What would you consider as the biggest challenge faced by CDOs today?

I would describe it as a strategic challenge of leading and enabling the company’s adaption and transformation to be successful in a global data driven business environment. This requires a combination of specialist capabilities in data, analytics, and technology and in being able to create a culture and way of working based on agility and speed in the way the company operates and delivers new value internally and to customers.

How do you think Big Data will impact your industry?

The impacts of the internet of things and big data are enormous and will be ubiquitous across the financial services industry. The ability to process, synthesise and draw insights from data in real time through the integration of new technologies will be critical. An example being ‘smart sensors’, allowing for ‘use based insurance’ which is unique to an individual context and is aimed at preventing claims incidents rather than the fulfilment of a claim, whether that context is an autonomous vehicle or personal health related.

In your opinion, do people, in general, in your organization appreciate the value of data in decision-making? What do you think can be done to improve the situation?

Data driven decision making is understood and appreciated, however the quality and application of it needs to mature in consistency to be able to deliver a competitive edge in the future. Developing a culture which treats data as an asset is a critical component. A strong coherent strategy is required to build a data driven and data valuing environment. Some of the key aspects include, having a strong internal analytics capability, quality data governance and management practices, tangible and scalable use cases which deliver new business value, and applying a quantitative approach to being a data driven company and setting aspirational targets.

How would you explain the role of a CDO to a fresh graduate?

The first comment would be to get their attention by citing the HBR article the described ‘data sciences as being the sexiest job of the new century’, and then explain the key role that data and analytics plays in a dynamic, complex, and data abundant business environment. Using a good practical example of being able to understand and deliver customer experiences and products which are created and delivered by a level of customer centricity that can only be provided by quality data and analytics should then provide the convincing real world evidence.

How do you see the role of CDO evolving in the next 3-5 years?

The CDO role is evolving so rapidly that the next 3 to 5 years will be very exciting. There is growing recognition of the role and the value it brings to business in both ‘defensive’ and ‘offensive’ ways, and understanding of its importance and commercial contribution to a company’s success. Stepping back from that, the bigger evolution will be in ‘thought leadership’ and cultural change as the CDO role makes significant contributions to innovation and the development of new business models and customer approaches.

Putting up a credible data analytics infrastructure is always a cost issue? How would you justify this to your company’s CEO/CFO?

A well considered and developed business case is important to validate and build confidence in the investment. The CDO can lead this by developing the purpose, rationale, and benefits case for the technology and data investment so that it stands on its own merit, is achievable and provides a compelling proposition that delivers a broad range of business benefits, including risk mitigation and management.

What would you consider as the biggest challenge faced by CDOs today?

I would describe it as a strategic challenge of leading and enabling the company’s adaption and transformation to be successful in a global data driven business environment. This requires a combination of specialist capabilities in data, analytics, and technology and in being able to create a culture and way of working based on agility and speed in the way the company operates and delivers new value internally and to customers.

How do you think Big Data will impact your industry?

The impacts of the internet of things and big data are enormous and will be ubiquitous across the financial services industry. The ability to process, synthesise and draw insights from data in real time through the integration of new technologies will be critical. An example being ‘smart sensors’, allowing for ‘use based insurance’ which is unique to an individual context and is aimed at preventing claims incidents rather than the fulfilment of a claim, whether that context is an autonomous vehicle or personal health related.

In your opinion, do people, in general, in your organization appreciate the value of data in decision-making? What do you think can be done to improve the situation?

Data driven decision making is understood and appreciated, however the quality and application of it needs to mature in consistency to be able to deliver a competitive edge in the future. Developing a culture which treats data as an asset is a critical component. A strong coherent strategy is required to build a data driven and data valuing environment. Some of the key aspects include, having a strong internal analytics capability, quality data governance and management practices, tangible and scalable use cases which deliver new business value, and applying a quantitative approach to being a data driven company and setting aspirational targets.

How would you explain the role of a CDO to a fresh graduate?

The first comment would be to get their attention by citing the HBR article the described ‘data sciences as being the sexiest job of the new century’, and then explain the key role that data and analytics plays in a dynamic, complex, and data abundant business environment. Using a good practical example of being able to understand and deliver customer experiences and products which are created and delivered by a level of customer centricity that can only be provided by quality data and analytics should then provide the convincing real world evidence.

How do you see the role of CDO evolving in the next 3-5 years?

The CDO role is evolving so rapidly that the next 3 to 5 years will be very exciting. There is growing recognition of the role and the value it brings to business in both ‘defensive’ and ‘offensive’ ways, and understanding of its importance and commercial contribution to a company’s success. Stepping back from that, the bigger evolution will be in ‘thought leadership’ and cultural change as the CDO role makes significant contributions to innovation and the development of new business models and customer approaches.

Putting up a credible data analytics infrastructure is always a cost issue? How would you justify this to your company’s CEO/CFO?

A well considered and developed business case is important to validate and build confidence in the investment. The CDO can lead this by developing the purpose, rationale, and benefits case for the technology and data investment so that it stands on its own merit, is achievable and provides a compelling proposition that delivers a broad range of business benefits, including risk mitigation and management.