Data is fast becoming an integral element of every decision, customer touchpoint, and internal process. The opportunities that come with greater data and analytics capabilities are apparent across the entire value chain — from customer-facing algorithmic tools that yield personalized recommendations to enterprise tools that automate applicant résumé screening. With data and analytics becoming important drivers for increased efficiency, better decision-making, and greater innovation, CEOs have started to invite a new member to their C-suite: the chief data (and analytics) officer (CDO).
How the Best Chief Data Officers Create Value
CDOs need to focus on four spheres of influence.
September 13, 2023
Summary.
Despite the rapidly increasing prominence of data and analytics functions, the majority of chief data officers (CDOs) fail to value and price the business outcomes created by their data and analytics capabilities. It comes as no surprise then that many CDOs fall behind expectations and have short tenures. The authors conducted 17 in-depth interviews with CDOs who are largely considered to be at the frontier of the role. Based on the interviews, they synthesized where CDOs can create value and how they can measure and price it. Beyond strategies for creating and demonstrating value, they provide insights into qualitative and quantitative measurements that data analytics leaders are currently adopting.
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HBR Learning
Digital Intelligence Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Digital Intelligence . Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Excel in a world that's being continually transformed by technology.