Insight

Why companies should be employing CDOs

By David Lawrence |

A Chief Data Office (CDO) is typically a C-level board member that reports to the CEO, CTO and COO of an organisation, specialising in how the company manages, stores and utilises the data at its disposal. Of course "data" is a very broad term, and can apply to any number of metrics. There are 2 primary reasons why your organisation may be greatly missing out without a dedicated CDO.

Governance and regulation

The advent of GDPR and other data governance regulations, alongside the rising expectations of the general public, have changed how organisations - be it a broadcaster, a recruiter or even a small family run firm - store, utilise and manage data they collect. The expectations around data retention and security should be a top priority for your team, and so recruiting a director responsible for seeing that all of the company's data is handled in a compliant way is crucial. This would serve not only to protect your clients' data but reducing the risk of catastrophic damage to your brand if a leak was to occur.

Revenue streams and opportunity

Of course, data is useful. In fact, data can tell us so much about our target market that ensuring it is being examined and analysed in the right way can have massive positive repercussions for the business. Hiring a CDO - perhaps someone part-way through their career with a strong data-science or analytical background - could stop you expanding into a market with no need for your product, or miss that golden opportunity that's been under your nose all along.

Equally, clever data analysis is not all about making money. It can equally be about looking inwards and identifying ways to save money. Strong CDO-led analysis can identify budget black holes and huge inefficiencies which could end up saving your business huge sums of money every day, improving the happiness (and therefore retention rate) of your valuable staff and potentially improve your carbon footprint.

In conclusion, there has never been a wiser time to appoint of CDO to a business. The opportunities to harness data, and the risks associated with doing so, present enough of a challenge that the recruitment of a dedicated professional with a strong analytical mind is integral for an organisation of any size or kind to thrive in today's market.

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David Lawrence

Written by David Lawrence

David is the founder of Vine Resources.