The emerging role of the chief analytics officer and its implications for consumer-driven businesses

Abstract

From machine learning that can predict fashion trends to social media listening tools that can resolve customer service issues, organisations are increasingly using analytic approaches to make important business decisions. The growing impact of data analytics and the wealth of benefits it can unlock cannot be ignored. In a 2016 survey of Fortune 1000 companies, more than one-third of executives cited generating business insights as a core reason to invest in Big Data, while one-third cited faster decision-making. This burgeoning use of analytics presents unique opportunities and challenges, including essential questions such as where analytical capabilities should be housed within the organisation, how to manage interactions and reporting across functions, and how to set up a leadership structure that nurtures and develops analytical capabilities. As a new addition to the C-suite, a chief analytics officer has the power to accelerate the use of analytics while also integrating a variety of functions and ensuring that best practices are adopted throughout the company. This paper focuses on the nature of the role and how it will evolve. The authors discuss various operating models, reviewing the advantages of each and discussing the structure that many companies are gravitating toward.