Enterprises today are striving to excel in the present competitive market environment. With the advent of Big Data there has emerged a whole new focus & urgency to store, process & analyze the exponentially growing data. Data is considered an integral part to an enterprise’s growth. This in recent times is growing too fast. 90% of data we have today is created during last 2 years. Further it is expected that Enterprise data would grow 650% over next years. Interesting part is 80% of this data is unstructured. The challenge now before every enterprise is -how efficiently to use this huge asset to make the enterprise better across functions like marketing, customer service, human resources etc.
In an organization the CXO bracket has the responsibility of not only driving various functions like Finance, Technology, IT, Marketing, Sales etc from the top but also adding business value to the function. For example, the role of the CFO is not just to see the ‘P&L’ accounts but also to see how the financial resources are best used to the organizations welfare. The CFO is a person not only good at ‘number crunching’ but also has the ‘Business Acumen’ to utilize the financial resources- to the best for an organizations present financial health and future growth.
According to World Economic Forum- ‘Data is an economic asset like currency & gold’. Organizations have to become smart to use this valuable asset well. Many organizations are appointing ‘Data Scientists’ these days to leverage on Big Data benefits. Data Scientists are not expected to be the generic analytics guys with some extra Hadoop skills. This role demands much more than that- as Data Scientists not only ‘deduce or infer’ but also predict. They are not just reactive but proactive & consultative. Their work is not just about real time rather its right time. Further this role also demands skills to recommend findings to the organization’s leadership structure. They should have the ‘business understanding’ and the consultative skills to advice on various business problems. The understanding of the business problem lies in the understanding of the industry itself- so domain/ industry knowledge is also critical. Speed too is important- as things have to be done super fast because latency is in seconds. Last but not least, data ‘ownership’ is very critical in enterprises. Who owns the responsibility and drives initiatives for making the best use of the data, across systems, departments & locations. Shouldn’t there be a single person to lead all Big Data initiatives from front…?
The role of the such person by its nature- becomes a leadership role. Much like any other in the top bracket in the organization. With the avalanche of data- it’s important to have a holistic approach towards it. This is possible when it’s driven from top- by the top leadership. We would definitely see more enterprises appointing CDOs in the coming times.
About the Author
Sanjay Abraham holds a Bachelors in Engineering (Computer Science) and a PG Diploma in Business Management. He has worked with top names in the IT sector like Avaya GCL & Mahindra Satyam. His client list includes top bracket names across Banking, Insurance, Retail, Public Services and other verticals.
Consulting, Training, blogging, Business Development through ‘customer pain pointing’ is his personal areas of passion. Linkedin: in.linkedin.com/in/sanjayabraham. Twitter: @asanjay100