How The CAO Role is Delivering ROI and Proving Value to The C-Suite via Analytics
Access the full report: Available October 2020
FIMA’s 2019 Chief Data Officer Study uncovered that 80% of the FIMA community believes that they data coming in to their organizations can be treated as trustworthy and a reliable foundation for analytics.1 The volume of data coming in to financial organizations has been consistently increasing, alongside the regulations that must be met for storing and utilizing this data. Chief Data Officers already have their hands full managing the infrastructure and strategy foundations of data utilization for their organizations. When it comes to the use of this information to advance the goals of the business and deliver actionable insights, it can be beneficial to dedicate the Chief Analytics Officer role to this task. Developing and then applying analytics math to disparate sources is already a heavy lift without the right simplifying tools.
The CAO role is designed to formalize the value creating potential of analytics coming from data management practices that are improving the quality and volume of data available to them. As a role distinct from the CDO, the CAO has different strategic goals, as well as a need to prove their value to the C-Suite and other partners in the business.
This report will examine how CAO’s are managing the growth of their teams, what technologies they are coming to rely on, as well as the revenue-driving successes that they are reporting to the C-Suite. Companion report to our CDO study, this inaugural CAO study is sure to shed light on the other half of organizational transformation being achieved by stronger data management and analytics strategies.