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The Rise of the Chief Data Officer (CDO)

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The Rise of the Chief Data Officer (CDO)

The Rise of the Chief Data Officer (CDO)

Data has taken on a central role in our daily lives, permeating nearly every activity in the business and public sectors. It’s now considered an essential piece of the puzzle for any serious organization, enabling everything from game-changing insights to the birth of entire new technologies or business models.

In fact, data is so important nowadays that some experts are saying that it’s the most valuable resource in the modern economy, even going as far as describing data as the “new oil”. While not everyone agrees with this kind of hyperbole, it’s fair to say that how organizations approach data will be a major determining factor for future growth and success – and thus, having someone to make the most of data is crucial.

To guide these kinds of decisions, many organizations are making a structural change to their C-suite: the addition of a Chief Data Officer (CDO).

The Changing C-Suite

The set of executives that reports to the modern CEO is constantly evolving, and over the last couple of decades we’ve seen the implementation of other tech-focused positions such as the Chief Information Officer (CIO) and the Chief Technology Officer (CTO).

The CDO is the newest addition to the mix, and it’s a job that’s responsible for enterprise wide governance and utilization of information as an asset. This includes oversight over data processing, analysis, data mining, information trading, and other means.

Today’s infographic comes from Raconteur, and it breaks down organizational perspectives on the role of the CDO, along with how execs in this fast-evolving position are allocating their time to achieve their mandates.

The CDO Mandate

Approximately 90% of large global organizations will have a CDO by 2019, and the general mandate for most CDOs will be as follows:

Data Integrator:
Raw internal data exploration, diagnostic analytics, and value-added data quality and integration

Business Optimizer:
External context and benchmarking, cost-reduction analysis, and business-driven growth opportunities

Market Innovator:
Data monetization, cognitive trend analysis, and innovative business models

Meanwhile, Gartner breaks it down in a similar way, suggesting that CDOs spend 45% of their time focused on value creation or revenue generation, 27% on risk mitigation, and 28% on cost savings and efficiency.

Who Makes a Good CDO?

As with any new type of role, there are always questions about how to get someone that is the right fit.

Here is the background of successful CDOs thus far, according to NewVantage Partners:

BackgroundPercentage of Successful CDOs
External change agent34%
Company veteran32%
Data scientist15%
Results-driving line executive13%
Technology executive8%

Like the constantly evolving landscape of data itself, the role of CDO will keep changing in the future as more organizations search for new ways to make the most of this precious resource.

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Charted: The Jobs Most Impacted by AI

We visualized the results of an analysis by the World Economic Forum, which uncovered the jobs most impacted by AI.

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Charted: The Jobs Most Impacted by AI

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Large language models (LLMs) and other generative AI tools haven’t been around for very long, but they’re expected to have far-reaching impacts on the way people do their jobs. With this in mind, researchers have already begun studying the potential impacts of this transformative technology.

In this graphic, we’ve visualized the results of a World Economic Forum report, which estimated how different job departments will be exposed to AI disruption.

Data and Methodology

To identify the job departments most impacted by AI, researchers assessed over 19,000 occupational tasks (e.g. reading documents) to determine if they relied on language. If a task was deemed language-based, it was then determined how much human involvement was needed to complete that task.

With this analysis, researchers were then able to estimate how AI would impact different occupational groups.

DepartmentLarge impact (%)Small impact (%)No impact (%)
IT73261
Finance70219
Customer Sales671617
Operations651817
HR57412
Marketing56413
Legal46504
Supply Chain431839

In our graphic, large impact refers to tasks that will be fully automated or significantly altered by AI technologies. Small impact refers to tasks that have a lesser potential for disruption.

Where AI will make the biggest impact

Jobs in information technology (IT) and finance have the highest share of tasks expected to be largely impacted by AI.

Within IT, tasks that are expected to be automated include software quality assurance and customer support. On the finance side, researchers believe that AI could be significantly useful for bookkeeping, accounting, and auditing.

Still interested in AI? Check out this graphic which ranked the most commonly used AI tools in 2023.

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