The Case for a Data Czar
You've read it probably a thousand times on WatersTechnology.com and in the pages of Waters magazine─and we're far from being the only ones covering it: Data control is a massive challenge.
So with that in mind, if data storage, quality, and access are so daunting, shouldn't every firm have someone with the title Data CIO?
This idea was broached by Jake Thomases this week in a New Perspective titled "Data is a Mess, So Why Not Unify it". The person to bring up the title was Howard Halberstein, who was most recently with Deutsche Bank. The unit that the Data CIO would run would be responsible for all of the organization's data, top to bottom and front to back.
Now in some ways this role already exists within some organizations, as the term Chief Data Officer (CDO) has been bestowed upon a few executives here and there in our industry. But the problem is that this person rarely, if ever, truly has the power to lead technology the way a CIO can. It wasn't until recently that CIOs (and even CTOs) finally got a seat on firm's executive boards─are these same companies now going to add one more seat to that table?
Obviously, this idea would apply to just the larger hedge funds, asset managers and investment banks. While smaller firms are struggling to cope with massive data volumes, too, they understandably don't tend to have a spare six-figure salary to hand out to an IT executive.
But a Data CIO makes complete sense. In closing out his article, I think Jake put it very nicely: "To aggregate existing data, formatting and tagging standards should be developed, distributed on an enterprise basis, and adhered to. Once that is done, and the data is collected into a single repository, it would be possible to put an individual in charge of the whole process─the aforementioned Data CIO."
This is something that firms with sufficient budget should seriously start considering, though creating a figurehead isn't enough. A Data CIO needs to have the legitimate authority to exact full control over a firm's data. I understand that's a scary thought, but if you think that problem of data is going to get easier to handle, you're destined to drown in the deluge.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Data Management
Deutsche Börse democratizes data with Marketplace offering
Deutsche Börse Group is set to unveil its Marketplace, a one-stop data shop designed to simplify and streamline data acquisition and consumption for its clients, while also surfacing data from across the firm to its own users. Jan Stiebing and Sven…
DSB says industry is ready to meet UPI mandate ahead of deadline
The Unique Product Identifier will be required for certain OTC derivatives in the EU at the end of April, following US adoption in January.
Mapping a successful data journey: strategy, execution and sustainability
A well-planned data journey can positively impact an organization’s long-term trajectory. However, it is important to have clarity not only in the strategy but also in successful execution and sustainability for the long haul, argues data veteran Subbiah Subramanian.
The IMD Wrap: The growing data catalogue space
With their potential to manage costs and surface strategic datasets, it’s no wonder Max gets excited about data catalogs. This week, he takes a look at a new startup entering the space.
LSEG to sunset Redi EMS in favor of Tora
Sources say competitors will look to seize on the decision to win over Redi’s sizeable US client base.
The IMD Wrap: Taking stock of inventory management
With market data and associated costs typically representing a firm’s third-largest expense, there’s a lot of incentive to manage data and its usage more efficiently. Max flings open his fridge to illustrate what’s new in this space.
Hub to lay off 20% of staff, sources say
Hub’s CEO says this is simply a case of a startup trying to stay nimble and efficient; others say it points to deeper issues.
Most read
- Sell-Side Technology Awards 2024: All the winners
- Deutsche Börse democratizes data with Marketplace offering
- Sell-Side Technology Awards 2024: Best sell-side front-office platform—Bloomberg