These professionals, who are still in the minority, stand out for their ability to generate greater return on data investment.
Some Chief Data Officers (CDOs) have evolved into the role of data value creators. A distinguished minority are part of this group.
This is according to the IBM Institute for Business Value’s (IBV) Chief Data Officer 2023 study, which estimates that globally, 8% of CDOs are already Data Value Creators. These professionals stand out for their ability to generate greater return on investment in data and thus bring about change in their organisations.
There are four defining characteristics of CDO Data Value Creators. Firstly, they have “a line of sight from data to value creation”, as is clear from their title. While 49% of CDOs increase ROI through data, 71% of Data Value Creators manage to do so.
Moreover, the investments they make in data “accelerate business growth”. Nearly 9 out of 10 data creators leverage these investments to find new sources of value and drive innovation.
Thus, “they make data a central element of business model innovation”, as IBM stresses. They are aligned with business strategy in 63% of cases compared to 48% of CDOs in general.
Finally, they can boast of having “committed partners within the ecosystem”. This is a 100% commitment to their data strategy compared to other CDOs, who would have a 65% commitment.
It is also worth noting that there are proportionally more data value creators in Spain than globally. Here the percentage of CDOs that rank in this select group is 16%, double the global average.