The Role of Chief Data Officers in Harnessing the Power of Web Data
A remarkable prediction by Gartner back in 2016 reported that by 2019 90% of the large corporations will have a chief data officer (CDO). This essentially meant big data was no longer a mere buzzword, but an intrinsic growth asset for enterprises. A report by International Data Corporation (IDC) further strengthens the importance of big data — worldwide revenues for big data and business analytics (BDA) will grow from $130.1 billion in 2016 to more than $203 billion in 2020. Let’s explore the power of web data for Chief Data Officers.
This massive growth in data volume, coupled with enormous projected industry growth, has already created an environment in which enterprises are leveraging big data to directly impact bottom line. And, the person spearheading this task is known as Chief Data Officer. According to a survey by Gartner, more than half of CDOs now report directly to a top business leader and the average CDO office budget was reported to be $8 million in 2017 — a 23% increase from the $6.5 million reported in 2016.
Since data is the competitive currency in the rapidly changing digital world, it is critical for CDOs to build cutting edge data capability. A crucial step in building robust data capability is augmentation of the existing data with valuable ‘alt-data’ like web data. In this white paper we explain the importance of web data, its applications and the right way to harvest enterprise-grade data.