Instinctively we know that it is not just about collecting the data. Big and bigger doesn’t necessarily make you smart and smarter. It just makes you one of those pack rats that has piles of stuff in all corners of your house. Yes, it might be very well organized and could have a potential use that makes it work keeping. But will you ever take it out and use it? Will you ever really benefit from what you’ve so painstakingly collected? Likely not.
Don’t be a data pack rat. This is the year to turn your data into actions and positive business outcomes.
In 2016, the energy around data-driven investments will continue to elevate the importance of data and create incremental improvement in business performance for many but some serious digital disruption for others. Here are a few of our data predictions for 2016.
You’ve heard it before but we said it again – this time in our recent webinar. There's a new kid in town: the chief data officer. Why the new role? Because of an increasing awareness of the value of data and the painful recognition of an inability to take advantage of the opportunities that it provides — due to technology, business, or basic cultural barriers. That was the topic of our webinar presented to a full house a few days ago; we discussed our recent report, Top Performers Appoint Chief Data Officers. Fortunately for those who weren’t there, the presentation – Chief Data Officers Cross The Chasm – is available (to clients) for download.
As the title suggests, chief data officers are no longer just for the early adopters – those enthusiasts and visionaries on the forefront of new technology trends. With 45% of global companies having appointed a chief data officer (not to be confused with a chief digital officer, as we specifically asked about “data”) and another 16% planning to make an appointment in the next 12 months – according to Forrester's Business Technographics surveys, the role of the chief data officer really has move into the mainstream.
However, there remain many companies who are not sure of whether they need a CDO or not. Many of those in our audience fell into that category. We asked two questions of the audience to gauge their interest and their actions to improve their data maturity:
Are you making organizational changes specifically to improve your data capabilities?
Jennifer Belissent and I just published a report on the role of the Chief Data Officer that we’re hearing so much about these days – Top Performers Appoint Chief Data Officers. To introduce the report, we sat down with our press team at Forrester to talk about the findings and about the implications for our clients.
I had the opportunity to speak and participate in a panel on data governance as it pertained to big data. My presentation was based on recently completed research sponsored by IBM to understand, what does data governance look like by firms embarking/executing on big data? The overarching theme was that data governance is about protect and serve. Manage security and privacy while delivering trusted data.
Yet, when you look at data governance and what it means to the data practice, not the technology, protect and serve is also a credo. In business terms it represents:
Protect the reputation and mitigate risk associated with inappropriate use or dirty data.
Serve information needs of the business to have information fast and stay agile to market conditions.