Data officers prioritising emerging tech: Gartner
Majority of CDOs regard machine learning and artificial intelligence as critical to their ops
A majority of chief data officers (CDOs) rate machine learning (ML) and artificial intelligence (AI) as crucial at to their business, according to a recent Gartner survey.
“CDOs are embracing emerging technologies to enable and drive data program success,” said Debra Logan, distinguished research vice president at Gartner. “The survey respondents reporting superior overall organisational performance compared to competitors or peers were more likely to use ML to drive revenue growth, attract and retain top talent and translate customer or business needs into high-value products or services.”
Seventy six percent of CDO respondents rated ML as critical while 67%, picked AI. Sixty-five percent of respondents were using or piloting ML, while 53% were using or piloting AI. Less than 20% of CDOs surveyed were using or piloting smart contracts (18%) or blockchain (16%).
In terms of measuring the value of their organisation’s information and data assets, only 8% of CDOs were measuring the financial value of DA. Forty-five percent of CDOs reported they produce some data quality metrics – such as accuracy, completeness, scale and usage – while 29% said they measure the impact of key information and data assets on business processes, such as KPIs.
“The measurement of information value clearly leans toward data quality. There is room for improvement as nearly a fifth of CDOs surveyed have no objective measurement of information assets,” said Logan. “Organisations need to realize that those who measure either the financial value of key information and data assets or measure the impact of these on business processes are nearly twice as likely to report superior performance in DA team effectiveness.”
The survey also found that the majority of CDOs generated value from information assets to improve internal processes (60%) and increase the value of products and services (57%), with a focus on efficiency. Fifty percent of CDOs reported a focus on enhancing new offerings by innovating with information. Other means to realize value from information assets also lagged. Nineteen percent of CDO respondents were selling or licensing information via data brokers or online marketplaces and only 17% were selling or licensing to others for cash.
Overall, respondents using information and data assets to generate indirect economic benefits were more likely to report superior organisational performance when engaged in improving or developing new offerings, in increasing the value of their products/services, and in exchanging information with business partners for goods, services or favourable contract terms.