As data continues to grow as a major asset, Chief Data Officers (CDO) occupy center stage in the management of data. The huge data volume without appropriate and adequate consumption can cost companies billions of dollars, starting with opportunity costs. Consequently, CDOs are pressured to make their business case almost every time they are expected to invest a dollar, whether it is for regulatory responses or indeed growth and innovation pursuits, such as cloud migrations, for example.
It Hurts To Be A CDO Who Cannot Tell Stories With Data
A recent survey indicates that the volume of data within an enterprise will expand by 33% within thenext one year. Faster and more accurate data analytics will be the major demands from CDOs in the digital era.
Value creation with data is a key pressure point for any CDOs. And then, both the Chief Operating Officers as well as Chief Financial Officers expect and demand. Of course, the rest of the C-Suite also expects the CDO to deliver. In this context, it is imperative that the CDO of the digital age knows how to convince their organisations, C-Suites and indeed the boardroom. Any inability to convince or effectively demonstrate the value of data is a certain disaster. Such failures translate into millions or even billions of dollars of losses which neither the company nor the CDO can afford to accept. This is usually through miss-spending or failed projects or programs. In ability to invest in innovation investments is also very expensive.
Traditionally the Chief Information Officer, the Chief Financial Officer or the Chief Operations Officer handled data management. Regardless of which ‘x’ in the CxO – It is imperative that the leader know how to manage and create value with data.
CDO, for that matter any leader, needs to have the ability to influence his followers. More so, is the case of a CDO, who needs to help his or her organisation ‘visualize’ and more importantly create value with it. Story telling is a mandatory skill for a CDO.
Use Of Video Marketing To Create & Sell Stories
In this context, video marketing can be a powerful tool to create data centric stories in a format that appeals to people’s emotions. Value cases for data usage can be created using video marketing effectively.
CDOs can communicate the business value of data better, through video marketing in the following ways:
- Demonstrate the use of certain actionable analytics to improve the bottom line
- Creating transparency of the data and technology landscapes through videos
- Feature personal stories of staff and people involved in creating value with data for the organisation
Video marketing, potentially bridges the gaps between the boardroom, the C-Suites and the entire organisation as it is one of the best forms of communicating in this digital age. If done right, there is no reason, why this cannot become a part of the mainstream organisational process.