CDOs shift from defense to offense to drive digital transformationWith more than one-third of respondents saying "increase revenue" is a top three measure of success, the survey findings show a clear bias developing in favor of value creation over risk mitigation as the key measure of success for a CDO. The survey also looked at how CDOs allocate their time. On a mean basis, 45 percent of the CDO's time is allocated to value creation and/or revenue generation, 28 percent to cost savings and efficiency, and 27 percent to risk mitigation. "CDOs and any data and analytics leader must take responsibility to put data governance and analytics principles on the digital agenda. They have the right and obligation to do it," said Mario Faria, managing vice president at Gartner. CDOs are responsible for more than just data governance According to the survey, in 2017, CDOs are not just focused on data as the title may imply. Their responsibilities span data management, analytics, data science, ethics and digital transformation. A larger than expected percentage of respondents (36 percent) also report responsibility for profit and loss (P&L) ownership. "This increased level of reported responsibility by CDOs reflects the growing importance and pervasive nature of data and analytics across organizations, and the maturity of the CDO role and function," said Ms. Logan. In the 2017 survey, 86 percent of respondents ranked "defining data and analytics strategy for the organization" as their top responsibility, up from 64 percent in 2016. This reflects a need for creating or modernizing data and analytics strategies within an increasing dependence on data and insights within a digital business context. CDOs are becoming impactful change agents leading the data-driven transformation The survey results provided insight into the kind of activities CDOs are taking on in order to drive change in their organizations. Several areas seem to have a notable increase in CDO responsibilities compared with last year:
- Serving as a digital advisor: 71 percent of respondents are acting as a thought leader on emerging digital models, and helping to create the digital business vision for the enterprise.
- Providing an external pulse and liaison: 60 percent of respondents are assessing external opportunities and threats as input to business strategy, and 75 percent of respondents are building and maintaining external relationships across the organization's ecosystem.
- Exploiting data for competitive edge: 77 percent of respondents are developing new data and analytics solutions to compete in new ways.