In just one month, from July 31 to August 2, 2019, the MIT Chief Data Officer and Information Quality Symposium will convene on the campus of MIT in Cambridge, MA for the 13 consecutive annual program. Of course, for most of these years this event was focused on information quality, and it was only during this decade that the event has rechristened itself to focus on the Chief Data Officer (CDO) role and audience. At the 2018 program, a panel of CDO’s, consisting of CDO’s representing GE, General Motors, and Morgan Stanley shared their perspectives on the state of the CDO role and reflected on the challenges they faced, as well as the opportunities before them.
On July 31, 2019, CDO’s representing Cigna, Citizens Bank, JP Morgan Chase, MasterCard, and Walmart will convene for a panel discussion to offer their perspectives on the state of the CDO role and the challenges they must overcome. The timing couldn’t be more opportune. While the CDO role is now widely adopted -- 67.9% of major companies report having appointed a CDO, up from 12.0% in 2012 -- the challenges have arguably never been greater. Data continues to proliferate. Data ethics and data protection have risen to the top of corporate Board priorities. Digital transformation initiatives are driving intensified competition. Chief Data Officers are being subjected to greater demands, while greater levels of expertise are being called for.
It should therefore come as no surprise that Chief Data Officers have been facing a rising backlash in some quarters, as more than a few organizations are calling into question the proper role of the Chief Data Officer and CDO’s struggle to have a meaningful business impact. Firms are understandably asking critical questions, such as what should be the optimal role and responsibilities of the CDO, where should the position report, what should be the CDO mandate, and what characteristics are most essential to ensuring an impactful CDO function within a complex organization.
A recent Forbes article, Rethinking The Role of Chief Data Officer, describes the persistent challenges organizations are facing in optimizing and deriving value from the CDO role. The article cites recent surveys that reflect a lack of consensus regarding expected CDO responsibilities, noting that a common CDO job description is made more complex by the reality that companies are at very different stages of technological and data maturity where, as a result, one-size does not fit all organizations.
One critical factor shaping the mandate and mission of the CDO is whether an organization is positioning the CDO to ensure a strong defensive posture, or is focusing the CDO on data-driven business innovation, as discussed in a recent Deloitte report on The Evolving Role of the CDO in Financial Services. The report highlights the CDO challenge as well as the opportunity as its subtext -- “from marshal and steward to business strategist”. The disparity between ambitious aspirations – operating as a “business strategist” -- versus the current state (“marshal and steward”) is reflected in the survey findings.
Figure 2. What is the State of Big Data/AI?
Data represents a critical enterprise business asset that cuts across organizational boundaries. Data-driven companies embrace this belief and put this guiding principle into practice in each and every aspect of their business.
