As they head into 2024, CDAOs are in the midst of the whirlwind of AI and generative AI and the productivity and efficiencies that may result from this game-changing technology. Data and analytics leaders are moving quickly to evolve with the digital landscape and provide the data needed to maximize these tools.
At the same time, data and analytics leaders are focused on driving value and intentionally aligning their data strategies to the overall business strategy. Chief Data and Analytics Officers are tasked with leveraging the tools and insights required for their organization to be data-driven.
More than 350 CDAOs across our communities shared their key priorities and challenges in our annual survey – here’s what they reported.
AI Takes the Top Spot
In 2024, CDAOs report that their top functional priority is generative and traditional AI – a new category in the survey this year. Data and analytics strategy and governance – which likely go hand-in-hand with their AI strategies – continue to be high in importance for data leaders.
Generating Operational Efficiencies Is Top Enterprise Priority
For their priorities across the enterprise, CDAOs report that creating operational efficiencies and improving productivity continues to be their top initiative. Increasing revenue and digital business acceleration have moved up as key focus areas for CDAOs this year. Overall, their enterprise priorities mirror their C-suite peers’ except for innovating for competitive advantage, which data and analytics leaders rate higher than others.
Budgets Are Remaining Flat
This year, 53% of CDAOs say that their budget for technology and services spending is remaining flat compared to last year. Twenty-six percent report that their budgets are increasing in 2024.
Investing in Data Governance & AI
Fifty-four percent of CDAOs plan to spend on AI, and an almost equal percentage (53%) say they will spend on data governance solutions this year. Overall, CDAOs’ spending plans are closely aligned with their top functional priorities.
Each year, we conduct our proprietary Leadership Perspective Survey among the members of our C-level communities around the world. Data and analytics executives share their top priorities, challenges and goals for the year ahead, enabling us to highlight trends and develop sessions and discussion topics based on the real-time needs of CDAOs. Apply now to join a local CDAO community, or if you are already a member, sign in to MyEvanta to see upcoming events in your community.
350+ CDAO responses to Evanta’s proprietary Leadership Perspective Survey, March 2024.
by CDAOs, for CDAOs
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