Why Chief Data Officers will assists organizations cash in on data

At the end of 2015 year, research firm Gartner Inc. estimated that 25% of major international organizations had already hired a chief data officers (CDO). By the year of 2019, the firm hopes that number to reach 90%.

"This quick shift is the tip of the iceberg," claimed Ted Friedman, research vice president and distinguished analyst at Gartner. Agencies are increasingly finding they require studying results of their inner workings to make better the operations and results.

"It depicts a much deeper change occurring throughout most agencies. Practitioners of distinctive data and analytics disciplines will require broadening their understanding, and working more closely with others to identify the benefits of utilizing data and analytics to capture transformative business opportunities and reduce risks,” Friedman claimed.

Organizations are increasingly developing a single data and analytics team with a new leadership role, as the rise of the Chief Data Officers (CDOs) demonstrates, Friedman said. As silos are broken down, experts in this area increasingly are working on cross-functional teams.

The shift toward digital business is at its core a drive to better collect, handle and exploit information assets and apply analytics for richer insights, the firm stated. By the year of 2018, more than half of huge organizations will compete using advanced analytics and proprietary algorithms, disrupting entire industries, Gartner estimates.

This, in turn, is being driven by the proliferation of devices, connected "things," connectivity and computing power—all of which develops more opportunities to collect information, observe it and potentially acquire a financial return from the data they yield.

The opportunities to produce business value from data and analytics are practically infinite, Gartner stated.