The first 100 days on the job for any executive can be a mix of thrill, adrenaline, and a healthy dose of “what did I just get myself into?”
But for a Chief Data Officer (CDO), the stakes are magnified.
Data drives companies. Period.
So, are you a fresh CDO? Or are you considering the role? Let’s break down your action plan for the first 100 days in a way that will not only set you up for success but also ensure the organization feels the immediate impact of having a CDO on board.
Why Every Organization Needs a Chief Data Officer
In an age where data reigns supreme, companies aren’t just looking for someone who can crunch numbers. They need visionaries who understand the power of data and can mold it to drive forward momentum.
The Chief Data Officer (CDO) isn’t a luxury—it’s a necessity. It’s about steering the ship using data as the compass.
The Evolution of the CDO Role
Remember when data was just a side-task?
Now, it’s at the forefront. As businesses realized the potential and importance of data in shaping their strategies, the role of the CDO has evolved.
From being mere keepers of databases to strategic partners in the boardroom, CDOs today are seen as key contributors to an organization’s success.
Challenges Awaiting New CDOs
But let’s not paint too rosy a picture. With great power comes great responsibility—and challenges.
The terrain of a CDO is filled with potential pitfalls. From ensuring data quality, dealing with fragmented tech stacks, to fostering a data-driven culture in traditionally resistant environments, the road isn’t always smooth. Yet, that’s where the thrill lies, isn’t it?
Aligning Data with Strategy
Before diving into the action plan, let’s make one thing crystal clear: Data without purpose is like a ship without a rudder. The key to a successful tenure as a CDO is to ensure that every data initiative, every strategy, and every decision aligns with the broader objectives of the company. It’s not about collecting data for the sake of it; it’s about purpose-driven data collection and utilization.
Day 1-20: Dive Deep and Familiarize
1. Understand the Company’s Vision
Before anything, you need to understand where the company is headed. What’s the mission? What are the 1, 3, and 5-year goals? This isn’t just about data. It’s about how data aligns with that big picture.
2. Data Infrastructure Audit
Identify the current data sources, storage solutions, and technologies in use. This isn’t about judging; it’s about understanding. Dive into:
- Current database systems.
- Data integration tools.
- Business intelligence platforms.
3. Meet the Teams
Build relationships with key teams—IT, marketing, sales, operations, and more. Understand their data needs, challenges, and how they leverage data in their processes.
Day 21-50: Identify Gaps and Opportunities
4. Gauge Data Literacy
While you might be a data whiz, it’s crucial to gauge the data literacy level across the company. Are teams comfortable with data-driven decisions, or is there hesitation? Identify areas where training might be needed.
5. Data Quality Assessment
Bad data leads to bad decisions. Assess the quality of data being captured. Look for redundancies, inaccuracies, or gaps that might affect decision-making.
6. Align with Business Objectives
Every piece of data or metric tracked should align with a business objective. What’s being measured just for the sake of it? What metrics truly move the needle?
Day 51-80: Set the Groundwork
7. Prioritize Quick Wins
Identify areas where you can bring immediate value. Can you automate a certain report? Can a simple insight lead to a shift in strategy? Show the organization the value of having a dedicated CDO.
8. Develop a Data Strategy Framework
Based on your findings, start mapping out a holistic data strategy. This should encompass:
- Data collection.
- Storage and management.
- Analysis and insights generation.
- Distribution and accessibility.
9. Stakeholder Feedback Sessions
Regularly engage with different teams and stakeholders. Get their feedback on the data tools they use, the reports they receive, and any insights they feel are missing.
Day 81-100: Implementation and Review
10. Kickstart Key Initiatives
Begin with initiatives that align with business objectives and have the potential for the highest impact. Whether it’s a new analytics tool, a training program, or a change in data collection methods, ensure they get off the ground.
11. Set Up Data Governance
Establish clear protocols for data access, usage, and sharing. Make sure to involve legal, IT, and other relevant teams to ensure compliance.
12. Review and Iterate
Conduct a thorough review of your action plan’s progress. What’s working? What needs a pivot? Adapt based on feedback and results.
13. Champion a Data-driven Culture
Lead by example. Share success stories, use data in meetings and decision-making, and constantly emphasize the importance of data in the organization’s success.
Crafting a Comprehensive Data Strategy
Every CDO understands that without a concrete roadmap, data initiatives can quickly become directionless. It’s like setting off on a cross-country drive without a map. Before delving into the minutiae of day-to-day operations, it’s crucial to design a comprehensive data strategy roadmap. This guide will not only help you prioritize your objectives but also ensure that you’re always aligned with the broader company vision.
Measuring Your Impact
One of the most common pitfalls new CDOs face is getting lost in the data and forgetting about results. Remember, data is a means to an end, not the end itself. As you roll out new initiatives and strategies, it’s vital to have clear metrics in place to gauge their effectiveness. After all, what’s the use of a strategy if you can’t measure its success? Dive deep into effective techniques for measuring data strategy success to ensure you’re always on the right track.
Onwards and Upwards
While the first 100 days will be a whirlwind, it’s just the beginning. Remember, as a Chief Data Officer, you’re not just managing numbers. You’re sculpting a narrative, painting a picture, and more importantly, guiding decision-making at the highest levels. Stay curious, stay informed, and keep your focus on delivering value.
To every CDO out there, remember: data isn’t just about the past or the present. It’s about molding the future. Your future. So, make every byte count.
Happy analyzing!
Ben is a full-time data leadership professional and a part-time blogger.
When he’s not writing articles for Data Driven Daily, Ben is a Head of Data Strategy at a large financial institution.
He has over 12 years’ experience in Banking and Financial Services, during which he has led large data engineering and business intelligence teams, managed cloud migration programs, and spearheaded regulatory change initiatives.