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The Chief Data Officer: Bridging the gap between data and decision-making

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Data is becoming more integral in day-to-day operations, but many organizations cannot stop seeing their data as a challenge and start leveraging it as a strategic asset. Experian Data Quality recently conducted a study of more than 250 CIOs and CDOs in the U.S. and this webinar will discuss some of the key findings of our research.

On Tuesday, August 18th, we discussed how data is an untapped resource at most organizations, the emergence of the Chief Data Officer role, and how to ensure your organization is ready for the shift that this new role brings.

Key takeaways included:
- Tips for overcoming typical data challenges within your organization
- The rise of data management and how it is affecting the CIO role
- The new and growing need for a Chief Data Officer

The Chief Data Officer: Bridging the gap between data and decision-making

  1. 1. ©2013 Experian Information Solutions, Inc. All rights reserved. Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the trademarks of their respective owners. No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without the prior written permission of Experian. Experian Public. ©2015 Experian Information Solutions, Inc. All rights reserved. Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the trademarks of their respective owners. No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without the prior written permission of Experian. Experian Public. The Chief Data Officer and the business of data management Erin Haselkorn Analyst & Public Relations Manager David Bresnick Director of Product Strategy
  2. 2. 2©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 2©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. Speakers Erin Haselkorn Analyst & Public Relations Manager David Bresnick Director of Product Strategy
  3. 3. 3©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 3©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. Agenda  Chief Data Officer study ► Data usage today ► Barriers to utilizing data ► Changes around data usage and the CIO ► The rise of the CDO  The team around a CDO  Q&A
  4. 4. 4©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 4©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public.
  5. 5. 5©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 5©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. Methodology 500 - 999 employees 24% 1,000 – 4,999 employees 31% 5,000 – 10,000 employees 30% More than 10,000 employees 15% Company Size 2% 3% 3% 3% 4% 6% 8% 10% 12% 12% 12% 12% 15% Creative services Legal services Private healthcare / education Transport / logistics Utilities / energy Pharmaceuticals Engineering Retail / wholesale Financial services Professional services (outside finance, legal) Construction IT / telecoms Manufacturing Industry 261 US CIOs within non-governmental organizations, and with responsibility for IT decisions in their organization, took part in an interview during June 2015
  6. 6. 6©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 6©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. Data is an untapped resource
  7. 7. 7©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 7©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. An untapped resource | Data not being fully utilized 76% have underutilized data that costs the business money to store 95% of CIOs say data is changing their business 4 out of 5 see data as a valuable asset that is not being exploited 3 out of 5 believe their organization is not making optimal use of data
  8. 8. 8©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 8©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. Different attitudes towards data quality It’s not optimal but we can find a work around 21% We see it as a strategic asset to the business 54% We see potential to monetize high quality data in the future 25% It’s not optimal but we can find a work around 6% We see it as a strategic asset to the business 33% We see potential to monetize high quality data in the future 61% Without CDOs With CDOs 44% see high-quality data as a strategic asset for their business
  9. 9. 9©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 9©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. Barriers to better usage
  10. 10. 10©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 10©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. Barriers to better data use | Practical issues 9% 22% 31% 33% 46% 30% 38% 42% 38% 34% 46% 47% 50% 11% 20% 21% 29% 32% 33% 34% 34% 35% 36% 37% 38% 46% Standardization and select cleansing Inter-enterprise data sharing International support Single customer view Data capture and validation Data profiling / discovery Monitoring and governance Real time processing Visualization of data quality metrics Workflow tracking Increasing variety of data Increasing volume data Data quality issue resolution Without CDO With CDO Biggest challenges in managing data
  11. 11. 11©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 11©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. Barriers to better data use | Practical issues 8% 21% 29% 31% 34% 36% 37% 37% None of the above Process efficiency is hampered due to duplication of effort and time spent sorting out data problems Lost revenue opportunities Distrust in decisions being made amongst employees Potential brand / reputational damage Customer experience / engagement is less than optimal Regulatory risk Difficulty using data to drive strategic decision making Consequences of inaccurate data in the last 12 months
  12. 12. 12©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 12©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. Barriers to better data use | Practical issues 4% 28% 31% 33% 33% 34% 34% 35% 37% 48% None of the above - no barriers Lack of understanding about how to use analytics to improve the business Perceived time to value of data quality tools Lack of strategy Lack of data analytics skills Limited budget Lack of understanding of the financial impact of Data Quality issues Variety of data Ability to access data Volume of data Key barriers preventing the use of data for analytics
  13. 13. 13©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 13©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. Barriers to better data use | Organizational issues 68% believe it is difficult to find stakeholders who take anything other than a siloed view of data management 70% believe it is difficult to make IT decisions because no-one in their organization seems to own the data 68% believe it is difficult to find stakeholders who take anything other than a siloed view of data management
  14. 14. 14©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 14©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. CIOs under increasing pressure
