By Prangya Pandab - February 24, 2022 3 Mins Read
The COVID-19 crisis accelerated the digital transformation that many businesses were already undergoing, but it has shifted the focus, raised the stakes, and transformed sceptics into stakeholders. In a crisis, it’s evident that technology, data fluency enables faster decision making. Data, CDOs, and their teams will steer enterprises out of a paused state and into new, altered operational standards as the world moves closer to reopening.
The chief data officer in 2022 will play a crucial role in helping their enterprise succeed in the digital economy, whether they are focused on accelerating data monetization, developing a corporate foresight capability, or generating competitive advantage through AI-enhanced services and products.
Here are a few ways that CDOs and other data executives can make a significant impact in 2022.
Establish a talent incubator
The next generation of data talent is incredible. However, enterprises are already experiencing bottlenecks at the data input stage due to a lack of trained data analysts, engineers, and scientists. What is the solution? Talent incubation.
Because data engineering has not been an emphasis in academia, organizations must provide pathways for new talent to come in. Rotational apprenticeships may appeal to soon-to-be data program graduates who are undecided about their career goals.
Meet demand further upstream
Organizations sitting on reserves of monetizable data now have to act fast. Many of these projects are inherently exploratory in nature, as business unit leaders aren’t necessarily certain of the data’s value or the insights that can be drawn from it.
It’s critical to be ahead of the demand curve because these projects might live or die based on the expectations of their sponsors. Reaching out to business unit leaders ahead of time and participating in data project creation can help clarify needs faster and result in better project outcomes. The idea is that if CDOs are more proactive in eliciting project needs, they will be less likely to be burdened with unreasonable expectations.
Align data strategy to the overall business plan
There was a period when data was only important to a few business departments, such as accounting and payroll. It’s now table stakes across the company, and the CDO’s mandate is increasingly to use data-driven insights to achieve a competitive advantage, drive revenue, and better understand customers.
There is no doubt that data should be viewed as a business asset in 2022. Data governance may be the answer for data executives who want to create business value from data but are having trouble creating a dependable and repeatable strategy to develop meaningful insights.
Link data governance and data management to the success of the company
CDOs have traditionally been charged with implementing a defensive data strategy, focused on compliance and risk mitigation. In 2021, businesses began to expect data leaders to employ more offensive strategies, with a greater emphasis on data-driven revenue prospects.
The fundamental constitution for anyone who wants to turn data from to a valuable asset that can create revenue is governance. It is the responsibility of the company and senior management to comprehend the value of data, particularly governed data.
Prangya Pandab is an Associate Editor with OnDot Media. She is a seasoned journalist with almost seven years of experience in the business news sector. Before joining ODM, she was a journalist with CNBC-TV18 for four years. She also had a brief stint with an infrastructure finance company working for their communications and branding vertical.
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