Careers

12:30 PM
Doug Henschen
Doug Henschen
Commentary
Connect Directly
LinkedIn
Twitter
Google+
RSS
E-Mail
50%
50%

5 Priorities For Chief Data Officers

IBM says 25% of Fortune 500 firms now employ CDOs, yet many don't know how to structure the role. Research reveals five imperatives.

Chief data officer (CDO) is on its way to becoming the next hot job, but according to IBM, many companies aren't quite sure what this new role is all about.

"About two-and-a-half years ago we saw the emergence of the chief data officer, but organizations are struggling to understand what CDOs do, where they put that role within the organization, and what these executives are responsible for," said Glenn Finch, global leader for technology and data, IBM Global Business Services (GBS).

About 25% of Fortune 500 companies now have CDOs in place, and more are being hired every day, according to Finch. To give companies a better sense of direction, IBM recently surveyed 37 CDOs from across healthcare, financial services, telecommunications, retail, and manufacturing organizations. This "on the ground" experience was combined with expert perspectives in an IBM study published Thursday that asserts that the addition of a CDO to an executive team supports greater focus and optimized use of data.

[Want more on the CDO role? Read Why The CDO May Steal The CIO's Lunch.]

IBM's research finds that CDOs are being tasked to drive innovation and optimize use of data in five ways:

  1. Leverage - finding ways to use existing data.
  2. Enrichment - augmenting data by combining internal and external sources.
  3. Monetization - finding new sources of revenue tied to data.
  4. Protection - ensuring data privacy and security.
  5. Upkeep - managing the health of data under governance.

"CEOs are saying, "I don't want you to just move and store data better, I want you to figure out how to create a new business model,'" said Finch. "Every CDO we spoke to had at least one monetization request."

IBM's take agrees with Gartner's view of the CDO role, although the latter associates enrichment and monetization more with media and Internet giant CDOs and protection and upkeep more with banks, insurance companies, drug giants, and telecommunications companies. The latter have often seen that governance, compliance, discovery, and privacy challenges aren't being adequately addressed, as they've had instances in which they couldn't respond to regulators or were stung in legal cases in which they couldn't produce information subject to legal discovery.

Read more on Information Week...

Doug Henschen is Executive Editor of InformationWeek, where he covers the intersection of enterprise applications with information management, business intelligence, big data and analytics. He previously served as editor in chief of Intelligent Enterprise, editor in chief of ... View Full Bio
Comment  | 
Print  | 
More Insights
More Commentary
5 Tips to Save the Wall Street Datacenter
Though cloud computing and SaaS are all the rage, there is still a need for proprietary Wall Street datacenters, as long as they are run efficiently.
Preventive Measures for Post-Interview Anxiety
Most professionals leave interviews thinking that it went well, and then they wait... and wait. The Caring Recruiter has a cure for the typical post-interview trauma.
Leaving Out the Welcome Mat for Financial Services Hackers
Everyone knows the financial services industry is a prime target for hackers. Despite the dangers, many applications have software vulnerabilities that expose real risks.
4 Surprising Ways Firms Think About Data Security Costs
Almost 28% of firms are willing to bear the cost of some financial losses due to cybercrime, because it's less than the cost of upgrading IT systems.
CIO + CFO Doesn’t Equal Mars Vs. Venus
From my decades of experience, CIOs and CFOs have more in common than you may think.
Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - July 2014
In addition to regular audits, the SEC will start to scrutinize the cyber-security preparedness of market participants.
Video
Exclusive: Inside the GETCO Execution Services Trading Floor
Exclusive: Inside the GETCO Execution Services Trading Floor
Advanced Trading takes you on an exclusive tour of the New York trading floor of GETCO Execution Services, the solutions arm of GETCO.