It is often said that big data unlocks tremendous business value. And it's true. As more organizations realize the need to be more "intelligent" in the conduct of their business, Chief Data Officers (CDOs), who are usually the custodian of company's data, are faced with immense pressure to deliver that promised value - fast! The challenge is putting up a robust data analytics infrastructure that will serve the needs of the business while addressing the cost concerns posed by the CEO or CFO.

In our interview with Mark Ramsey, Chief Data Officer at GlaxoSmithKline and a prominent member of the CDO Forum Global Advisory Board, he shared a proven approach in dealing with cost-related issues. He also spoke about the role of a 'true' Chief Data Officer and how he sees the role evolving in the next 3-5 years.

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

Mark Ramsey: The biggest challenge faced by “true” CDOs today is the balance of driving short-term value from data as an asset while setting the long-term vision and roadmap for addressing internal and external data challenges (e.g. data quality, metadata, governance, etc).

CDO Forum: How do you think Big Data will impact your industry?

Mark Ramsey: Big Data is transforming the R&D process in the pharmaceuticals industry by allowing data analytics to refine and test the potential for new drugs prior to reaching the clinical trial step in the process.  Gene sequencing is producing massive amounts of raw data that is refined by many organizations in search of solutions – driving a high demand for the linkage of internal and external data to reach an answer for the organization.

CDO Forum: 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?

Mark Ramsey: People in the organization have a sense of the potential of the value of data in decision-making, but struggle with access to the right data to drive the process.  My role was created to drive a new data strategy and a focus on data-driven decision making.

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

Mark Ramsey: A “true” Chief Data Officer has the focus to assure that an organization is driving the maximum business value from data as an asset.  The CDO works with the business to identify unique combinations of internal and external data that enable business value to be unlocked for the organization.  Just like a Chief Marketing Officer is focused on maximizing the value to the organization of marketing activities, the CDO is focused on driving maximum value from the data assets of the organization.

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

Mark Ramsey: The CDO role is still very new across most organizations.  Over the next few years, the role will become better defined, will have an increased focus on value versus foundational components, and will become more of a trusted business advisor.  Just as the focus on Big Data will evolve to have more focus on the insights, the CDO role will evolve to have more focus on value.

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

Mark Ramsey: Setting up a proper and scalable data analytics infrastructure can be an investment for the organization.  I would be careful on the focus on cost, rather than on value.  Just like any investment, the key trigger is the return on that investment.  My approach is to demonstrate the ROI by focusing on a key business project that can be addressed with analytics.  Studies have shown that a focused analytics solution can drive 8-10x return.  Once the CEO/CFO has seen the example of the potential, it is typically easier to then expand into additional areas where ROI may be more difficult or longer term.

Hear more from Mark Ramsey and other leading Chief Data Officers at the coming Chief Data Officer Forum organized by Corinium Global Intelligence. For more information, visit www.coriniumintelligence.com