and modern approaches to analytics change how organisations do business and serve their market.
Today, there is the need to specifically identifying unique and emerging data sources and techniques, building scalable analytic models, and applying the resulting insights across the spectrum of marketing communications solutions to elevate organisation positioning.
There is a business requirement to built an impressive team of data planning and analytics experts, and really sharpen the focus of the organisation as it relates to data.
Successful organisations understand their customers, but they also understand the challenge inherent in today's connected digital world that is literally creating more data in one day than in entire decades in the past.
So we are seeing the rise of Chief Data Officer
To help understand and use data in the right way, organisations are creating new roles around analytics - Chief Data Officer. How companies structure these roles will ultimately play a part in how successfully they evolve in the future.
The strategic use of data and analytics is a key part of their competitive advantage and overall success involves understanding how strategic choices should be made based on the availability of insights rooted in data.
This role combines the understanding of data and the strategic use of analytics to enhance business results.
As more organisations begin to use analytics across their business, the Chief Data Officer will play a vital role in making sure that the right decisions are made for the future of the organisation.
This includes both understanding the role that data can play in better decision making, but also guiding the rest of the organisation in how data is used to improve performance.
Chief Data Officer to take the organisation to the next level
Forward-thinking organisations already have plenty of people focused on analytics and how consumer data can benefit their business.
However, there is a requirement for a renewed focus in creating standards for using data that can be applied across the organisation and across the globe.
This role has 2 dimensions: the first is to provide leaders within the business with better quality information for their decision-making. The second is to try to unify some of the business activities that create the data so that they are also more integrated in their objectives.
Today, the potential for the use of data within organisations involves the same old challenge: bringing together raw data and the different business requirements that exist across an organisation into a unified whole.
Data is the new competitive advantage
As data strategy & planning, data management & optimisation, and data analytics & reporting becomes more deep-rooted in each organisation process, we will see more organisations expand their use of data as a strategic asset within their business strategy in future.
The Chief Data Officer will lead these data business initiatives and create best practices, ensuring that these initiatives deliver the right results for internal teams that rely on them. In addition, the Chief Data Officer is tasked with packaging these results in a way that management and the board can understand and make strategic decisions.
Business success is underpinned by being able to collect, understand and use data as a strategic asset. The role of the Chief Data Officer will ensure that data is used to make the right critical decisions and achieve success.
The growth of data within organisations will continue over time. There is the need to have in place a data leader or a Chief Data Officer. To make sure that organisational data is understood and used throughout the organisation, rather than just within the central management team.
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ABOUT THE AUTHOR:
Ivan Fernandes provides Strategic Thinking and Planning (insight, data, media, technology, content and ecommerce), has 10+ years strategic marketing experience and data leardership.
New business growth, comes from new strategic thinking.
Open to a new challenge...
Ivan Fernandes, Founder and Managing Director at Digital Business Partners