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More companies than ever are realising the importance of data and analytics.

Rise of CDOs highlights importance of data in business today

The role of chief data officer (CDO) is essential in organisations broadening their data governance horizons.

According to Gartner, around one-quarter of large multinationals had appointed a CDO by December 2015, and this is expected to grow to 90 per cent by 2019.

Tip of the iceberg

Ted Friedman, research vice president and distinguished analyst at Gartner, said this rapid uptake is just the beginning of something greater. 

"It represents a much deeper change occurring throughout most organisations," Mr Friedman said.

"Practitioners of distinctive data and analytics disciplines will need to broaden their understanding and work more closely with others to realise the benefits of using data and analytics to capture transformative business opportunities and mitigate risks."

DataIt is expected that up to 90 per cent of global organisations will have hired a CDO by 2019. 

CDOs are responsible for the governance and utilisation of data and information assets company wide, including data analysis, data mining, data processing and information sharing.

"The opportunities to generate business value from data and analytics are practically infinite."

The next phase of data and analytics

Mr Friedman suggested the CDO leadership role will become ever more commonplace as organisations break down silos. 

"The journey toward digital business is, at its core, a drive to better collect, manage and exploit data assets and apply analytics for richer insights," he said.

"The opportunities to generate business value from data and analytics are practically infinite.The challenge is how to harness this rapidly expanding landscape – how to target the right opportunities – despite internal constraints such as budgets, governance mandates, skills and culture, and external forces like competition, market dynamics, and regulatory and social pressures."

How FastTrack can help your agency in the long term

With data analytics on the rise, many firms are using recruitment software tools that enable them to make better choices about the candidates they hire. As more powerful applications become available, consultants and decision-makers will be ever more capable of predicting which candidates will be the best match for the roles they are applying. 

Recruiters who have access to authoritative data on candidates as well as the organisations they are hiring for will give themselves a competitive edge in the market.

FastTrack360 is a cloud-based end-to-end recruitment software tool providing agencies with new-found efficiencies, shortening their recruiters' average time-to-hire, and giving themselves the best chance of success in the long term through improved access to data solutions they need. 

For more information about FastTrack360, please contact us today.

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