Many CIOs are being challenged to take on a new role in the enterprise: money spinner. As businesses digitally transform products, services, customer experiences and operations, they’re generating new types and sources of data that, with effort, can be used to create monetizable data-driven products, services and experiences to external customers. Eighty-two percent of respondents to a recent IDC survey reported that data as a service will be required to compete effectively in their industries, and within five years, it will be a critical requirement for competitive advantage.
Not surprisingly, CIOs are often front and center in achieving success with these initiatives. “My job, on top of being the traditional CIO, is now to be the catalyst to teach, learn, educate and encourage risk-taking in this area,” says Justin Kershaw, CIO of Cargill.
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