Big Data has been replaced by Machine Learning and AI as the next “must have” trend. Machine learning has caught the attention of venture capitalists.
Chief Data Officers, Chief Analytics Officers, Chief Data Science Officers and Chief Digital Officers are everywhere. The job is to leverage the latest in predictive analytics, data science, machine learning, and multi-tenant cloud architecture to bring innovation to traditional processes.
This is a pivotal moment in data driven business models (“systems that learn”) but there is no getting around the inherent difficulties associated with either altering organizational behavior, data ownership politics or managing transformation of the data infrastructure. And while the challenges are real, many firms are getting closer to achieving a data science and data management environment.
What are data and analytics officers overseeing… A variety of foundational & plumbing strategies:
- Data-as-a-Service: Data Provisioning, Management, Lineage, Quality
- Reporting-as-a-Service: Dashboards, KPIs, Drilldowns/Aggregates…. Descriptive
- Analytics-as-a-Service: Predictive Modeling and BI… Prescriptive analytics
- Information-as-a-Service: Threshold based Alerts, Exceptions, Mobile Prompts
- Insights-as-a-Service: ML/AI based “Systems that Learn”…automated learning – augmented intelligence, Next best Offer/Action
At core of all these, Data Management and Data Science tools are core technical and business capabilities. Some firms are more mature and further along than others.
Why Mature Data Management as a Function
Organizations live or die by the quality of their data.
Data is an underlying factor of input into business operations and essential in order to facilitate process automation, digitize operations, support financial engineering and enhance customer facing analytical capabilities.
An effective data management program requires a planned strategic effort
- Integrate multi-discipline efforts
- Inculcate a shared vision and understanding
- Data is a ‘thing’ – vital infrastructure element foundation of the n-tier architecture
- Not a project, more than a program…it’s part of the core foundation
There is no question about it – the foundational levels of people, process, governance and technology required to establish data management on a sustainable basis are coming together under the CDO umbrella.