Data Management: A Required Function
The highest scores of the 2023 Benchmark belong to the establishment of the data management program, with nearly 84% of all respondents saying they had established or nearly established a data management program. Growth is seen particularly in non-financial sectors.
Data Literacy Strengthens Data Culture
The study reveals the importance of a data-driven culture as a key factor in overall success. A data culture starts at the top. But without a focus on data literacy, organizations might come up short in achieving their objectives.
A Strategic Seat at the Executive Table
The role of the Chief Data Officer (CDO) or Chief Data Executive continues to gain relevance and importance in today’s corporate C-Suite, with 65% of respondents indicating their firms have the role. Today’s data executives are significantly more senior than their counterparts 10 years ago and the scope of their responsibilities has expanded considerably.
Responsible Data Management
Today’s data management professionals are assuming more and more responsibility for the public’s data. However, the Benchmark saw relatively low scores for organizations’ capabilities related to properly governed analytic models and properly trained human resources needed to mitigate these risks.
Governance Continues to Grow
80% reporting their governance programs in progress or already established. The focus on data governance is a key strategic initiative, especially given the ever-increasing responsibility that the data professional must assume in assuring data privacy is maintained and data use is both ethical and fit for purpose.
Data Management’s Bright Future
The increased focus and attention on data management across all industries, and the continued elevation of data
management professionals in the corporate hierarchy, are a promising sign for both the individual data management practitioners as well as the organizations that they serve.
