It is evident that Chief Data Officers (CDOs) globally are increasingly focused on effectively driving data-centric processes and behaviours to yield tangible ROI in their organisations. Against the backdrop of economically uncertain times, the perceived effectiveness of a CDO has become a potent catalyst for organisational reshuffles. This leaves some in unfavourable seat in the business hierarchy, while others are left to look for their next role.
Unsurprisingly, preliminary results of the recent survey suggest only 33% of data and analytics leaders consider themselves operating in a data-driven organisation. The survey is first of the three stages of doctorate research of Eddie Short, Chief Data Officer at MidEuropa and contributor at Data Leaders.
Data informing strategy, but not business decisions
Not all news is disheartening. More than half of the respondents (56%) report that data plays a pivotal role in informing business strategy. Unfortunately, the majority of business stakeholders continue to resist integrating data into their key decision-making processes, with only 42% acknowledging its significance.
Tensions with IT continue
While data and analytics leaders report good alignment with business leaders, including CFOs, the age-old tension between CDO and CIO is striking. 28% of respondents report poor alignment with their IT departments.
Data teams have the right skills and tools. Or do they?
The brightest spot in the survey results is the human element — the data teams. An impressive 78% affirm that their teams possess the right skills, and 59% assert they are equipped with the appropriate tools to execute their responsibilities effectively. However, given that only 33% of organisations consider themselves data-driven, should leaders be so confident that their teams have the right skills?
More work is needed for data to become a strategic asset
The road to becoming truly data-driven demands a holistic approach, where business, finance, and technology seamlessly converge. Reflecting on the survey, it is evident that substantial work is still needed for data to evolve into a fully leveraged strategic asset. You can still contribute your own insights into how your organisation is approaching data and whether the summary aligns with your reality.
In the ever-evolving landscape of business leadership, the question persists: are we prepared to propel the business forward with the dynamic force of actionable insights? The answer to this question may well determine the future trajectory of our organisations in an era where data stands as the new currency of success
This blog post is taken from an article originally published exclusively for the members of Data Leaders service. Our service gives unique access to trusted, timely, relevant insights from Chief Data and Analytics Officers and their leadership teams from across the world.
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