the health strategist
research & strategy institute
Joaquim Cardoso MSc.
Chief Research Officer (CSO), Chief Editor
Chief Strategy Officer (CSO) and Senior Advisor
August 10, 2023
What is the message?
The article “An Emerging Consensus Among Chief Data Officers”, published by Forbes, encapsulates the valuable insights shared by seasoned CDOs, shedding light on effective strategies for aligning data initiatives, promoting education, and navigating the intricacies of AI integration.
The shared experiences and approaches underscore the pivotal role that data leadership plays in driving organizations toward data-driven excellence.
Key takeaways:
The Forbes article distills the key discussions among accomplished Chief Data Officers (CDOs) revolving around strategies to align data initiatives with overall corporate objectives, fostering educational initiatives, and effectively integrating Artificial Intelligence (AI) technologies.
- The conversations highlighted the diversity in approaches taken by different organizations to bring about alignment.
- Notably, the CEO-led personal coaching approach was reported as a successful means of cultivating a comprehensive understanding of data strategy throughout the leadership hierarchy.
- For other executive team members, a custom program involving direct participation from the CDO was implemented, solidifying the relationship between data initiatives and broader business goals.
The significance of education emerged as a central theme, with CDOs unanimously underscoring its crucial role in promoting data literacy across their organizations.
- Several attendees emphasized that every employee was mandated to participate in an online program designed to underscore the value of data assets.
- For senior executives, a forthcoming face-to-face education program was described, aiming to equip them with an in-depth understanding of data’s strategic implications.
In a climate where clear communication was deemed paramount, CDOs shared insights into the necessity of using accessible language devoid of technical jargon when conveying data-driven initiatives to top-level decision-makers. This practice was seen as crucial to ensure that data strategies are understood, embraced, and effectively integrated into organizational processes.
- The discussion took an interesting turn towards the realm of AI. One CDO delineated the distinctions between machine learning and other AI forms, asserting that machine learning had reached a stage of readiness for widespread deployment. In contrast, other AI variants posed challenges that required further refinement.
- Participants indicated a prevalent trend of numerous AI and machine learning pilot projects, yet limited instances of full-scale production deployment—a trend validated by the 2020 NewVantage Partners survey.
Effective data engineering emerged as a critical enabler for scaling AI capabilities. A particular organization spotlighted its success in treating data engineering as a centralized function, contributing significantly to the seamless integration of AI technologies.
- Despite the historical brevity of Chief Data Officer tenures, the experienced CDOs exhibited remarkable consensus on the primary issues they faced. Impressively, job security and stability were not primary concerns for these professionals, with one CDO stating, “Our company is completely data-driven. The only surprise is how long it took us to appoint a Chief Data Officer!”
This viewpoint underlines the evolving and enduring importance of the CDO role in modern corporate landscapes.
This is an executive summary of the article “An Emerging Consensus Among Chief Data Officers” published by Forbes at https://www.forbes.com/sites/tomdavenport/2020/02/26/an-emerging-consensus-among-chief-data-officers/?sh=f569b7e13152
About the Authors
Randy Bean is an industry thought-leader and author, and CEO of NewVantage Partners, a strategic advisory and management consulting firm which he founded in 2001. He is a contributor to Forbes, Harvard Business Review, MIT Sloan Management Review, and The Wall Street Journal. You can follow him at @RandyBeanNVP.
Tom Davenport is the President’s Distinguished Professor of IT and Management of Babson College, a Digital Fellow at the MIT Initiative on the Digital Economy, and a Senior Advisor to Deloitte’s Analytics and Cognitive practice. He has been a professor at several universities (Harvard, University of Chicago, University of Texas) and a consultant or partner at several leading consulting firms (McKinsey, EY, Accenture).
