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In the digital era we live in today, data has emerged as one of the most valuable assets for companies. All over the world, including Spain, organisations have understood the importance of managing and harnessing large volumes of data to make strategic decisions. This has led to the creation of a key position within companies: the Chief Data Officer (CDO).
The CDO not only ensures that data is managed efficiently, but also drives its strategic use to generate business value. In this context, there are programmes that prepare professionals to take on this job, such as Universidad Europea's master in Big Data Analytics.
In this post, we tell you what does a Chief Data Office do , what their main functions are, what training is necessary to make a career in this position and how much a chief data officer can earn.
The Chief Data Officer is responsible for leading a company's data strategy. Their job is to optimise the management of data, ensuring that it is collected and used correctly to support business decisions. They are also responsible for aligning the use of data with business objectives, seeking to create competitive advantage for the organisation.
The CDO plays a key role in ensuring regulatory compliance (such as the General Data Protection Regulation or GDPR), privacy protection and data quality, as well as coordinating cross-departmental teams to optimise the use of information across the enterprise.
A frequently asked question is what is the difference between a Chief Data Officer (CDO) and a Chief Analytics Officer (CAO). Although both roles are closely related to data management, there are key differences.
The Chief Analytics Officer focuses primarily on data analysis and how this information can support tactical and operational business decisions. The Chief Data Officer, on the other hand, has a broader and more strategic view, as their work includes overall data management, data governance and ensuring that data is used to its fullest potential across the organisation.
In some companies, these jobs may overlap or merge, while in others they are kept separate depending on the size and needs of the organisation.
The role of the Chief Data Officer (CDO) can vary according to the type of company and sector, but there are certain common functions that are common to all organisations. The main functions of a chief data officer include:
Becoming a Chief Data Officer requires a background in data analytics and data science, as well as leadership skills. As businesses become more reliant on data, there is an increasing demand for skilled data professionals.
For those seeking a career as a CDO, a university education in data and technology-related fields is essential. Some of the most recommended degrees include:
Both degrees are an excellent starting point for those aspiring to data management positions in large companies.
As you progress in your career, it is advisable to have additional training in big data and advanced analytics. To this end, Universidad Europea's Master in Business Analytics is designed to train professionals looking to excel in this sector. During the programme, students learn from practicing experts and get hands-on experience with key tools such as Apache Hadoop, Spark, Scala, Python and TensorFlow, among others.
The salary of a Chief Data Officer (CDO) can vary depending on the company, industry and country in which they operate. However, due to the growing demand for this profile, Chief Data Officers often receive very competitive salary compensations.
According to Michael Page ‘s report on salaries in the digital and technology sector in 2023, the salary of a CDO ranges between 90,000 and 150,000 euros per year in medium and large companies in Spain. In large corporations or multinationals, this salary can be even higher, reaching 200,000 euros, especially in sectors such as banking, telecommunications or technology giants.
This salary range reflects the importance and responsibility of the job, as the CDO plays an important role in the overall strategy of the company.
With the rapid expansion of technology and the volume of data generated on a daily basis, the CDO has gone from being an emerging trend to a necessity in many organisations. Companies that do not properly manage their data risk falling behind the competition.
The Chief Data Officer is responsible for the collection of data and its strategic use to create competitive advantage. It is therefore an essential figure in sectors such as banking, telecommunications, e-commerce and any industry that relies on data to optimise its processes and services.