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Chief Data Officers bring the enterprise into the digital domain | #MITCDOIQ
As data becomes more important to businesses, they have created new ways to control and manage it. These policies fall on the shoulders of a new business role, the Chief Data Officer (CDO). To help bring this role into focus, Michael Andrud, chief data officer at PNC Financial Services, sat down with Wikibon Chief Analyst Dave Vellante and SiliconANGLE Enterprise Editor Paul Gillin of theCUBE, SiliconANGLE’s Media team, at MIT CDOIQ 2015.
The first question was simple enough: What does a Chief Data Officer do? Andrud replied that his job was a transformational role, bringing the enterprise into the digital domain. Because decisions are driven by data, it was vital that he provide that data on a timely basis. Ensuring a flow of quality data would allow his company to find opportunities and avoid risk better than the competition.
Running the digital business
Andrud explained that his role had two functions: run the business in a digital sense and change the business. To do this, he maintains several strategic initiatives to keep the data flowing. He also plans out how to use the resources of his department to transform the business.
This challenge presented him with several opportunities. The company’s established customer base represented a resource that he could grow through their relationship with the business. Good data would also allow the business to offer a range of services that smaller companies couldn’t match.
New thoughts on data
The talk then turned to how companies thought about data. Andrud mentioned that since the recent financial meltdown, businesses have been a lot more focused on their data. Companies are looking to protect themselves from risk by dodging bad data. This involves verifying the credibility and lineage of their information. In addition, agencies are seeking to do a better job of gathering quality data. Even the CDO role itself was created to help companies manage the risk of bad data.
The full video interview will be available soon; in the meantime, be sure to check out more of SiliconANGLE and theCUBE’s coverage of MITCDOIQ Symposium 2015.
Photo by SiliconANGLE
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