(Montri-Nipitvittaya/Shutterstock)
The significance of the Chief Knowledge Officer is rising, in response to a brand new report from the EDM Council. The commerce affiliation’s 2023 World Knowledge Administration Benchmark Report explores the expansion of knowledge administration as a proper self-discipline and the way CDOs at the moment are taking what the authors name a strategic seat on the government desk.
Key findings embody how 65% of surveyed corporations reported having a formally appointed CDO, up from 60% in 2020. Moreover, 86% of finance trade CDOs now report back to the C-Suite, rising from 72% in 2020. In non-financial markets, 80% of knowledge executives report back to the C-Suite, with 20% reporting on to the CEO.
“In the present day’s information executives are considerably extra senior than their counterparts 10 years in the past, and the scope of their tasks has expanded significantly. In each trade, information executives are taking up a a lot higher strategic position as they assist to outline not solely their agency’s information administration imaginative and prescient however their analytics, AI/ML, ESG, and sustainability information route, as properly,” the report states.
The tasks of the CDO are rising, as are information governance initiatives. The report confirmed that 80% of respondents have information governance applications in progress or already established. The EDM Council says this give attention to information governance is a key strategic initiative given how information professionals are taking up extra tasks relating to information privateness and the moral use of knowledge.
(Supply: EDM Council)
The report additionally mentions a regarding thought raised through the authors’ analysis that information governance equals information administration: “Knowledge administration is a complete assortment of knowledge capabilities, of which information governance is one. Main with information governance and doubtlessly neglecting different key practices, equivalent to defining the enterprise case, demonstrating the worth proposition, and/or making certain the group construction and funding are outlined, can result in unsuccessful information program outcomes,” the report says.
One other side of present information administration traits is how organizations are more and more together with analytics underneath the info administration umbrella, a follow that the report says is obvious within the rise of the Chief Knowledge and Analytics Officer. In response to 30% of respondents, the manager accountable for the analytics program can also be answerable for information administration.
Altering company tradition to embrace data-driven processes is cited as a problem for brand spanking new CDOs, and turnover for CDOs is excessive, with 64% of CDOs reporting occupying their position for lower than three years. When requested how lengthy their present CDO had been within the position, 41% of these surveyed mentioned one to a few years, and solely 15% mentioned their CDO had been with their firm for greater than 5 years. The EDM Council notes that this might recommend organizations have to orient themselves towards a data-driven tradition led by the CDO, stating {that a} data-driven tradition begins on the prime: “Senior executives should set up an information mindset throughout the agency, emphasizing the significance of a sound information administration self-discipline. Getting essentially the most out of knowledge means investing within the applications that help it and the people who find themselves tasked with utilizing it to make sure sturdy information consciousness and literacy.”
(Supply: EDM Council)
The benchmark report, now in its fourth version, noticed a three-fold improve in total participation with 58% of responses coming from non-financial firms, a 27% improve over the 2020 survey. The report makes use of the DCAM framework, or Knowledge administration Functionality Evaluation Mannequin, to stipulate finest practices for information applications.
“In my 30-plus years as an information government, the scope of tasks has expanded significantly, however particularly so in the previous couple of years,” mentioned EDM Council President John Bottega. “This 12 months’s Benchmark Report exhibits Knowledge Executives, and the info administration perform as a complete, taking up a a lot higher strategic position as they assist to outline not solely their agency’s information administration imaginative and prescient but in addition their analytics, AI/ML, ESG, and sustainability information route.”
Entry the 2023 World Knowledge Administration Benchmark Report right here.
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