The value of data has increased dramatically among the business community, bringing about the rise of the chief data officer (CDO), according to a new study by Experian Data Quality, a provider of software and services.
The research study, which interviewed more than 250 CIOs and CDOs from large organizations, found that data is a critical asset that has been largely untapped. A huge majority (95%) of CIOs think data is changing the way their organization does business.
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Four out of five organizations surveyed see data as a valuable asset that is not being fully exploited within their organization. To create ownership of that area, the role of the CDO is growing among U.S. businesses.
Among organizations without a CDO, 63% would like to see the role created in the future. The report says creation of the CDO role is being driven by three main factors: a need for a consistent approach to “de-risk” data driven projects, rising costs due to poor data quality, and increasing regulations.
“Business leaders finally are learning that to gain valuable insights from information, but they need to create a culture around data,” Thomas Schutz, senior vice president and general manager of Experian Data Quality, said in a statement. “Businesses need evangelists for data and individuals with the intelligence to not only ensure information assets are governed, accurate, accessible and complete, but also promote the use of data for good across the business.”
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