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Few if any data-management frameworks are as business-focused as ours: It not only promotes the efficient use of data and allocation of resources but also helps companies design their data-management activities to support their overall strategy.
Data defense and offense are differentiated by distinct business objectives and the activities designed to address them. Activities include ensuring compliance with regulations (such as rules governing data privacy and the integrity of financial reports), using analytics to detect and limit fraud, and building systems to prevent theft.
Having a CDO and a data-management function is a start, but neither can be fully effective in the absence of a coherent strategy for organizing, governing, analyzing, and deploying an organization’s information assets.
Indeed, without such strategic management many companies struggle to protect and leverage their data—and CDOs’ tenures are often difficult and short (just 2.4 years on average, according to Gartner).
Cross-industry studies show that on average, less than half of an organization’s structured data is actively used in making decisions—and less than 1% of its unstructured data is analyzed or used at all.
More than 70% of employees have access to data they should not, and 80% of analysts’ time is spent simply discovering and preparing data.
The framework draws on our implementation experience at the global insurer AIG (where Dalle Mule is the CDO) and our study of half a dozen other large companies where its elements have been applied.The strategy enables superior data management and analytics—essential capabilities that support managerial decision making and ultimately enhance financial performance.The “plumbing” aspects of data management may not be as sexy as the predictive models and colorful dashboards they produce, but they’re vital to high performance.As such, they’re not just the concern of the CIO and the CDO; ensuring smart data management is the responsibility of all C-suite executives, starting with the CEO.Our framework addresses two key issues: It helps companies clarify the primary purpose of their data, and it guides them in strategic data management.