The role of the Chief Data Officer (CDO) is increasingly uncertain. The statistic about the average tenure of CDOs being only two and a half years is well cited, but a recent Gartner report predicts that by 2026, 75% of CDAOs will fail to make a measurable business impact and have their roles absorbed by the IT function.Â
Successful data leaders must therefore demonstrate a measurable business impact to earn their seat at the table as a C-suite business leader. Below are our top 5 practical things you can do to get ahead. Â
1. Understand your data landscape
As the CDO, it’s absolutely essential to understand your organisation’s data landscape. That means getting to know the technical details, the people and processes involved in managing your data, and, perhaps most importantly, the use cases and customer outcomes your data supports, and how it drives value for your organisation.
Your goal should be to develop a thorough understanding of the current state of your data and the desired future state so you can identify and focus on solving the most pressing data problems.
2. Frame all problems, solutions, and success metrics in a business context
It’s your job to create a compelling case for action to solve your organisation’s data problems. The best way to do that is to establish a firm connection between the problems you want to solve and key business objectives.Â
Data problems are business problems, data solutions should address business pain points and support specific business objectives, and data success is measured by better business results.Â
Sticking with this approach frames your work in the broader business context and gives you the language to communicate the value of what you’re doing to others in the organisation.
To speak in the language of the business, ask yourself a small number of important questions:
- What are the strategic imperatives of the CEO and the board?
- What are the critical metrics that are being used to measure strategic success?Â
- How can I frame data solutions and their success in those, or adjacent, metrics? (e.g. number of new customers or reduced cost of goods sold).
3. Build a differentiated, prioritised data strategy
The next step is to take what you’ve learned and work with the business to create a detailed data strategy and roadmap. An effective data strategy, agreed with the business, provides CDOs with something they have always wanted, the right to say no to business demands and the license to operate.
Define what needs to be done, and articulate the costs and business benefits of executing your strategy. Don’t forget to include, and emphasise, the costs of inaction and lack of data investment in your assessment.
Include both short-term practical initiatives and long-term goals such as building a robust data culture, as well as clear definitions of what “success” looks like. These definitions will become your scorecard, so it’s vital you make them measurable and feasible. You should also make sure your plans are prioritised based on the value they deliver.
Above all, resist the temptation to develop your strategy in isolation and then attempt to sell it to others. That will get you nowhere fast, while collaborating with the business and focusing on value will build goodwill and increase your likelihood of success.
4. Start at the start
Want to demonstrate the value of your work? Implement the strategy you’ve developed.
Do your best to avoid distractions in the form of exciting technology, enticing but low-value “low hanging fruit,” and suggestions from well-meaning but misguided colleagues (even very senior ones). With every suggestion you take on, it becomes harder and harder to say no to the next.
Stick to the course you’ve laid out, and do only the things you know will lead to long-lasting business value. Trust us, the results will speak for themselves.
5. Track & report progress
Once you start executing your action plan, it’s imperative that you regularly track and report progress. This serves two purposes.
First, it gives you the data you need to measure your own success and course-correct if needed.
Second, tracking progress supplies you with the hard facts you need to prove the value of your work and make the case for more time, resources, money, and energy to be spent on even more valuable data projects.
Ready to get started?
Anmut offers a range of solutions designed to help CDOs and their teams demonstrate value and produce real business results, including a strategic data asset management platform, Grace.
To learn more, visit our solutions page or get in touch to talk to one of our data experts about how Anmut can help you and your business unlock the value of your data.