Sitting at the center of the convergence of privacy, security and data governance is a utopian zone and one simple idea: trust in data. The sweet spot is a place where data is well managed, where the privacy of customers and suppliers is protected, and where cyber threats are minimized. And the person responsible for all three is the CDO.
But sitting at the center of this convergence is a utopian zone and one simple idea: trust in data. The sweet spot is a place where data is well managed, where the privacy of customers and suppliers is protected, and where cyber threats are minimized. And the person responsible for all three is the CDO.
In 2012, just 12% of Fortune 1000 companies had a CDO on the payroll. By the end of 2018, this had skyrocketed to nearly 68%.
It’s easy to see why. With 250 billion terabytes of daily data creating a tsunami of information, CDOs play a critical role in the C-suite.
Of course, the task and role of the CDO is dependent on each organization’s ambitions, aspirations and digital agenda. However, it usually includes organization-wide governance, management and use of information, and the management of growing teams of data scientists and analysts.
Aspirations must be aligned – there’s no point having well-structured data if the business isn’t prepared to change its go-to-market strategy, or if the board and CEO aren’t in agreement.
Aspirations must be aligned across the organization – there’s no point having well-structured data if the business isn’t prepared to change its go-to-market strategy, or if the board and CEO aren’t in agreement. Everything must be lined up to get the biggest business benefit, achieve the organization’s digital transformation objectives and match the organization’s purpose.
Those companies prepared to be bold and brave are beginning to reap the rewards – and they aren’t all disruptive start-ups.
Take, for example, a supermarket that recognized digital transformation meant more than a good website, and now has dark warehouses optimized for picking products and a whole new business model.
Take, for example, a bank with a CEO encouraging employees to become “data scientists” by each asking questions that drive the data agenda.
And take, for example, a pizza delivery business that has reinvented itself as a tech company with everything from the ordering process to the visual guarantee now driven by digital.
It takes someone sitting at the centre of those overlapping circles to make this happen. CDOs may control data, but their role is more strategist than tech steward. CDOs can lead the discussion on digital ethics, drive action on privacy, oversee an effective information security strategy and ensure trust in data is embedded in every part of the organization.
Summary
Any digital transformation agenda requires the foundations of privacy, security and data governance to be aligned and in response, we’re witnessing a tussle at the table as those responsible for security, privacy, data and technology, all line up. What companies must start to realize, is it takes someone sitting at the center of this convergence to ensure these aspirations are aligned across the organization. And this is the CDO.
