The Hard Thing About Hard Things - A Playbook for New Age Chief Data and Analytics Officers (CDAO) | nasscom | The Official Community of Indian IT Industry

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The Hard Thing About Hard Things - A Playbook for New Age Chief Data and Analytics Officers (CDAO)

Tredence Inc.

@sivaram_Tredence

April 14, 2021

Data Science & AI Community

In this ever-evolving technological age, data continues to grip industries, transform business models, and spur innovation. It is also central to any useful business strategy. As a result, Chief Data Analytics Officers (CDAO) have become increasingly important over the years, with their roles evolving from crisis mitigators to value creators, as they advocate on behalf of data and its countless benefits.

Beyond the romance of CDO playbooks, the evolving mandate of the Chief Data Officer (CDO) is all about navigating today’s disruptive, dynamic, data-intensive world and myriads of often conflicting expectations from the CDO role.

Not only do CDAOs use their knowledge and influence to positively affect business value, but they also integrate definitive strategies that translate how organizations should analyze, govern and manage data.

There are many objectives that a CDAO must engage in daily, though the importance of those roles has differed and caused disagreement. A deeper understanding of the evolving roles of a Chief Data Analytics Officer—as well as an examination of how executives misunderstand those roles—will help you see their importance and understand their frustrations at the same time.

CDAOs Are Left Confused By Their Responsibilities

Despite all the responsibilities that chief data and analytics officers are tasked with, many CDAOs are left bewildered and frustrated by what their roles are with a company. A 2021 survey by NewVantage Partners outlines that 76% of CDAOs at blue-chip companies were convinced of the efficiency of their technology, but were less enthusiastic about their roles within the company they worked for. This is even though so many companies have brought in CDAOs over the last decade. Roughly 68% of companies had a CDAO by 2018, compared to 2010 when fewer than 15 major companies had such a position.

The issue, however, is that the lack of role definition has led CDAOs to leave their posts relatively soon, with average tenure lasting around three years. Some of this is because there is still some mystery surrounding what the role entails, with many companies unable to see the necessity for it as they deem most data to be worthless.

Why Do CDAOs Leave Their Roles?

Many data and analytics experts will leave because of a lack of understanding or alignment within the company’s C-suite. Some organizations aren’t sure what the ‘Chief’ in ‘Chief Data Analytics Officer’ means, leading to some disagreement over importance. The data and analytics expert may also struggle to help the business prioritize investment as well as the decreased ability to monetize data, leading to internal rifts.

In other cases, data initiatives and investments may have been scattered, with nothing defined. A lack of a definite strategy that prepares the organization for future disruptions can also lead to the Chief Data Analytics Officer leaving.

A CDAO’s Role Has To Be Adaptive and Unifying

For a CDAO to flourish amidst the increasing demands of the business world, adaptive leadership is necessary. He or she should be able to democratize data so it’s in the hands of the right people. A CDAO should also be able to relate their expertise to the business stakeholders that they have to answer to.

To flourish as a data expert, you should prioritize initiative and investments for businesses based on strategic objectives and impact, complexity, and outcomes. Business objectives should be clearly outlined so that the intent and scope of the initiatives are known from the outset. You should also consider conducting consistent workshops and listening tours to understand stakeholder needs, improving communication, and understanding/combining objectives better. The data charter should be articulated thoroughly as well to further improve this communication.

Utilize These Antifragile Data Strategies

The role of CDAO really came into vogue in the aftermath of the 2008 global financial crisis – someone with a balanced understanding of the core business processes, products, customers, compliance, reporting and data infrastructure capabilities including security. Especially amidst the global health crisis, CDAOs are expected to come up with pandemic-proof business models and data strategies to future-proof initiatives to prevent significant financial loss.

These Agile Strategies Can Keep Companies Versatile

The ‘New Normal’ of business analytics requires agility and adaptability to thrive. Armed with an agile approach CDAO should establish enterprise-wide standards for data adoption techniques, best practices, and key performance indicators. Data analytics should be embedded to increase delivery and value realization, while data self-servicing should always be a point of emphasis.

While drafting your long-term data strategy, make the tactical achievements and adjustments necessary to measure and demonstrate the business value of these strategies. It’s best to do this exercise at the start of every quarter.

Companies are investing more in Chief Data Analytics Officers while working simultaneously to offset the effects of the unpredictability of our ‘New Normal.’ They are taking the initiative to modernize strategies and improve C-suite interactions—a critical move as the world sails toward an unpredictable future. CDAO roles can be expected to be more definitive and, as this expertise becomes more valued, more companies will see a more intensive approach to data that translates to commendable financial results.

#BigData #BigDataAnalytics #Technology #Transformation #DigitalIndia #SmartData #DataAnalytics

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Tredence Inc.

Tredence is a data science and AI engineering company focused on solving the last mile problem in analytics. The ‘last mile’ is defined as the gap between insight creation and value realization. Tredence is 1,000-plus employees strong with offices in Foster City, Chicago, London, Toronto and Bangalore, with the largest companies in retail, CPG, hi-tech, telecom, travel and industrials as clients.

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