Businesses with desires to glean data-driven insights will only be able to realise the full potential of their data by ensuring a centralised data strategy and data owner are in place, according to Experian Data Quality.
The London-based data quality software and services firm found that over half (52%) of chief information officers (CIO) have become increasingly responsible for data management in the past 12 months.
Those data management responsibilities include improving the bottom line through lowering the cost of compliance, providing platforms to support analytics, and managing data value and risk.
However, as revealed in Experian's study of more than 250 CIOs, entitled 'The role of the CIO in data management', data management and data quality is proving heavy going for CIOs.
In the past year, nine out of ten CIOs said they have experienced problems as a result of poor data quality. Data quality issue resolution was found to be the biggest challenge relating to managing data – experienced by 36% of respondents.
Meanwhile, nearly two-thirds of CIOs admitted that their ability to exploit data for business insights is often found lacking.
The findings show why it is becoming crucial that organisations create a chief data officer (CDO) position, as it encourages a more centralised approach to data management, says Thomas Schutz, senior vice president and general manager of Experian Data Quality.
"Data is of critical importance to organizations and no longer can be managed in siloed, one-off approaches based on individual department needs, as it has been in the past," he explained.
"There are a number of new roles being created in businesses to manage and manipulate data.
"However, a central key owner on the C-level is needed. The CIO, while strapped for time, is serving that role in many organizations. The CIO can help put technology, people and processes in place to better manage data and ensure the organisation sees value from that asset."