Accenture Applied Intelligence invited Chief Data Officers (CDOs) and the most senior data executives from leading financial institutions to participate in a roundtable discussion. The objective was to delve into perspectives on data, transformation, change and migration—each critical to organizational success and business impact. During the course of this roundtable discussion, the participating CDOs engaged in healthy discussion and debate concluding with a set of key take-aways.
Enterprises have been involved with the data game for over three decades—bringing together multiple sources of company's data assets into a useful and usable form—so are we getting the data-play right this time around? The group shared their thoughts on this by trying to answer these underlying questions:
- What’s different this time?
- Do we have the right architecture?
- What happened to Big Data?
- What is the CDO?
The data journey to the “new” was discussed along three stops. Each stop provided an opportunity to discuss in detail the topics playing critical roles in each CDO’s agenda.
- Augmenting the "old"
- Data Quality
- Data Governance
- Accelerating the "new"
- Decommission legacy data and analytical environments
- Migrate the analytics from old to new
- Migrate talent from old to new
- Democratize new data and AI-based analytic capabilities
- Planning ahead for the "next"
- Responsible AI
- Hyper performance & hyper scale
- Promise of the cloud
The chart directly above represents the Jan '18 Accenture survey of leading FS Chief Data Officers.
The Roundtable participants agreed that they are directly accountable for guiding their organization and accelerating to the "new." The CDO must deliver on all three fronts—strategy, execution and value realization. The position is challenging and still evolving—many obstacles remain—but for those willing to push the envelope and proactively demonstrate the power of data, the possibilities are endless.