As data becomes more critical to healthcare functions, IT leaders have noted a rise in the need for a chief data officer.
Data quality software and services provider Experian Data Quality released a new study called "The Chief Data Officer: Bridging the gap between data and decision-making." The study interviewed more than 250 CIOs and CDOs from large organizations.
Here are six things to know about CIOs, CDOs and the growth of data.
1. Demand for CDOs is on the rise. According to the study, 63 percent of organizations without a CDO indicated they want to see such a role in the future.
2. There are three key drivers for creating a CDO role: A need for a consistent approach to remove risk from data-driven projects, increasing costs related to poor data quality and increasing regulations.
3. Seven out of 10 respondents indicated the CDO is a "trusted advisor" of data across an enterprise.
4. The majority of respondents have a positive view toward data. Forty-four percent of CIOs see data as a strategic asset to their business, and 42 percent see potential to monetize high quality data in the future.
5. More than half of CIOs (57 percent) believe the volume of data their organization will need to manage over the next 12 months to 18 months will increase by 33 percent.
6. However, many CIOs don't expect a CDO to be appointed for up to two years. Just 8 percent said they expect a CDO role to be filled within the next 6 months, 8 percent expect it in the next 12 months and 27 percent expect it in the next 18 months. However, 39 percent of CIOs don't expect the position to be filled for more than two years.
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