In the age of data, a person specialized in getting their best and best performance is what companies will demand the most. 27% of companies have suffered irreparable data losses due to not having a specialized strategy and profile.
With the advance of digitization, many experts refer to our time as “the data age” in reference to the large amount of data that a company handles today. Consequently, new jobs have been emerging according to the needs of the moment, such as the Chief Data Officer or CDO..
By digitizing so many processes, companies obtain a huge amount of information that is very valuable for business development, but this data without proper analysis only takes up space on servers. This analysis can be very beneficial because it offers information about customers, the correct operation of the business in real time and how to act at all times to be much more efficient, and therefore, more competitive. In fact, Dell’s Global Data Protection study reveals that 27% of companies have suffered irreparable data losses due to not having a specialized strategy and profile.
At this point is where the figure of Chief Data Officer comes into play, who is the person responsible for managing the data of a company both in terms of the technology to handle them, as well as security. In this sense, Nexllence, the consulting and technological solutions division of the Glintt group, explains the reasons why every company must have this figure on its staff:
1. Get the most out of your data
As mentioned above, the data is useless if it is only stored: it has to be processed, ordered and analyzed to turn it into another corporate asset. For this, Big Data and Data Science are the best combination to manage the information within a company and the CDO is the person in charge of ensuring that the data is used to improve the line of business. In addition, it is essential that this person develop and apply a specific data strategy in which standards, policies and procedures are established that unify management and implement it across the entire company.
2. Democratize access to information
Another function of the CDO is to promote access to information for all company employees, at all levels and not only restrict it to those more technical levels. This will improve the involvement of the entire workforce in the business and promote transparency, which will translate into improved productivity and job stability.
3. Improves the competitiveness of the company
To compete in these times, especially if the company is not a digital native, a profile such as that of the CDO is needed that, together with the IT manager, drives this transformation and makes the entire company understand that it is a matter of business survival or else the competitors will win the battle against them. By showing that information is a strategic asset, the CDO will allow the company to obtain competitive advantages over the competition, such as knowing better the behavior of its customers or acting before others in the event of an unforeseen event since they receive the information in real time. . All this, among other advantages, will mean an increase in income.
4. Optimize decision making
By performing a good analysis of the data, decision-making can be improved to be much more agile and the Chief Data Officer, thanks to the optimization that he makes of the use of the data, can help in decision-making. This function is of great importance especially when implementing the digitalization plan in the organization, because having control of the data will make it easier to establish a transversal digital transformation.
”The Chief Data Officer has become an essential position if we want our company to be competitive in the digital environment in which we live. Companies cannot continue to ignore the potential of data, because if we manage it effectively it will give us the ability to anticipate the adversities that may come, ” says David Faustino, Managing Director of Nexllence..