The growing importance of data in an organization has chief information officers (CIOs) handing over their data responsibilities to chief data officers (CDOs) more often, according to a June 2015 Experian Data Quality study produced by Loudhouse Research.
It turns out 57% of CIOs believe that in the next 12 to 18 months, the volume of data their organization will need to manage will rise by an average of 33%, according to the study. As the amount of data continues to rise, 63% without a CDO said they would like to see the role created at their organization in the future, because of a) a need for a consistent approach to remove the risk of data-driven projects; b) growing costs due to poor data quality, and c) increasing industry and government regulations.
Despite the challenges, four out of five marketers view data as a valuable asset that is not being fully used within their organization. Some 95% of CIOs believe data is changing the way their organization does business, but practical and organizational issues impede the use of data. When it comes to using data for analytics, 48% of CIOs see the volume of data as a major issue; for 35%, it's the variety of data. Additional difficulties, according to 39%, are capturing the data; for 38%, it's processing data in real time.
The company's culture plays a major role in whether data strategy succeeds or fails. The majority of CIOs face barriers, with 68% saying they struggle to find stakeholders who take anything other than a siloed view of data management. CIOs struggle to implement data-driven decision-making because no one seems to own the process.
More than 250 CIOs and CDO participated in the study, from companies with 500 or more employees.