Being a Chief Data and Analytics Officer (CDAO) today is all about “value” - knowing the value of data and delivering on it. This is reflected in CDAOs’ top priorities across the enterprise for 2023, which include driving growth, increasing operational efficiencies and productivity and digital business acceleration.
The journey to complete digitalization has many roadblocks - economic uncertainty, technical limitations, internal resistance, and more. And on a functional level, CDAOs are calculating how they can withstand these challenges, develop a data and analytics strategy that meets clear business objectives and lead efficient change management throughout the transformation process.
To get a better understanding of their focus areas for this year, 330 CDAO community members from the world’s leading organizations shared their mission critical priorities and their intended investment plans in our annual Leadership Perspective survey. Here are their responses.
Prioritizing Data Governance
This year, CDAOs reported data governance as their top priority for the second year in a row. Data-driven culture is still in the number two spot, with an added focus on data literacy. Data democratization remains their third most important priority for 2023, but this year it is combined with self-service - as they were addressed separately last year.
New mission critical priorities for CDAOs this year include data and analytics strategy and managing data quality, coming in at number four and number five, respectively. Analytics-based decision making is the only priority to fall from the top five this year.
Goals & Challenges
As data governance is their top priority, CDAOs cited the following goals they aim to achieve and challenges they are facing in this area in 2023.
Allocating Resources
In spite of recent economic disturbances, 33% of CDAOs report that their planned spending on technology and services increased this year, and another 34% say that they expect it to remain the same as 2022.
Investing in Data Governance
Almost 60% of CDAOs are planning to invest in data governance - their number one mission critical priority for 2023.
At Evanta, we survey our C-level communities annually to learn their top priorities, challenges and goals for the year ahead. This data enables us to highlight trends, develop session and discussion topics and match like-minded peers based on the real-time needs of C-level executives. Apply now to join your local CDAO community, and connect with peers on these mission critical priorities.
Based on 330 CDAO responses from Evanta’s proprietary Leadership Perspective Survey, March 2023.
by CDAOs, for CDOs
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