The Emergence Of The Chief Data Officer
By Christine Kern, contributing writer
Changing needs means healthcare information services must add new positions.
An Experian study has demonstrated the IT landscape is changing and as a result, CIOs are calling for a dedicated Chief Data Officer (CDO) to drive value from data. The findings are based on a survey of 254 CIOs worldwide.
According to the study, as many as 92 percent of CIOs surveyed would like to see a CDO role created to define data strategy and serve as guardians of data quality within an organization. An infographic on the blog post shows that over three-quarters (77 percent) of CIOs reported data is not being used to its full potential in their organizations, leaving the door open for a new role to leverage the possibilities.
The CDO “will act as an enabler that spearheads data management, helping businesses to unlock the full value of data,” according to the Experian blog post.
The study, “The Dawn of the CDO,” further found 61 percent of CIOs want to hire a CDO within the next year. According to 47 percent of CIOs, the biggest hurdle to success is the sheer volume of data, which can interfere with the interactions with customers. Experian also predicts, based on the survey results, that the CDO will be a senior level board room role by 2020, making data gathering, management, optimization, and security a C-Suite conversation. In their new role, CDOs will work closely with CIOs, but also will collaborate with Chief Digital Officers, directors of insights and teams of pros focused on data management and strategy.
Of particular importance for healthcare, CDOs will play a crucial role in ensuring corporate compliance with federal and industry regulations such as HIPAA. Experian writes that, with tighter regulations likely to be implemented by the Obama Administration as it seeks to boost information sharing regarding cybersecurity, CDOs will be key players to help cope with these increasing regulations.
And Big Data means big opportunities, as long as an organization has the ability to capitalize on it. Big Data and collaboration are quickly becoming the new trend in healthcare research and delivery. CIOs are seeing effective data management as an underutilized opportunity, with 44 percent of CIOs viewing chief data officers as the prime leaders who can help businesses make the most of their big data.
Chief data officers can also provide a consistent approach to data-driven project, at least in the opinion of 41 percent of the CIOs surveyed, which could help decrease the associated business risks.
The survey also discovered a financial disconnect between CDOs and CIOs, however, with CDOs reportedly more optimistic regarding the possibilities of savings tied to technology investments. CIOs think investing in data quality tools can save, on average, about $1.5 million, while CDOs say those savings could exceed $7.5 million.
The bottom line, based on the study’s findings, is that CIOs are realizing the value of big data, and are acknowledging that more emphasis on data management and strategy is crucial to ensure that they will be able to satisfy their client base, both now and in the future, according to Experian.