MIT SLOAN
January 2024
In the data world, the "CDO 2024 Agenda" suggests that 2024 will be an exciting year. Chief Data Officers (CDOs) are adjusting their focus due to the rise of Generative Artificial Intelligence. The report, created by Thomas H. Davenport and data experts Randy Bean and Richard Wang, highlights key priorities that promise to shape innovation in 2024.
Generating visible value
Despite the technological revolution, creating visible value remains a key priority for many Chief Data Officers (CDOs). Forty-four percent indicate that they define success based on business goals, not just technical achievements. Analytics and AI stand out as essential ways to deliver value, alongside initiatives such as data literacy training and embracing a data product management mindset.
44% say they judge success by business goals, not just technical achievements.
Generative AI, but not at any cost
Generative artificial intelligence is currently the star, capturing the attention of 80% of surveyed Chief Data Officers (CDOs). Despite its promising nature, CDOs emphasize that they won't neglect other data initiatives. This blend of interest and caution indicates a careful evaluation of the situation.
Data quality, an important factor
On the journey to adopting Generative AI, CDOs encounter challenges. Forty-six percent indicate that ensuring data quality and identifying suitable use cases are their major obstacles. Concerns about accountability and privacy in data usage also stand out. Other cases include customer operations, personal productivity enhancements, and code generation.
Una estrategia de datos clara
The report emphasizes the importance of having a solid data strategy. Ninety-three percent of CDOs consider it crucial for extracting value from generative artificial intelligence. However, 57% admit they haven't yet made the necessary changes in their company's data strategy.
Organizational culture change
Organizational culture remains a challenge. Over 50% of CDOs are implementing cultural changes through data literacy programs and change management. This approach, though gradual, reflects the widespread need for sustainable cultural change in companies.
Over 50% of CDOs are implementing cultural changes through data literacy programs and change management.
New data governance strategies
Chief Data Officers (CDOs) indicate that they allocate a significant amount of time to data governance activities. The report highlights innovative approaches, such as "enablement," aimed at facilitating informed decision-making, along with the implementation of common data platforms.
Data-driven transformation is a team effort
Finally, the report emphasizes that data-driven transformation requires collaborative efforts. Successful CDOs focus on using data to assist internal clients in achieving their goals, shifting the focus from their own performance to building partnerships for organizational success.
CONCLUSION
The "CDO 2024 Agenda" highlights the significance of generative artificial intelligence in the future of data. CDOs acknowledge that success depends on striking a balance between creating value, fostering a data culture, and maintaining strong governance.
Generative Artificial Intelligence is seen as a valuable tool for enhancing decisions, and CDOs are leading its adoption with a strategy focused on efficiency and innovation.
In this context, creating value emerges as the primary goal, turning data into strategic assets for growth. Data scientists and data management companies play an essential role in shaping these assets, transforming data into valuable information for decision-making.
Companies like Mática Partners play a crucial role in responsibly and sustainably fulfilling these priorities, paving the way for an increasingly data-driven future.