2. Firms aren’t strolling the stroll
Regardless of the rise in knowledge mentions, not all firms are totally dedicated to the function of the CDO. As the size of accessible knowledge grows exponentially, the necessity to make sense and capitalise on its insights for worth will increase alongside it, however to this point, that hasn’t translated to chief knowledge executives within the majority of surveyed firms. That mentioned, practically 1 / 4 (21 p.c) of the organisations within the examine do have somebody within the function at a senior government stage.
Within the 2,500 largest publicly listed firms, 530 CDOs have been discovered dispersed throughout the globe. The US, on the prime of the record, has 272 CDOs in these firms, France has 37 and Australia, sixth highest, has simply 12. Sweden and Spain have 4 every. After all, the character of the survey knowledge, being the biggest publicly listed firms, will imply that outcomes skew in favour of North America and Europe, however that doesn’t imply that CDOs aren’t on the rise in Australia – nor that there are solely 12 nationwide. Our work with purchasers tells us that larger numbers of CDOs are being appointed domestically – and extra are on the way in which.
It is usually necessary to notice that some firms haven’t appointed a CDO straight, as an alternative giving elements of their function to different executives, such because the Chief Digital Officer or CIO. Moreover, many firms have a number of homeowners of information all through their organisations.
Pleasingly, 58 p.c of the CDOs within the examine have been C-suite members, a sign that organisations perceive the integral function of information to enterprise technique. And the function, whereas nonetheless rising, is gaining traction and recognition. Nearly half of the CDOs within the examine have been appointed since 2019, and on the present progress price, half of the organisations studied might have a CDO in place within the subsequent three years.