CDOs are sometimes centered on the proper targets, however aren’t making use of all one of the best practices to realize them, based on a Gartner report.
On the 2019 MIT CIO Symposium, Barbara Wixom mentioned how organizational knowledge methods have modified in recent times.
Whereas chief knowledge officers (CDOs) ranked the creation of a data-driven tradition as the highest essential issue for his or her knowledge and analytics (DA) groups, the technical and nontechnical methods mandatory to realize that purpose usually are not being prioritized, based on Gartner’s fourth annual CDO survey.
The report surveyed 257 CDOs, chief analytics officers, and different high-level DA leaders throughout the globe to see what components CDOs are prioritizing of their DA groups. The efforts of CDOs do not match long-term targets, the report discovered: CDOs ranked the implementation of a DA technique because the third most-critical success issue, however strategic actions, like creating a knowledge literacy program, was solely ranked 12th.
SEE: Particular report: Digital transformation: A CXO’s information (free PDF) (TechRepublic)
“The low rating of strategic actions might be defined as a result of nearly all of organizations are at maturity stage three or larger for EIM and enterprise intelligence and analytics,” Debra Logan, distinguished analysis vp at Gartner, mentioned in a press launch. “Whereas the survey exhibits that data governance is essential, particularly grasp knowledge administration (MDM), CDOs ought to by no means lose sight of the enterprise outcomes they’re making an attempt to realize. Focusing solely on governance, even MDM, is just not sufficient to succeed as a CDO.”
Rising applied sciences are essential to the success of information methods, the report discovered. CDO respondents ranked machine studying (76%) and synthetic intelligence (AI) (67%) as essential. Some 65% of CDOs mentioned they’re utilizing or piloting machine studying, and 53% mentioned the identical about AI.
The report outlined the next three ideas for the best way to be a profitable CDO:
- Offering measurable enterprise outcomes – for instance, how DA can scale back buyer churn in addition to ship particular outcomes equivalent to knowledge high quality.
- Balancing tactical and strategic initiatives, particularly in the case of expertise implementation (the emphasis is just not on implementation, which CDOs ought to go away to the CIO).
- Experimenting with digital rising applied sciences and searching for one of the best use instances to develop previous the pilot stage.
Prime challenges for CDOs
Executing these practices and changing into a profitable CDO might be troublesome to realize, based on consulting agency Egon Zehnder in its research CDO Decoded: The First Wave of CDOs Speaks, launched on Tuesday.
The bulk (80%) of CDOs mentioned that efficiently evolving their firm tradition was both harder or way more troublesome than anticipated, the report discovered. Some 68% mentioned the combination of information and eliminating silos had been their greatest challenges.
To realize digital transformation, CDOs cited government dedication (58%) and firm tradition (57%) as essential parts to success, the report discovered.
Greater than half (54%) of CDOs mentioned they felt they spent extra time evangelizing than really executing. The report really helpful organizations rent each executors and evangelists, which might open the door for CDOs to focus extra on their initiatives.
For extra, take a look at TechRepublic’s article on the 5 secrets and techniques to changing into a profitable CXO.