The fact that analytics teams often work in silos means that organisations can’t truly benefit from data-driven insights. In the last 12 months, businesses have increasingly appointed chief analytics officers (CAOs) to act as evangelists for analytics and turn data into real-world results. Here’s how hiring a CAO can streamline operations and boost your bottom line.
Gleaning data-driven insights
Many companies are no strangers to the chief data officer (CDO) – a data expert responsible for data management, information security, and privacy controls. But organisations often disperse across the business or entirely neglect the practice of transforming data into customer intelligence. The CAO, then, is accountable for using data to garner insights into customers, markets, and future growth. The role turns Big Data into a powerful business asset.
Predicting trends in customer behaviour
In April 2015, Forrester Research reported that predictive analytics – the science of using past customer behaviour to spark future predictions – will determine whether a business will win or lose. As predictive analytics becomes an industry standard, the CAO will harness fragmented information from multiple sources across the business and use predictive analytics to make customer-centric decisions.
Identifying opportunities for future growth
Although businesses have been fast to acknowledge the potential of Big Data, they often scramble to understand what it all means. Along with solving complex problems associated with the sheer volume of data, the CAO will turn intelligence into real-world actions and identify the best opportunities for future growth.
From spearheading data-driven insights to homing in on future opportunities, the rise of the CAO reflects the role data is playing in business growth. How are you capitalising on the power of analytics in the next 12 months?