For CDOs, a centralized data strategy is to enable an enterprise to fully exploit data and analytics. To get to that point some essential capabilities are required.

• First, the enterprise must be able to identify, combine and manage multiple sources of data.
• Second, it must build the right analysis models for predicting and optimizing outcomes.
• Third, management must possess the will to transform the organization to understand how to leverage and convert the data and analytics models into decisions that improve business outcome.

In addition, certain prerequisites help clearly define the strategy for how to use data and analytics. The following offers 5 tips on how to do that.

Gartner, a leading research and advisory company, predicts that by 2019 90% of large organizations will have a CDO in place.

It also predicts that 50% of these CDOs will fail.

But why? And how can you stop that from happening?

To answer this, it’s important to revisit the reasons why organizations are hiring CDOs in the first place – and this itself varies from company to company …

We recently spent a couple of days talking with a number of Chief Data Officers (CDOs) from some of the largest Financial Service organisations in the world, discussing many of the challenges they face today. And it was a real eye-opener.