The Rising Demand for Chief Data Officer (CDO)
Organisations are built on data. This is a fact which no one can deny, as without data and information a business cannot develop new products or communicate with the targeted customers. With the rise in data from the past 5 years, data management has become the most important job in an organisation. Therefore, the role of Chief Data Officer was introduced.
The concept of Chief Data officer came to place when MNCs realized that they need a specific person or a team to gather process and manage the data present in the cloud. This process of gathering and analysing data can only be operated by specific people as they have the knowledge and experience in using various tools and techniques such as artificial intelligence, business intelligence, machine learning, quantum computing and other advanced tools required in the current era. A Chief Data Officer (CDO) is a person who knows how to exploit the data present and continues to mine for more information which benefits the organisation.
Here are a few responsibilities due to which the demand for the role of CDO is increasing every day:
● Creating standards and data governance:
While gathering and utilizing the data, there are certain rules and regulations to be followed. A CDO helps in creating various policies and standards for data governance and helps in ensuring that the data is being collected and processed ethically for further use.
● Advancing technological tools:
A CDO's role is to understand all the technological tools such as business intelligence, artificial intelligence, machine learning and more to exploit all the resources available within the organisation. Mastering these tools will help in understanding what algorithms are required for data management and to develop this data into strategies for an organisation.
● Data storage and warehouse:
Data storage and warehousing refer to a database where all the data is being stored. A CDO stores the data in an organized format so that the retrieval of data wouldn't be a problem for the organisation and helps in creating subsets of the data for clarity.
● Maintaining data quality:
A CDO manages the quality of the data and ensures that there are no uncertain or wrong data provided to the organisation. Any changes in data or error in data can lead to the wrong prediction hence CDO takes various measures to maintain the quality.
● Managing unstructured data and Big Data:
There are a variety of social media platforms along with other platforms for communication, these platforms also provide endless data but it is unstructured. A CDO's role is to gather the unstructured data and convert it into the information which might be useful for an organisation. Managing Big Data will help in understanding the changes in trends, the behaviour of the customer and more.
Due to the role of a CDO influencing more than half of the organisation's operations, there is a rise in demand for Chief Data officers amongst the organisations. CDO helps in managing the data for the organisation along with the security and privacy of the data while ensuring that no policies or laws were broken during the process.
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