With all the data every organisation has, from so many different sources, it can be a struggle to know how to handle it, understand it and, most importantly, to create value. Unlocking value in data is now a priority for 67% of businesses, according to Cynozure’s latest Big Priorities for Data Strategies report. As a result, many organisations are turning to recruitment of a Chief Data Officer to own the data and analytics agenda.
However, for many organisations, this is a challenge. Skills for the CDO role are wide and varied. Hiring a permanent member of the team can be cost prohibitive, with starting annual salaries around £110,000 but which can stretch to in excess of £200,000. Before justifying this investment, for many there is a lack of clarity about where to start.
Cynozure’s CDO Hub is a network of some of the most respected and award winning data leaders in the industry, including Pete Williams, formerly of Marks & Spencer, along with Roberto Maranca, formerly Chief Data Officer at Lloyds Banking Group. They have unparalleled experience in delivery of transformational data and analytics programmes at large enterprise, medium and small sized businesses and startups.
The Chief Data Officer Hub’s CDO on-demand service is an accessible way for small and medium-sized enterprises (SME’s), and not-for-profit organisations, to shape and deliver their data and analytics strategy. Whether it is staffing a stand-alone data project, appointing a part-time data leader, or nominating a non-executive at board level, the CDO Hub provides a fast, efficient and cost-effective way to access world-class data talent at leadership level.
Tim Carmichael, a founding member of the CDO Hub network and Chief Data Officer with experience in the utilities sector and the armed forces, commented: “Not every business is in a position to invest in a full-time Chief Data Officer, but most will recognize the huge potential business value of harnessing and exploiting their data. So this CDO-On-Demand offering is an elegant and cost-effective way of generating effective data leadership to drive value”.
Jason Foster, founder and CEO of Cynozure, said, “We’re excited to provide a previously-untapped opportunity to tap into Chief Data Officer capability for organisations previously saw this level of data leadership as out of reach. The CDO Hub gives them outstanding expertise, without the cost and risk associated with hiring at this level - and with a far higher degree of flexibility. Our network of data leaders can advise on small one-off projects, devise full data strategies, or provide on-going data counsel at board-level. Cynozure CDO Hub allows SME’s to gain a real competitive advantage, and one that is unmatched in the market today.”
For data leaders the CDO Hub is a platform to collaborate with data peers, share best practice, advise organisations, and be part of a network that drives value through data – and highlights its relevance. “I think the strength of this kind of group is that, not only is it an excellent mechanism to share good practice among leaders in data, but it demonstrates the relevance of driving value through data across a wide range of sectors. In short, data is not a niche sport, it’s mainstream business,” said Tim Carmichael.