If you work in the field of computer technology, you know that big data is getting bigger. Smartphones are a major cause of this, as there will be an estimated 6.1 billion smartphone users around the globe by 2020. However, with the internet of things emerging, smartphones are just a small piece of the puzzle; by 2020, an estimated 50 billion smart devices will exist in the world, all connected up to the web, all generating their own data that needs to be analyzed. As a result, companies have started creating the position of Chief Data Officers, for those who oversee the data generated from all computers and smart devices their company sells. Just a month ago, the city of Washington D.C. hired their first CDO while private industries have been hiring CDOs for a few years now. So when is it time for your company to hire a CDO?
1. When stakeholders start asking questions about big data.
While employees are the backbone of a company, stakeholders and investors provide the funds to help companies continue to innovate. If they begin to ask questions about how you are leveraging big data, how much is being generated and how it is being tracked, having a CDO that can stand up and speak to these questions is key.
CDO can answer questions about big data of the company and helps the stakeholders to make data-driven decisions.
2. When marketing is looking for additional resources.
Marketing teams need as much information about who they’re marketing to as possible. Without basics like age range, geographic locations, purchase history, and website tracking, marketers are throwing darts in the dark and hoping to hit a target. Often, data will be coming in from sources like SalesForce, WordPress, SharePoint, spreadsheets, and Shopify, resulting in data that isn’t normalized. Asking Marketing to deal with this can be a nightmare and honestly goes beyond their job description.
Having a Chief Data Officer that can head up a project to ensure data is normalized, packaged for consumption, and delivered to marketing would be a key to success.
3. When products need to be revised or improved.
Similar to the way a Marketing department operates, the developers (specifically of a technology firm) will need some direction when it comes to new versions of their app or software. If data is being collected but not managed, or customer feedback is being ignored, developers will not know what is working, and what isn’t working with their products. This can have disastrous results, ultimately landing a product that needs minor tweaks on the scrap heap after a few off-base revisions.
A Chief Data Officer will ensure the developers get any and all data being collected, ensuring versions 2.0+ of their product will be improvements over the initial offering.
Businesses of all types, not just technology companies, are more reliant on data than ever. A CDO will ensure that the links between data, analytics, business processes, and positive results are all strong. Without someone driving the ship, data can become muddled or mishandled across departments.
For more information about how big data can help and affect your business, contact Ciklum!