In 2012, just 12% of Fortune 1000 companies had a CDO. Today, more than 67% of firms have a CDO, according to New Vantage Partners. CDOs are in place in more than half of U.S. states, with seven states planning to create the position.
67%
Today, more than 67% of Fortune 1000 companies have a Chief Data Officer, up from just 12% in 2012.
If data is the “new oil,” then CDOs are charged with knowing where to drill and how to extract the most value – safely.
The role of CDO is evolving rapidly. CDOs find themselves responsible for an ever-growing number of challenges, everything from data management, security, analytics, and governance to ensuring data quality and crafting data-driven business strategy.
However, all CDOs have one directive in common: the mandate to unlock value from the tremendous amount of data that the enterprise collects. Increasingly, CDOs are responsible for much more than data stewardship – they’re expected to turn data into a strategic asset. If data is the “new oil,” then CDOs are charged with knowing where to drill and how to extract the most value – safely.
The pandemic has made the job of CDO even more important, with data playing a key role to help companies respond to rapidly changing conditions. CDOs need to leverage advanced technology such as AI to navigate uncertainty, at a time when making the right business decisions can mean the difference between managing disruption and being overwhelmed by it.
