Until a few years ago, the process of data analysis and processing was a difficult task to perform due to the complexity of the processes and the large amount of information to be processed. Thanks to the digital transformation of companies, businesses have changed the way they act and think. Businesses have moved from a manual organizational model to a digital and automatic one.
The reason for this shift being the excessive amount of information and the digital tools that exist in order to manage all this information. To respond to this demand, new professional profiles have emerged such as CDO (Chief Data Officer). CDO´s are responsible for analyzing and managing a company´s data to convert them into a business asset. In short, a CDO is resposible for the management of all business data, and the usefulness of this data.
The presence of CDO´s in companies grows every year
According to experts, CDO´s must meet three objectives; Improve customer interaction, increase efficiency and differentiate from its competitors. To meet these goals, these executives must harmonize two different sectors: analytics and data management. To do this, they must combine all the internal and external data of the organization, as well as apply effective analytical and statistical techniques to reach new solutions.
This mix of data management and analytics is becoming the dominant trend in CDO agendas for large companies. Companies should hire this digital profile if they wish to incorporate new models of digital strategies. One of the tasks of the CDO´s is to integrate the data and its analysis in a joint way and not as separate operations.
What does analytics and data management entail?
Data analytics is the science that examines the raw data in order to draw profits and conclusions. For example, decision-making is improved by better knowledge of customers and the market through analytics. In order to obtain patterns and useful data information, analytics applies statistical techniques.
In contrast, data management is the processing and management of data using digital technologies such as Big Data or databases. It is common to use software such as SAP HANA Cloud Platform for data management. The difference with respect to a few years ago, was that companies could not analyze their processes without them being treated accurately. In order to carry out the analysis and management of large volumes of information, CDO´s use softwares such as SAP Hana Cloud Platform. Organizations must build their business in analytics and data management, but they must be built correctly and this is where CDO´s must step in.