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1. Explaining the CDO Need

Roughly 90% of CIO respondents feel that data is transforming the way they do business, with 92% suggesting that CDOs are best positioned to define data strategy and while also emerging as the guardian of data quality within an organization. Image: iStock
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2. Help Wanted -- Fast

Fully 61% of CIOs want to see a CDO hired within the next 12 months. Roughly 47% of CIOs say their biggest barrier to success is the sheer volume of data –which can be overwhelming as businesses strive to improve their interactions with audiences. Image: iStock
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3. Welcome to the Boardroom

The CDO position will largely become a senior board level role by 2020, Experian predicted – making data gathering, management, optimization and security a C-suite conversation. Image: iStock
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4. Multiple Roles Emerge

In addition to working closing with CIOs, chief data officers will work alongside chief digital officers, directors of insights and teams of pros focused on data management and strategy. Image: iStock
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5. Empowering Marketers In All Verticals

Regardless of a company's vertical market focus, your marketers are only as good as the data that underpins their plans, Experian noted. As a result, ensuring data quality is one important element of getting your interactions with the consumer right. Image: iStock
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6. Ensuring Corporate Compliance

CIOs have spent more than a decade dealing with HIPAA, Sarbanes-Oxley and other types of government regulations. More regulations could be on the way as the Obama administration seeks to boost information sharing between companies to mitigate cyber hacks. With the complex corporate compliance landscape in mind, 38% of CIOs see chief data officers as key hires that can help businesses cope with increasing regulations. Image: iStock
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7. Big Data, Big Opportunities

While information overload is certainly a concern, CIOs also see effective data management as an underutilized opportunity. In fact, 44% of CIOs see chief data officers as the prime leaders who can help businesses to capitalize on big data. Image: iStock
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8. Lower Risks, Bigger Rewards

Moreover, 41% of CIOs say chief data officers can provide a consistent approach to data driven projects, decreasing business risk along the way. Image: iStock
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9. Financial Disconnect

Still, CDOs seem to be more optimistic than CIOs when it comes to investing in the right tools and technologies. For instance, CIOs think investing in data quality tools can save a business about $1.5 million. However, chief data officers say the savings from such tools can exceed $7.5 million. Image: iStock
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10. Bottom Line

Overall, CIOs seem to be waking up to the value of data. They are realizing that more emphasis needs to be placed on data management and strategy to ensure that they are able to satisfy burgeoning customer expectations, both now and in the future, according to Experian. Image: iStock
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More information

Originally posted on Information Management. For more informational slideshows, check out Insurance Networking News' gallery page Image: iStock