ASG Technologies, the trusted provider of proven solutions for information access, management and control for the world’s top enterprises, along with Wipro Limited, a leading global information technology, consulting and business process services company, and Financial Information Management (FIMA), unveiled a new report based on a survey of senior data management and government executives. The report, titled, “Uncovering the Progress of the CDO 2.0,” surveyed 100 executive members of FIMA event community, including an exclusive Chief Data Officer (CDO)-only segment of 30 respondents from the BFSI industry, predominantly based in North America.
The report findings reveal that 50 percent of those surveyed do not have solutions in place to support data inventory, 66 percent do not use data lineage solutions and 53 percent lack automated governance workflow and issue management. These findings imply that most organizations lack the insights needed to maintain regulatory compliance and make informed business decisions.
CDOs are navigating significant change. The combination of new technologies, accelerated compliance demands and push for business value-added digitization calls for an enhanced governance model capable of supporting a much-changed environment. Creating this enhanced governance model requires strategic use of automated data lineage to determine where critical data elements reside, how they flow from source to consumption and the transformations that are performed. The majority (53 percent) of data management professionals today, however, admit that more than half of their compliance efforts are still handled manually.
“The report shows that many organizations have not yet implemented critical data management capabilities,” said Ian Rowlands, director of product marketing, ASG Technologies. “Automated governance workflow and issue management are fundamental to Data Governance 2.0. I feel the same way about data lineage and data inventory. If only 50 percent of CDOs are doing data inventory, that means half are saying, ‘We don’t know what data we’ve got.’ That’s startling. Then we have 66 percent of CDOs without data lineage saying, ‘We don’t know how our data moves and how it gets transformed.’ Those are big gaps. How do you meet compliance requirements without these capabilities in place?”
Other notable survey findings are as follows:
The primary regulatory concerns within IT include risk data aggregation (61 percent) and record retention mandates for 3-5 years (also 61 percent)
The primary areas of resource consumption within IT are risk data aggregation (45 percent) and GDPR (42 percent)
The most common use of Big Data according to all survey respondents is routine reporting (62 percent); among CDO respondents specifically, however, it is advanced analytics (73 percent)
“Given the marked upsurge in data volumes, Chief Data Officers across industries are increasingly turning to digitalization for better business outcomes and to inculcate a data-driven culture in their organizations. Strong data governance techniques to achieve trusted data and regulatory compliance are key priorities,” said Pallab Deb, vice president, analytics, Wipro Limited. “At Wipro, we strive to partner with our customers in their transformation journey across the data continuum, leveraging our technology expertise and strong partner ecosystem.”
Download Uncovering the Progress of the CDO 2.0. Representatives from ASG and Wipro will also be discussing the findings in a webinar, The FIMA 2018 Report: The Journey to CDO 2.0, on June 6, 2018. To save your spot: Register for "The Journey to CDO 2.0" webinar now.
Together with ASG and Wipro Limited, FIMA reached out to 100 executive members of the FIMA event community, including an exclusive CDO-only segment of 30 C-Level respondents from the BFSI industry, predominantly based in North America. The results include the full aggregate response of 100 data management and governance executives who responded to the original call to research issued in Q4 of 2017, and concluded in Q1 of 2018, as well as the findings of our CDO-only segment. The analysis contained in this report looks at the responses of our CDO segment independently, as well as the responses of all 100 executives surveyed, to create a picture of the industry’s perspective alongside the specific insights of CDOs.