Organizations are recognizing the importance of having an executive who provides oversight responsibility and accountability for their data assets, according to West Monroe expert.
There’s no denying the importance of data as an organizational asset, and an ongoing study from digital consultancy West Monroe is making the case for hiring chief digital officers.
By 2025, it is estimated there will be 175 zettabytes in the global datasphere. As organizations are finding, there is a lot of value in the data they generate; the trick is being able to manage to monetize it.
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The proof is in the pudding, said Doug Laney, innovation fellow at West Monroe. Organizations with chief data officers are 7x more likely to generate external monetary value from their data than those without one, he said. Further, they are