In this era of modern tech, we are witnessing an organization-scale data downpour. Clearly, there’s a growing focus on data collection and data analytics to drive us away from silos. For CMOs and their teams, data-driven marketing is the mainstay of their marketing and sales operations. With marketing and sales teams looking to unravel data-based insights using data science, there is a need for clarity on how data is managed, used, analyzed and repurposed for better accuracy in campaigns.
In 2017, data scientists grew as one of the most sought-after profiles that companies are hiring. Now, data scientists have become an integral part of organizations. To lead them, there’s a new, pragmatic role of Chief Data Officer or CDO. A CDO is critical to not just marketing success but business success. With new data regulations coming to disrupt the tech industry, the role of CDO can no longer be ignored.
Here’s a quick fact-check on CDOs.
- 90% of large-scale organizations will have a CDO by 2019 (Gartner)
What CDOs Do?
A CDO is a hybrid of technology and business acumen. CDOs are responsible for managing 360-degree data across organizations. Before CDOs become a customary sight, there’re certain elements that need consideration.
CDOs and CMOs can forge a partnership that enriches an organization with insights and makes it data-driven.
“Marketers will need to start with clean, integrated and organized data on the companies they are targeting, the people within those companies and the relationships among those people. This can be accomplished through a master data strategy that combines a company’s first-party data with third party data and then links this to IP addresses, mobile IDs and data in systems like their CRM to target the right activities by demand unit. The relationships in the buying unit can be determined even before talking to prospects by leveraging analytics to identify potential buying groups. This means marketers will need to be even more of a driver of their company’s data strategy.”
- Rishi Dave, CMO, Dun & Bradstreet