Whether you’re one of the pioneering Chief Data Officers (CDO) or newly anointed at your company, there is no shortage of debate as to what your role should focus on, and how it relates to the rest of the organization.
There have been some very interesting articles and white papers on the role of the CDO:
Data-driven Minute: Making of a Successful Chief Data Officer
How Reltio helps CDOs:
OPTIMIZE OPERATIONS FIRST
Improving the reliability and relevance of internal data to improve business operations is job #1. Your internal data is not sufficient, leveraging Data as a Service to bring in third-party data assets to enrich information for your data-driven applications allows your teams to get the most accurate and relevant insights. This is a key to optimizing the efficiency and cost of your internal operations, turning your data into a competitive, strategic differentiator.
Your end users are customers/consumers of the data, leveraging it to execute more efficiently. Just like any product, they need to be able to provide feedback and rate the value and quality of the data. Even more importantly, those same users of data should be allowed to contribute back more accurate information. Data is a living organism and requires constant care and feeding. Fostering a culture where contributions are recognized and rewarded, plus the added bonus of higher quality data shared, make it a win-win for all.
Monetization is a diamond mine waiting to be discovered and leveraged. However like diamonds, raw data needs to be unearthed, polished and brought to life in for its true beauty and value to shine through. Raw data must be, among other things:
- Secure and anonymized if necessary
GOVERNANCE & COMPLIANCE BUILT-IN
In order to turn your own data into an asset and even begin profiting from it. Your company needs to transform into the very same Data as a Service, third-party provider that supplies data to support your internal operations. The caveat of course that any technology you use, must provide full audit and lineage as to where the data originated from so that licensing rights are clear. Even more critical is the ability to mask and obfuscate private and personal details of individuals and organizations, that cannot be shared under any circumstances. Governance and compliance of the data is a critical factor to legal and viable monetization.
LET US PARTNER WITH YOU IN YOUR JOURNEY
As a Chief Data Officer (CDO), just putting the process and technology in place to use data to improve operational efficiency within your enterprise is a daunting goal in itself. Data monetization as a significant revenue stream may be the last of your priorities. The good news is that you can do both at the same time, and Reltio can help you evolve organically. CDOs today are using Reltio Cloud, a Self-Learning Data Platform that includes Modern Data Management with Data as a Service, to power data-driven applications as their strategic technology foundation to achieve their goals.
10 Steps to GDPR Compliance
Effective May 25, 2018, General Data Protection Regulation (GDPR) will represent the most rigorous data protection regulation ever. Complying is not optional, and the penalties are very high. As companies scurry for total compliance, it makes sense to pause, assess, and use this opportunity not only for compliance but for managing customer data efficiently and gainfully.
MACHINE LEARNING PUTS DATA FRONT AND CENTER FOR BUSINESS
Machine learning is surrounded by fascination and awe. It can drive better personalized experiences with customers, increase workforce effectiveness, and de-risk your organization from security threats and regulations. But, machine learning needs quality data, relevant data, and better context surrounding transactions, interactions, operations and decisions.
Businesses Feeling the Heat of the ‘Amazon Effect’
Over the past 10 years, Amazon’s market value has grown more than 2,000 percent. The entire retail industry is feeling the heat, and companies are investing in digital transformation initiatives to help them compete. Walmart, for example, is rapidly investing in digital capabilities and online brands (it acquired Jet.com, for example).
WHY MASTER DATA MANAGEMENT AND MACHINE LEARNING GO HAND IN HAND
Reltio’s inclusion in the The Forrester Wave™: Machine Learning Data Catalogs Q2 2018, by Michele Goetz with Gene Leganza, Elizabeth Hoberman, and Kara Hartig, Forrester Research, June 2018, sparked (pun intended) several questions. Such as why was Reltio included, how did we receive such strong marks, and why were we the only Master Data Management (MDM) vendor in the Wave?