A chief data officer is the member of management or the board of directors who drives digital issues forward. His task is to develop a strategy for the digitization of the company and to implement it.
Since 2017, higher relative growth rates in earnings before interest, taxes, depreciation and amortization have been observed annually for companies with CDOs. In three quarters of the industries examined, an improvement in the sales growth rate of at least five percent net could be determined compared to companies without a CDO function. In some industries (utilities, real estate and energy) the difference was as much as 25 percent.
42 percent of the leading listed companies in Europe have a CDO. In North America it is 38 percent.
The rapid development in Europe is due to the high number of appointments in Germany, Great Britain and Switzerland. One of the reasons for this is that in recent years Europe has placed greater emphasis on data protection.
“More and more companies are realizing that the introduction offers strong added value for the entire organization,” says Matthias Schlemmer, co-author of the study. Data would play a crucial role in overcoming challenges, tracking environmental and social standards, and making forecasts more accurate.
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