  15. 15. 15©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 15©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. CIOs under pressure | Increasing volume With data on the increase, CIOs are becoming increasingly overwhelmed by the volume and variety of data within the business. 33% Is the expected increase in data volume in the next 12-18 months 57% believe the volume of data their organization needs to manage will increase in the next 12-18 months
  16. 16. 16©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 16©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. CIOs under pressure | Variety of data 32% 46% 54% 54% 57% 61% 77% 30% 48% 39% 39% 38% 34% 20% 38% 7% 7% 7% 5% 5% 3% Location data Supplier data Transactional data Employee data Financial data Product data Customer / third party data Current focus Planned focus in next 12 months No current / planned focus Areas of data focus
  17. 17. 17©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 17©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. CIOs under pressure | Gearing up for change 10% 14% 24% 26% 28% 28% 30% 30% 31% 31% 33% 33% 35% 36% 38% 40% Managing new trends (e.g. Big Data, M-Commerce,… Vendor / partner management Integrating IT systems and operations Making strategic decisions in 'real'-time' Complying with data regulation Meeting the skills shortage in data management Engaging customers through digital channels Improving data infrastructure Integrating data across the organization Improving data security / policy Data capacity storage Migrating data Creating a standardized experience across all… Analyzing social media data / interactions Keeping pace with technology advances Increasing customer expectation Biggest challenges facing organizations in the next 24 months
  18. 18. 18©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 18©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. CIOs under pressure | Changes to the role 47% 48% 49% 49% 50% 51% 52% 52% 53% 76% 49% 50% 46% 44% 49% 43% 46% 42% 43% 24% 3% 5% 7% 2% 6% 2% 6% 4% Pressure to provide higher quality data to the business Contribution in helping business create new products Pressure to provide data faster to the business Personal stress levels at work Overall job remit / areas of responsibility Working hours Salary Responsibility for data management Value I feel able to contribute to the business Overall IT budgets Increased Stayed the same Decreased Changes for the CIO in the last 12 months
  19. 19. 19©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 19©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. Reason CIOs want a CDO 6% 27% 38% 40% 45% 47% 47% 48% To consolidate data quality suppliers/investment Create a competitive advantage through data Lack of ownership in the organization Capitalize on big data opportunities Decentralized data management and reporting Increasing regulation / governance Increasing costs due to poor quality data Need a consistent approach to de-risk data driven projects 86% of CIOs with a CDO in their business think the CDO role adds value to their data management strategy Reasons for wanting a CDO
  20. 20. 20©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 20©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. The dawn of the CDO
  21. 21. 21©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 21©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. Expected appointment of the CDO | Long term play Within the next 6 months 8% Within the next 12 months 8% Within the next 18 months 27% Within the next 2 years 18% Longer term than this 39% Expected appointment of the CDO role
  22. 22. 22©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 22©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. The rise of the CDO | A new and growing need Reporting structure for the CDO 1% 1% 2% 2% 26% 67% 1% 1% 6% 6% 25% 62% Other COO CFO CTO CEO CIO Who should CDO report to Who does CDO report to
  23. 23. 23©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 23©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. The rise of the CDO | A guardian of data 25% 31% 31% 31% 36% 56% 59% 64% 70% 28% 33% 31% 26% 25% 17% 24% 14% 15% 47% 36% 38% 43% 39% 27% 17% 23% 15% Improve the bottom line / profit through reducing cost of compliance and improving profitability through availability of… Set and enforce data governance policy Improve the top line / revenue through effective governance and use of data Provide platforms and technologies to support analytics within the enterprise Measure and manage data value and risk (including cost of poor quality data) Influence corporate strategy, define data management strategy and translate it into tactical implementable steps Drive large, cross-functional data management programmes involving multiple stakeholders Be the guardian of data quality in the organization Be trusted advisor on analytics / data across the enterprise Responsibility of CDO (Chief Data Officer) Joint responsibility of CDO & CIO Responsibility of CIO CDO vs CIO responsibility
  24. 24. 24©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 24©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. The team around the CDO
  25. 25. 25©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 25©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. The team | Building strong expertise CDOs require a team to help them utilize data more effectively Data owners Data steward Data consumer Data producer Data custodian Data analyst
  26. 26. 26©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 26©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public.  Chief Data Officer study ► Data is changing the way organizations do business ► Practical and organizational barriers to utilizing data ► CIOs are under increasing pressure ► The rise of the CDO  The typical team structure around a CDO Summary
  27. 27. 27©2013 Experian Information Solutions, Inc. All rights reserved. Experian Public. 27©2015 Experian Information Solutions, Inc. All rights reserved. Experian Public. Q&A
  • ahijosa

    Mar. 27, 2017
  • StephanNothnagel

    Dec. 6, 2015
  • LisaGray12

    Sep. 17, 2015

Data is becoming more integral in day-to-day operations, but many organizations cannot stop seeing their data as a challenge and start leveraging it as a strategic asset. Experian Data Quality recently conducted a study of more than 250 CIOs and CDOs in the U.S. and this webinar will discuss some of the key findings of our research. On Tuesday, August 18th, we discussed how data is an untapped resource at most organizations, the emergence of the Chief Data Officer role, and how to ensure your organization is ready for the shift that this new role brings. Key takeaways included: - Tips for overcoming typical data challenges within your organization - The rise of data management and how it is affecting the CIO role - The new and growing need for a Chief Data Officer

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