• GFT were a key participant in the Chief Data Officer summit which took place at the Hilton, Olympia in London this week.
• The two-day event was very well received and filled with great discussion around maximising the effectiveness of the Chief Data Officer (CDO), an increasingly important role within many organisations.
The presentations highlighted the current challenges and opportunities faced by CDOs, with vast and ever-increasing amounts of data being managed and circulated within firms. It is crucial that this data is effectively managed, to ensure the company remains competitive, profitable and satisfactory in the eye of regulators.
If you were unable to attend the summit, GFT have assembled a cross industry team of specialists to produce a series of papers that examine the evolving role of the CDO, and the challenges they face in creating impact and driving efficiencies, particularly in financial services. All three papers are freely available for download and cover how the Chief Data Officer can deliver benefit, vision and change:
There has been an increasing pressure on cost control since the financial crisis in 2008. Greater regulatory demands and the growing complexity of organisational structure have created an environment whereby CDOs need to change and meet the conflicting demands of a diverse customer base.
The paper looks at how this can be achieved by CDOs adopting a user-centric approach and making the customer the focus of all data management processes.
To read ‘Delivering Benefit’ click here
The paper moves on to address the analysis and design phase of major initiatives. CDOs have traditionally focused on developing a major analysis stream based on a ‘current’ and ‘target-state’ operating model.
The paper argues for a complementary approach with a governance structure that delivers clear business benefits at an earlier stage in the change lifestyle.
The complementary approach means a less centralised form of governance, and encourages individual projects and technology solutions to be governed within a single framework.
This flexible framework helps deliver change by generating a complete and accurate view of data assets across business lines as well as across an entire organisation. The benefits mean higher quality data, improved decision making, major cost savings, and regulatory compliance.
To read ‘Delivering Vision’ click here
The report concludes by providing a practical guide on how CDOs can maximise their effectiveness and influence within the institutions that employ them.
For CDOs to be truly effective their role is not only about the effective management and governance of data. The report highlights the importance of being able to communicate and inspire cultural change within their organisations, highlighting the importance and value of data as an organisational asset.
To read ‘Delivering Change’ click here