Mining Brilliance for Chief Data Officers: Business Insight = Business Imperative
Data is the lifeblood of your organization. Yet often, information managers know very little about what’s in that data, why they’re paying to keep it, what risk it might hold, and ultimately how to unlock its full potential. As such, a new role is emerging in many organizations called the Chief Data Officer (CDO). The CDO is tasked with ways to get the most business value from company information to improve overall insight and competitiveness. Last week, Chief Data Officers from around the country met in San Francisco and Commvault was on hand to speak with those folks as they define this emerging role and their place in the enterprise. At the Summit, the overwhelming question was, 'What is creating the demand for a Chief Data Officer in your organization?'
Here is what we heard, loud and clear.
I Need to Control Growth
With data located in multiple silos, organizations are struggling to find information when they need it. No one illustrated the disparate data problem more clearly than the CDO of the State of Colorado, who oversees several state agencies that don’t talk to one another, costing lots of money and impacting lives. Information managers often struggle with having little to no insight into what data is being created, limited control over how it is being stored and accessed, and almost no understanding of its business value. Recent studies suggest that as much as 69 percent of a company’s stored data could have absolutely no value to the organization. Not only is this content taking up valuable and expensive space, but it can also become a liability if not properly managed. Of course, we have an answer to this problem with the content-based retention capabilities within our Simpana software. Unlike legacy methods that 'keep everything,' content-based retention enables enterprises to keep only data that is important to the business, reducing retention costs by up to 70 percent.
I Need a Governance Plan
How to best retain, access, discovery and ultimately delete content in compliance with evolving regulations is a top of mind business concern. The rapidly increasing volume, complexity and disparity of data creates a challenge for organizations as they try to efficiently discover information needed to address corporate litigation, internal investigations, public information and audit requests. The CDO from TD Bank said it best, “Get your governance construct in place first, then everything else will fall into place.” At Commvault, we agree. Getting the governance of information throughout its lifecycle in order is the first step. Our answer to that is the Simpana ContentStore, which enables enterprise-wide search and efficient discovery of information from a single console and virtual repository, regardless of where it lives in the enterprise. It makes searching for eDiscovery and compliance information quick and simple. Moreover, risk is reduced because only what has business, compliance or evidentiary value is retained, while data that does not meet these standards is defensibly deleted from a single source.
I Need to Extract Value
How to get the most business value out of data throughout its lifecycle is a top concern for CDOs. Making smart use of the information your business creates every day means you can get closer to your clients, understand your opportunities better and differentiate from the competition. With the Commvault Simpana software single platform approach, you can leverage a coordinated and consistent approach to the automated retention and destruction of records that aligns with corporate policy. This eliminates the manual processes often associated with the retention and search of corporate information. With streamlined discovery that is transparent, with self-service availability for a range of users, whether data is kept online or in cloud storage, you can improve insight and accelerate smart decision making.
This conference provided a good opportunity for us to bring Simpana 10 to the CDO community and to chat about some exciting features that can solve several of the pressing problems I detailed above. Of course, you do not have to have a CDO in place in your own organization to understand and anticipate the intersection between business initiatives and the technology that supports them. Simpana software can help multiple stakeholders throughout the organization — from CDOs to compliance teams to IT professionals — realize the following benefits:
- Control storage growth to align with business initiatives
- Manage data strategy holistically throughout the enterprise, including data at the edge and in the cloud
- Provide self-service access to multiple stakeholders, from IT to Governance to end-users, for improved productivity
- Streamline information lifecycle management with automated policies to classify, organize, retain and delete information
- Find, understand and process information that can become a source for competitive differentiation and business opportunity
Share your stories with us! Is your organization thinking about adding a Chief Data Officer? Where will that person fall within the organization? Who will they report to? How are you mining brilliance from your data?