John Bottega, President of the EDM Council, speaks with Caroline Carruthers, Chief Executive at Carruthers and Jackson, in a video interview about establishing data management programs across industries, the changing CDO role, data literacy, and trust.
According to the Fifth Global Data Management Benchmark Report, 84% of all respondents said their firms established or are establishing a data management program. Speaking on the importance of such a report for any organization, Bottega says that to be able to survive in a digital world, organizations have to understand their information. Industries are now more cognizant of data and following the best management practices.
In addition, he notes that other verticals are implementing modern data management more strategically due to the opportunities to improve their businesses, offer better products, and understand markets.
Bottega continues, speaking about the expanding Chief Data Officer’s role. He says early CDOs had to explain their role in their organizations. Today, senior data executives are in the C-suite, with more CDOs reporting to the COOs and CEOs of organizations. He adds that the CDO role is increasingly becoming an essential business function.
Sharing his views on data management versus data governance, Bottega says that data governance is an element of data management. Organizations that lead with data governance may not be successful because no one wants to be told what to do. He says that success comes from speaking about the benefits of data management and the opportunities it can deliver, and then explaining that there is a set of policies and rules that must be followed.
Regarding data literacy, Bottega defines it as the awareness of the value of the data asset and its impact on the organization and society as a whole. The lack of general understanding of the importance of data can damage the data supply chain and, in turn, the integrity of information.
Bottega explains that data leaders can gain and deserve trust by developing the maturity to ensure the integrity of data and its proper use. The responsibility includes overall data protection to ensure the information is not compromised or stolen. He adds that data management presents an opportunity to utilize analytics responsibly and without misusing the results.
Highlighting some of the upcoming trends in the data space, Bottega mentions the following:
- The commercial side of data management will continue to strengthen and grow, enabling companies to be stronger.
- The importance of ESG and sustainability. Professionals must identify information and ensure it is trusted and actionable to have consistent data standards.
- Data for good, combating financial crime, human trafficking, etc.