Gartner believes that, by 2019, around 90 per cent of companies will have hired a Chief Data Officer (CDO) as business becomes more aware of the huge potential beneath Big Data analysis.
All the major web-scale companies such as Google and Yahoo have CDOs in place and so do Barclays and Citigroup. Gartner’s predictions are probably realistic as there is already a huge demand for data scientists – people skilled in making sense and deriving value from the hoards of Big Data that companies have been accumulating but unable to process due to a serious lack of skilled staff.
Businesses and industry followed the Big Data buzz two years ago and went about collecting everything and throwing away nothing with respect to data, but what do they do with it? Its fine having data lakes and even state of the art analysis tools, but if you cannot ask the right questions then you cannot hope to get a sensible answer.
This is why data scientists are now in huge demand, as they are skilled in delving through unstructured data and knowing the right questions to ask that relate to core business objectives.
Consequently, with businesses now taking a huge interest in the potential of predictive analytics having a CDO makes perfect sense as they can use data forecasting as input into the vision of business strategy.
“Business leaders are starting to grasp the huge potential of digital business, and demanding a better return on their organisations’ information assets and use of analytics,” said Mario Faria, research vice president at Gartner.
“It’s a logical step to create an executive position – the CDO – to handle the many opportunities and responsibilities that arise from industrial-scale collection and harnessing of data.”
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