Get used to new seats at the executive table. Now the Chief Digital Officer (CDO) and the Chief Data Officer (CDO) is claiming their own chairs alongside the Chief Information Officer and the Chief Technology Officer and all the other C-suites.
CDOs and CDOs? Yes, that’s right, the acronyms are the same but the D differs. We’re talking about two new trending roles in organizations as Chief Digital Officer and Chief Data Officer. Both take their seats at the table with a focus on the organizations business value together with all the other C-suites.
In a recent McKinsey-report C-suite of all kinds gives the answer that “they are stepping up their own involvement in shaping and driving digital strategies” and that they are optimistic about digital business. Digital technologies are more and more incorporated to engage with customers. Digital marketing has a high strategic priority.
With the vast growth of Big Data running through the business flow in bigger organizations and with demands on data mining the Chief Data Officer is knocking on the door with a solution in hand to make value of all these data sets. The key point is that data is a strategic tool for business; it is a driver of revenue. Therefore Chief Data Officer is the key strategic person who can handle all those data with a focus on how to extract them into business value.
The Chief Digital Officer has also business value in focus and is often responsible for adapting new technologies, new trending channels, mobile applications and social media.
Both of them are awaited.
The respondents in the McKinsey-report indicate that the digital transformation of their own organizations also comes with a calling for the new role of Chief Digital Officers. Thirty percent of the respondents say they already have a Chief Digital Officer among their C-suites on their companies’ executive teams.
This is even a higher quantity than a prediction last year by Gartner which stated that twenty-five percent of organizations will have a Chief Digital Officer by 2015.
The new Chief Digital Officers and the Chief Data Officers are an answer to the rapid change in how organizations are evolving their businesses. Without digital technologies and without people in charge that understand this transformation you can’t run a business.