However, assigning executive data management to a CDO is a short-term response to support the mass movement toward digital transformation.
Forrester says 2017 will be the year artificial intelligence (AI) will find its home within enterprises as more businesses start looking for deeper contextual insights that drive customer engagement.
Sharing its business insights predictions for the next year, Forrester further believes investments in AI will triple.
"AI will drive faster business decisions in marketing, eCommerce, product management, and other areas of the business by helping close the gap from insights to action," according to a report by Forrester analyst James McCormick.
Moreover, businesses that are truly insights-driven will “steal” US$1.2 trillion per annum from their less informed peers by 2020.
Chief data officers will come of age, with organisations with CDOs becoming the majority.
McCormick notes how Forrester’s data and analytics surveys over the past two years have seen a steady growth in the appointments of these data and insights executives.
“However, assigning executive data management to a CDO is a short-term response to support the mass movement toward digital transformation,” he writes.
To become insights driven, organisations must eventually assign data responsibilities to CIOs, CMOs, and even CEOs, he states.
“Only then can they drive swift business action based on data-driven insights.”
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