May's Insights for Data Leaders

Hello and welcome to your May edition of the CDO Newsletter. This month we’re bringing you news and analysis from across the world of data. Read on to gain insights into investment priorities for global data leaders, expert opinions on the future of the CDO’s role within the C-suite team, and practical tips for using data to unlock customer behaviour trends in retail. We’ve also collated some breaking industry news from the last month to keep you in the know with all things data related.

Investment priorities for senior data leaders

A recent CDO Europe Exchange survey revealed the top 10 investment priorities for senior data leaders in 2024.

Artificial intelligence and machine learning tied for first place as the most important investment priorities for senior data leaders, followed by data quality, data science, and generative AI.

Respondents – all of whom are registered to attend the CDO Europe Exchange on 10-11 June in Freising, Germany – also identified the most significant challenges they are looking to address over the next 6-18 months. Notably, these included responsibly assessing different business requests for AI and automation, ensuring data transparency and compliance, and identifying analytics solutions to enable better forecasting.

Access the detailed survey results here.

Does the CDO face an identity crisis?

As a relatively new role, the responsibilities of a CDO are hard to define and can vary considerably from company to company. Plus, as companies’ data strategies become more mature and the implementation of AI becomes more widespread, CDOs are faced with multiple questions as to the future of their role within organisations: does the implementation and application of AI require a new skill set outside of the current scope of a CDO? Is a centralised CDO still the best-placed person to manage multiple localised data teams? How can CDOs adapt to continuously changing environments?

Ahead of the upcoming CDO Europe Exchange, we caught up with some of the event’s expert speakers to get their opinions on what the future holds for the role of the CDO. Here is a selection of their insightful comments:?

Find the full article on the ‘CDO Identity Crisis’ here.

Six tips for successful customer behaviour analysis in retail

Customer behaviour analysis is a critical component of retail success. By understanding and leveraging customer insights, retailers can make informed decisions that drive sales, improve customer satisfaction and build long-term loyalty.

Here are six top tips for successfully conducting customer behaviour analysis in retail:

1.?????? Utilise advanced analytics tools: Leverage newer tech to find patterns humans might miss by exploring mountains of structured and unstructured data together.

2.?????? Monitor and analyse customer journeys: Study the full customer pathway from awareness to repeat purchases to refine each stage and find out exactly what attracts and loses interest. ?

3.?????? Don’t neglect qualitative data: Both numeric information and open feedback comments offer a complete picture of customer preferences.

4.?????? Embrace A/B testing: Continually experiment with how small changes influence actions and find out what resonates best with consumers.

5.?????? Stay ethical and compliant: Protect customers’ privacy and security by complying with relevant regulations while also earning customer trust through transparent communication around data usage.

6.?????? Continuously iterate and improve: Analysis should be ongoing to identify frequent shifts in consumer behaviour.?

Click here for a more in-depth commentary from CDO Retail Exchange on effectively leveraging data to unlock customer behaviour changes.

Data News in Brief

Ikea announces extensive AI literacy programme for employees

Last month, IKEA announced a new AI literacy programme for their workforce of 30,000 co-workers and 500 leaders. The new comprehensive training ecosystem has been tailored to meet the needs of employees at all levels of the business, with modules including AI Fundamentals, Responsible AI, Mastering Gen AI, and Algorithmic Training for Ethics.

With data literacy quickly becoming a prerequisite in an increasingly data-driven retail landscape, the programme clearly represents Ikea’s bid to upskill its existing workforce.

Commenting on the new initiative in a press release, Ikea Retail’s Global Data & Analytics Officer Francesco Marzoni said: “We are providing a blended experience for learning, and doing in a way that future-proofs our workforce to ensure we remain at the forefront of innovation.”

Kaiser announce data breach affecting 13.4 million people

Approximately 13.4 million current and former Kaiser customers have been notified that their sensitive data was compromised, according to a press release. The breach occurred when Kaiser Foundation Health Plan, Inc. used certain website technologies that shared patient information with third-party vendors.

California-based integrated managed care consortium Kaiser Permanente notified the US Department of Health and Human Services of the breach on 12 April 2024. The press release states that the incident did not involve passwords, social security numbers or credit card information, but did expose names, IP addresses, sign-in statuses and browsing history and navigation while on Kaiser’s websites and mobile apps.

The Kaiser incidents comes after American health insurance provider UnitedHealth Group announced that a data theft occurred on 21 February, with Reuters reporting that hackers had possibly gained access to protected health information or personally identifiable information, although there is no evidence to suggest that doctors' charts or full medical histories of individuals were stolen.

These two recent incidents demonstrate the critical importance of protecting healthcare data.

Insights from Cassie: Global concerns around data privacy reach new heights

A report from the consent and preference management platform Cassie on global user preferences and privacy perceptions showed that consumers around the world are increasingly concerned about their data privacy. Surveying over 1,000 people from the US, Canada, the UK and the EU between 29 February and 21 March 2024, some key findings from the report were:

• 93% of consumers are concerned about the security of their personal information online
• 59% of respondents said their concerns about data privacy have increased over the last 12 months
• 97% of respondents think there should be stricter penalties for companies that violate data privacy laws and prefer to do business with companies that have a strong track record when it comes to data protection
• 92% of respondents believe that companies often prioritise profits over consumers’ data privacy

With consumer concerns around data privacy at an all-time high, the report concluded that businesses must prioritise transparency, give customers more control over their data, and uphold privacy standards to foster trust.

Make sure to subscribe to the CDO Newsletter for more monthly insights into the world of data.

View upcoming CDO exchanges:

CDO Europe Exchange – 10-11 June 2024 | Munich Airport Marriott, Freising, Germany

CDO Retail Exchange – 10-11 July 2024 | Hilton Syon Park, London

CDO Travel & Hospitality Exchange – 11-12 September 2024 | London, UK

CDO BFSI Exchange – 11-12 November 2024 | London, UK

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