FEBRUARY 13, 2024
The world of data and analytics is in the midst of a revolution with the explosion of generative AI in 2023, and from this introduction, new capabilities, opportunities and ways of working are emerging. As we head into 2024, it will be crucial for data and analytics leaders to move quickly to evolve with the digital landscape. The challenge: to execute on the objectives of the C-suite, demonstrating real, tangible value with data science and AI.
At our most recent CDAO community gatherings, there was a common thread among members who shared success stories about their ability to drive value – they are intentional about aligning the D&A strategy to the overall business strategy. A recent Gartner CDAO Survey also acknowledges this pattern. It states, “D&A leaders who prioritize strategy over tactics are the most successful. Seventy-eight percent of respondents rank corporate or organizational strategy and vision as one of the top 3 inputs to the D&A strategy, with 54% stating it’s the highest ranked input.”
Based on executive conversations and proprietary survey data, we plan to focus on the below themes as we curate the discussion topics and agendas for our upcoming CDAO community programs.
- Fostering a Strong Data and Analytics Function Through Leadership and Influence
For an organization to be data-driven, it must leverage tools and data assets effectively. The chief data and analytics officer is responsible for guiding the business forward with D&A initiatives. In this current inflection point, CDAOs must show their impact on the bottom line to remain in seat.
- Restructuring Data Strategy and Governance to Responsibly Deploy Generative AI
Generative AI is transforming the data and analytics function, but with new, enhanced capabilities comes greater responsibility. CDAOs must ensure their data governance frameworks encompass the requirements of generative AI, that it is deployed responsibly and that large language models (LLMs) are free from bias.
- Enhancing Data Literacy Across the Organization to Drive Business Value
The ability to utilize and innovate with data is not possible without the proper skills. CDAOs should inspire the business to see the potential of data and analytics and to understand its context. Ensuring the workforce can effectively leverage data and analytics, no matter their role, will enable a data-centric culture that has the power to deliver true business value.
The importance of data and analytics is evident, but what should the CEO expect from the CDAO? How can the leader in-seat truly deliver value? If the business is unable to see the positive impact of data, the role, responsibilities and title of the CDAO may be in for some changes. With all this in mind, we look forward to providing opportunities for D&A peers to connect and collaborate on their top priorities and challenges alike.
To get the most up-to-date information on what your data and analytics peers are discussing, we invite you to join a CDAO community near you. If you are already an Evanta member, check out MyEvanta to view upcoming opportunities to collaborate in-person and virtually with your community.
by CDAOs, for CDAOs
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