EDM Council Benchmark Report Details Strategic Rise of Chief Data Officers
A biennial study reveals the growing role of the CDO and the rise of data management in industries around the world.
EDM Council, a cross-industry trade association for data management and analytics, has released its global benchmark report on data management 2023 which highlights the importance of chief data officers across industries and the rise of data management as a formal discipline within organizations.
Data from the 2023 Benchmark Report revealed the growing strategic importance of chief data officers and the data management practice, and specifically:
- 65% of respondents said their company had formally appointed a chief data officer or chief data officer, up from 60% in 2020.
- 86% of CDOs in the financial sector report to senior management, up from 72% in 2020.
- 80% of non-financial markets executives report to senior management, and 20% report directly to the CEO.
” I’ve been a data executive for more than 30 years, and the scope of responsibilities has expanded considerably, particularly in recent “years”. said John Bottega, President of EDM Council. This year’s benchmark report shows that data executives, and the data management function as a whole, play a much more important strategic role, as they help define not only their company’s vision for data management data, but also its focus on analytics, artificial intelligence/machine learning, ESG and sustainability data. »
This fourth edition of the benchmark report saw overall attendance triple, and recorded responses from more sectors, with 58% of responses coming from non-financial companies, a 27% increase from in the 2020 survey.
Studies in the benchmark report use the model DCAM which outlines best practices for data programs, as a framework for evaluating how the profession as a whole has advanced its data management agenda.
Survey participants indicate that 80% have data governance programs in the process of being established or already established. The report also highlights the essential role of responsible and ethical management of public data, but the need for improvement, as only 62% of respondents reported the establishment or progress of sustainable data analytics governance programs, although this has increased from 51% in 2020. The theme of data literacy as a crucial element of a strong data-driven culture is also represented in the analysis as a key factor in the overall success of a company .
About EDM Council
EDM Council is the global association created to elevate the practice of data management and analytics to a business and operational priority. The Council is the leading global advocate for the development and implementation of data standards, best practices, and comprehensive training and certification programs. With 350 international member organizations in America, Europe, the Middle East and Asia, and more than 15,000 data management professionals, the EDM Council offers data professionals a place to interact, communicate and collaboration on the challenges and advances of data management and analytics as critical organizational functions.
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