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(Montri-Nipitvittaya/Shutterstock)
The significance of the Chief Knowledge Officer is rising, in line with a brand new report from the EDM Council. The commerce affiliation’s 2023 International 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 embrace how 65% of surveyed corporations reported having a formally appointed CDO, up from 60% in 2020. Moreover, 86% of finance business 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.
“At present’s knowledge executives are considerably extra senior than their counterparts 10 years in the past, and the scope of their duties has expanded significantly. In each business, knowledge executives are taking up a a lot higher strategic position as they assist to outline not solely their agency’s knowledge administration imaginative and prescient however their analytics, AI/ML, ESG, and sustainability knowledge path, as nicely,” the report states.
The duties of the CDO are rising, as are knowledge governance initiatives. The report confirmed that 80% of respondents have knowledge governance applications in progress or already established. The EDM Council says this concentrate on knowledge governance is a key strategic initiative given how knowledge professionals are taking up extra duties concerning knowledge privateness and the moral use of knowledge.
(Supply: EDM Council)
The report additionally mentions a regarding thought raised throughout the authors’ analysis that knowledge governance equals knowledge administration: “Knowledge administration is a complete assortment of knowledge capabilities, of which knowledge governance is one. Main with knowledge governance and probably 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 knowledge program outcomes,” the report says.
One other side of present knowledge administration developments is how organizations are more and more together with analytics underneath the information administration umbrella, a apply that the report says is obvious within the rise of the Chief Knowledge and Analytics Officer. In line with 30% of respondents, the manager liable for the analytics program can also be answerable for knowledge administration.
Altering company tradition to embrace data-driven processes is cited as a problem for brand 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 3 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 must orient themselves towards a data-driven tradition led by the CDO, stating {that a} data-driven tradition begins on the high: “Senior executives should set up a knowledge mindset throughout the agency, emphasizing the significance of a sound knowledge administration self-discipline. Getting probably 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 knowledge consciousness and literacy.”
(Supply: EDM Council)
The benchmark report, now in its fourth version, noticed a three-fold enhance in general participation with 58% of responses coming from non-financial corporations, a 27% enhance over the 2020 survey. The report makes use of the DCAM framework, or Knowledge administration Functionality Evaluation Mannequin, to stipulate greatest practices for knowledge applications.
“In my 30-plus years as a knowledge government, the scope of duties has expanded significantly, however particularly so in the previous few years,” mentioned EDM Council President John Bottega. “This yr’s Benchmark Report reveals Knowledge Executives, and the information administration perform as a complete, taking up a a lot higher strategic position as they assist to outline not solely their agency’s knowledge administration imaginative and prescient but in addition their analytics, AI/ML, ESG, and sustainability knowledge path.”
Entry the 2023 International Knowledge Administration Benchmark Report right here.
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