The massive surge in the volume of data has further complicated the responsibilities of CDOs. With the complexity of data increasing, CDOs need to follow a set of strategies that will help them become successful data leaders in today’s enterprise environment.
Organizations across the enterprise landscape have failed to successfully establish the role of CDOs. With the massive surge in data volume in the past few years, the demands on CDOs have increased. With the pressure to gather successful insights and remain competitive at an all-time high, it is critical that IT leaders come together to clearly define the roles and responsibilities of CDOs. This will enable CDOs to focus on more urgent tasks in hand – to filter the data to get valuable insights.
Since data matters, specifically good data more than ever, organizations should take steps to understand how successful large organizations responded to the proliferation of new sources and unprecedented volumes of data in recent years. Additionally, they should gather insights that will help them understand how these organizations have differentiated themselves from the competition.
Becoming a data-driven organization is not an easy task. It requires a long-term commitment and discipline and they may even have to face multiple missteps along the way. Here are a few steps CDOs can take to become successful data leaders and transform their organization to remain competitive in today’s environment:
- Having a flexible mindset
Surviving and potentially thriving in today’s competitive landscape requires organizations to think differently, experiment and continually try new approaches. As data traditionally flows across the organization without a single ownership point, CDOs should think differently and develop new organizational models. These will enable them to manage data and derive business from data as an enterprise business asset.
- Ability to take risks
One of the factors that separate mainstream corporations from the others is their ability to take risks. The CDOs of these companies adopt approaches such as test-and-learn. They are successfully able to deploy centers of excellence, analytics sandboxes and incubation labs to evaluate new strategies and identify breakthrough opportunities. Organizations that fail to plan for a data-driven future run the risk of being left far behind.
- Understanding that complacency can hurt the leadership position
To create a data-driven organization, CDOs should never take their leadership position for granted. Successful CDOs are not complacent, they are never self-satisfied and understand that they never ‘have everything figured out’ or ‘have things under control.’ Successful CDOs always strive to focus on how they can do something better.
- Focusing on long-term business value
To transform their organization into a data-driven one, CDOs should view it as a process and journey. They should have a strategy in place where they systematically revisit and adapt to new situations on an ongoing basis. They should continue with their efforts and focus on the critical business question at a time.
CDOs should focus on delivering results that demonstrate measurable business value. They should build credibility, move to the next question and learn to create the needed momentum. These steps will help the business sponsors to develop trust in the data and establish the foundation for a close collaboration between the data leaders and their counterparts.