Pandera Systems Chief Data Officer, Matthew Thomas spoke with Kimberly Whitler of Forbes to explain why companies are turning to Chief Data Officers to generate more value out of data beyond the typical CIO and CMO roles.
Whitler (Forbes): Can you describe the CDO role?
Thomas: To truly appreciate the increasing need for the CDO’s role, one must first understand that 90 percent of the world’s data was created in the past two years alone. That’s a lot of information for a company to suddenly organize, secure and make sense of, let alone make a strategic decision on. The CDO emerged as organizations realized the need for someone to lead the management of all of this data as well as guide the organization in technology adoption and training necessary to storing and distributing it all.
Modern CDOs have a hybrid role: first control and secure data, second, maximize data’s value with accessibility throughout an organization while continuing to maintain this controlled state
Whitler (Forbes): Is this a common role in the financial services industry?
Thomas: With the volume and velocity of data continuing to grow the challenge of reporting that data in a timely and trustworthy medium is a constant challenge. Regulatory reporting and legislative deadlines can cause more than migraines. Consider this: the average company loses up to twelve percent of its annual revenue due to bad data. If there are any non-compliance fines or other consequences on top of that, an organization can be crippled. This is especially important in financial services where those regulatory requirements are more stringent.
WIth years of hands-on data governance experience, Matthew Thomas and Pandera Systems would be ecstatic to offer their guidance on your next Business Intelligence Endeavor. If you have any questions or would like to learn more about any of the concepts discussed above please drop us a note: firstname.lastname@example.org
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