A strategic value driver
Data is now recognised as a foundational asset for every business and Irish organisations will require dedicated senior executives to manage that asset. This was among the key findings of research conducted with data leaders in Ireland for the EY Ireland CDO Report 2022 on The Emerging Role of the Chief Data Officer in Ireland.
The growth in both the volumes of data being created and the value of that data has led to the emergence of a new senior executive role – the CDO – whose responsibility it is to maximise and protect the value of an organisation’s data. The need for the role has been gaining widespread acceptance as businesses turn to data to support informed decisions, guide strategy, and deliver competitive advantage.
The number of businesses hiring CDOs is growing rapidly, led by US corporations. The trend varies across sectors, with customer centric and regulated industries such as banks and insurance companies most likely to appoint one.
The most successful appointments tend to be in organisations with a clear view of the interdependency between the CDO and the CTO.
Organisations are increasingly realising that these roles are so interdependent that the CDO can’t succeed without the right technology and platforms to capture, orchestrate and manage data, and the CTO needs high-quality data to feed digital platforms.
It is argued that the roles are so mutually dependent that neither can succeed if they don’t succeed together. Without a CDO in place, the data collected by core digital platforms can be almost valueless. Conversely, brilliant insights could be left unactioned if they are not put in the hands of the right people, in the right place, at the right time.