Any business cdos, small or large, will have a few key players responsible for the success of the business. Well, in fact, everyone involved in the business has their fair and due contribute to it, but these major players guide the people as well as the business to success.
Amongst the others, the CDOs or the Chief Data Officers play a critical role in any business, especially helping them to make the transformational change, as and when required, as well as avoiding burnout and stress, which, inevitably, will creep in at some point of time.
These CDOs work in the capacity of more than just a statistics specialist. Ideally, their jo also includes:
- Bringing people together
- Keeping them all on the same page
- Analyze your business ideas
- Align that with the available and required data and metrics.
In short, they are the ones who will ensure that your business has that much required competitive edge.
A few statistical reports will make it clear to you regarding the role and importance of a chief data officer in a business.
- According to IDC, it is expected that there will be a tenfold increase in data all over the world by the end of 2025. This means that the chief data officer will have an immense responsibility of coping and keeping up with such magnanimous data-driven transformation for any business.
- According to another survey report conducted by Gartner in 2018 and called the ‘Gartner Chief Data Officer survey,’ it is said that that the seat of the CDOs in a business will be the hottest and toughest in a boardroom. They say that the CDOs will be responsible for revealing more data-driven innovation, building more vicarious relations, and inspiring the stakeholders. At the same time, they will be responsible for integrating incongruent data and analytics.
Considering these two reports, there is no doubt that the capabilities and responsibilities of the chief data officers in a business cdos will be crucial that will result in a more unified and strategic discipline. This will help the companies to achieve their success goal as well as gain a lot of competitive advantage.
Data and analytics program
For any organization, data and analytics play an important and diverse role helping in different aspects of the business to proceed in the path of success. For example, proper and accurate data analysis will help:
- In designing business strategies
- In making changes in it as and when required
- In knowing the pattern of customer behavior
- To analyze the buying history
- To get automatic Instagram likes and thereby more traffic to their sites and much more.
Therefore, undoubtedly, the data and analytics program of any organization irrespective of its size and nature of the business can be very difficult and complex even at the best of times. Things become even more complicated and challenging when the stakeholders and other people in authority have very little or no data literacy. In such situations, they will resist any changes that you wish to make simply due to their ignorance about the benefits that can be enjoyed by being data-driven.
On the other hand, the employees of the business should also have at least a basic understanding of the benefits and importance of being data-driven. This information is essential for them to because their departmental heads may not be able to explain things always and every time being too busy in other areas of work such as tactical fixes and operational firefighting. This means that they will have little or no time to leverage high-value initiatives in others down the line.
Key factors to hire
If you want to hire such a key figure for your business, there are a few things you should know and consider a few factors before you jump in. You must know your business need and how a CDO will contribute to the success of your business based on your specific transformation goals. You will also need to consider the main features and qualities that you should look for in such a person. Ideally, there are three key features to focus on. These are:
- Customer intelligence: This will ensure developing a 360-degree view of customers. This will, in turn, help in predicting the ways in which you can optimize their experience in the best possible way, knowing what is working and what is not by capturing and leveraging data from external social channels such as Instagram, Facebook, Twitter, and LinkedIn.
- Risk, compliance, and governance: This will ensure that the data of your company is not only accurate but is also secure. The CDO must be aware of the legal requirements and know how to work with these legal departments and security teams.
Lastly, they should be aware of the new business models so that they can develop new opportunities and maximize your business profits by making the transformational change. They must know about Business Process Management and Enterprise Resource Planning systems and be able to work along with their CTO or CIO counterparts to ensure a higher return on investment.
Tactics to avoid burnout
Avoiding burnout is another crucial aspect to consider by all those who are involved in the operation, development, and strategic implementation of business ideas.
Burnout is actually a psycho-physical response that results from workplace stress. Prolonged and extreme exposure will result in conditions and feelings like:
- Exhaustion
- Lethargy
- A lack of enthusiasm and interest
- Loss of passion for the job
- Mood swipes
- Disengagement
- Non-cooperation and
- Cynicism.
The best approach to deal with burnouts is to avoid overworking. It is essential to assure that people have better control over their life as well as their work. It is only then such symptoms will not be exacerbated.
- Give people more autonomy and encourage their creative side.
- Also, allow flexibility at work.
Following a one-size-fits-all approach will undoubtedly raise the risk of burnout. Remember, people, connections, and creativity are the three things that will lead your business to success, and a CDO will ensure you do exactly that. Therefore, go ahead with your CDO!