Possibly one of the most reverberating statements we’ve read of late is the headline of a recent Harvard Business Review article, which said: Data Scientist is the sexiest job of the 21st century.

Indeed, data scientists and the rise of chief data officers have cast a spotlight on the relevance of big data and data science in general. It made data-driven decision making not only necessary, but sexy. Question is: do people in your organization appreciate the value of data in decision-making? Do they 'love' your data? In the eyes of Adrian McKnight, Chief Data Officer at Suncorp, a leading provider of general insurance, banking, life insurance and wealth management in Australia and New Zealand, "developing a culture which treats data as an asset is a critical component" to make this happen.

In our CDO Forum Global Advisory Board interview series, we sat down with Adrian McKnight to get his thoughts on the biggest challenge faced by CDOs today, the impact it will have in the financial industry and the evolution of the CDO role.

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

Adrian McKnight: 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.

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

Adrian McKnight: 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.

CDO Forum: In your opinion, do people in your organization appreciate the value of data in decision-making?

Adrian McKnight: 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: 1) having a strong internal analytics capability; 2) quality data governance and management practices; 3) tangible and scalable use cases which deliver new business value, and;  4) applying a quantitative approach to being a data driven company and setting aspirational targets.

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

Adrian McKnight: The first comment would be to get their attention by citing the Harvard Business Review article that 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.

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

Adrian McKnight: 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.

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?

Adrian McKnight: 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.

Hear more from Adrian McKnight 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

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