Chief Data Officer
Is this seat free?
Businesses are deluged with data. The control of processes and systems handling, dealing with and exploiting that data is no longer a “nice to have” but is now becoming a “must have” to contain associated costs within reasonable limits.
For some market stakeholders, data is a strategic differentiator that can generate additional revenues. The appointment of a Chief Data Officer, as a catalyst to address all these challenges is an emerging trend, which at the same time raises a lot of questions.
Setting the scene
Current regulatory, economic and technological changes are presenting the financial industry with unprecedented challenges.
Data management in itself sums up these challenges. Regulators are seeking transparency and impose additional reporting that is a large scale ‘data consumer‘ while data acquisition costs represent a significant portion of the budget of financial companies, which have seen their margins eroded since the financial crisis.
Many organisations have launched operational efficiency programmes. However, in most cases they are not totally implemented or exploited to the full and data is still managed by several departments designated ‘data areas‘ and each using its own and sometimes workaround applications. Many of the ad hoc extracts and reports that were built in haste and then declared to be business critical and priority IT developments have remained in their original ad hoc form.
Also, since many companies are investing in building enterprise-wide Service-Oriented Architectures (SOA) and integrating applications and systems across the company, it is no longer efficient to create individual data fiefdoms and have different standards, policies and procedures for each one.
Inside magazine issue 6, October 2014
Inside is Deloitte’s quarterly magazine offering an exclusive insight into best practices, trends and opportunities faced by our clients across all industries.
Inside focuses on the main hot topics relevant for the market (Asset management, Banking, Insurance, Public sector, Healthcare, Private equity, Real estate, TMT, Manufacturing and consumer business, Transport and logistics).