According to a recent TechTarget article, in the early days, CDOs were focused on reducing the data infrastructure management workload for the IT department. Contrast that with today, where the role is increasingly about ways to streamline the business and pursue new strategic projects and opportunities. 

With that in mind, below are key trends reshaping the CDO role: 

Inflation 

While no one gets excited about inflation, it’s certainly top of mind for CDOs as it signals the death knell for large, high-profile data initiatives. It’s a sensible approach to put more speculative projects on the back burner, at least temporarily, and focus instead on smaller initiatives that can demonstrate value quickly and at every step.

Cybersecurity Concerns

As data sources and volumes increase, many CDOs must rethink their cybersecurity approach. These new and nontraditional data streams require different methods of securing and managing data access and ensuring their security when integrating with existing products and systems. CDOs must work closely with cybersecurity leadership to establish proper governance, obtain the right tools, and devise the proper protocols for reimagining cybersecurity.

Improving Data Sharing

Enhancing data sharing remains a primary goal for most CDOs. While looking at ways to facilitate this, CDOs must also address the technical challenges of handling personal data. In addition, they need to balance data accessibility with security concerns and ensure the reliable, high-quality flow of data between teams.

Driving Growth

The CDO evolution sees the role increasingly focused on growth opportunities. One way to achieve this is by identifying ways to embed complex data science models directly within the user interface of existing business apps. Monitoring for insight monetization opportunities is another example—take a look at this previous APEX of Innovation post for more on how to do this effectively.

And for more on the above and other trends shaping the CDO role, head over to TechTarget.