Big data and data analytics are becoming more important and prevalent in the healthcare industry. Mirroring its growth is the rise of the chief data officer, a leader in big data collection and analytics who sits on the executive team and helps integrate data usage as a strategic asset.
Organizations spanning all industries across the world are appointing chief data officers, finds an IBM Executive Report. The report defines a chief data officer as "a business leader who creates and executes data and analytics strategies to drive business value. The role is responsible for defining, developing and implementing the strategy and methods by which the organization acquires, manages, analyzes and governs data. It also carries the strategic responsibility to drive the identification of new business opportunities through more effective and creative use of data."
Here are five ways CDOs can use data to help businesses strategize and drive innovation and growth, according to the report.
1. Data leverage: Find ways to use existing data
2. Data enrichment: Combine internal and external data to create a larger data picture
3. Data monetization: Find new avenues of earnings and revenue, turning data into dollars
4. Data protection: Protect data as an asset and prevent the high risk of failure
5. Data upkeep: Manage the health of the data
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