Randy Bean: Why Chief Data Officers are set up to fail and how to fix it

Leaders of Analytics

We’re definitely in AI hype mode at the moment largely driven by the evolution in generative AI.

However, it seems like this progress is not necessarily driving lots of data-related innovation inside organisations that are not AI-first tech companies.

A recent survey published by Randy Bean’s company, NewVantage Partners, confirms this. Here are the main findings compared to when the survey was last run 4 years ago:

• 59.5% of executives say their companies use data for business innovation – the same as four years ago.
• A drop from 47.6% to 40.8% of executives say their companies compete using data and analytics.
• Fewer executives (39.5% down from 46.9%) say their companies manage data as a business asset.
• Only 23.9% of executives now say their companies are data-driven, compared to 31% before.
• Just 20.6% of executives report having a data culture in their companies, down 27% from 28.3% in 2019.

These numbers spell regression, not progress.

Why is it so hard to become a truly data-driven organisation?

In this episode, Randy and I explore the challenges facing Chief Data & Analytics Officers and their teams, including:

• How organizations can create an environment that encourages innovation in data-driven initiatives
• Examples of organisations doing data well, and why
• How to set clear expectations around the responsibilities of CDAOs
• The most important qualities for someone in the CDAO role, and much more.

Randy on LinkedIn: https://www.linkedin.com/in/randybeannvp/

Randy's website and book, 'Fail Fast, Learn Faster': https://www.randybeandata.com/book