The value of data has increased dramatically within the business community, confirming the rise of a new title: the Chief Data Officer, according to research by Experian Data Quality.
Experian’s study, based on interviews with more than 250 chief information officers and CDOs from large organizations, found that data is a critical asset that has been largely untapped until now. Ninety-five percent of CIOs believe data is changing the way their organization does business. In addition, four out of five see data as a valuable asset that is not being fully exploited within their organization.
To put data to better use, the role of the CDO is growing among U.S. businesses. Experian reports that:
• 63% of organizations without a CDO would like to see the role created in the future.
• The creation of the CDO role is being driven by three main factors: a need for a consistent approach to de-risk data-driven projects; growing costs due to poor data quality, and increasing regulations.
• 70% of respondents view the CDO as being a “trusted advisor” of data across the enterprise.
“Business leaders are finally learning that to gain valuable insights from information, they need to create a culture around data,” says Thomas Schutz, senior vice-president and general manager of Experian Data Quality. “Businesses need evangelists for data and individuals with the intelligence to not only ensure information assets are governed, accurate, accessible and complete, but also promote the use of data for good across the business. The rise of the CDO puts that concept front and center.”
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