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“The CDO owns a few things, but coordinates the use of data in other places,” Logan said. “This is exactly like a CFO, who owns a few financial processes, like consolidation and treasury, but other than that, coordinates the use of capital throughout the organization.”
Why You Need a CDO
Jane Griffin, a principal at Deloitte Consulting, believes it is necessary to elevate the oversight of data management to the executive level. For one thing, she said, the evolving view that data is a corporate asset is driving a new emphasis on corporate data governance.
“To be executed effectively, the process of corporate data governance will require more than the traditional data steward,” Griffin said. “Customarily, data stewards have been tasked with defining the processes of collecting data, ensuring that it was formatted correctly for enterprise systems, and keeping that data current and relevant.”
As Griffin sees it, data stewards have also traditionally been responsible for establishing data standards, procedures, and accountability for data within a given area. There are typically multiple data stewards in a company who are responsible for different -- often arbitrarily defined -- data areas.
What’s more, she continued, since many businesses are investing in building enterprise-wide service-oriented architectures, and integrating their applications and systems across their companies, it’s no longer efficient to create individual data fiefdoms and have standards, policies, and procedures for each one.
“Instead, it’s crucial to have a C-level person who is responsible for crafting and implementing data strategies, standards, procedures, and accountability policies at the enterprise level,” she concluded. “CDOs also typically function proactively by championing data as a strategic business asset and driver of revenue.”