- Has figured out a way to use both first party data and alternative data: Most enterprises have structured first party data on their customers and their interactions. However outside this , there is a world of alternative data available . This can range from public data like weather information or third party data from bidstreams and locations or zero party data from research or second party data from partners and marketplaces. Successful CDOs have gone beyond first party data and also use alternative data to make decisions or stitch together consumer journeys. They also have someone who is aggressively pursuing data partnerships to augment their data.
- Has algorithmic data as a strategic differentiator: Facebook has an algorithm to serve the right ad to the right user using its algorithm that performs well on its data. Netflix has a recommendation engine that does the same – if you have watched this , you are likely to watch this. If your organization has not come up with an algorithm that is either enriching the customer or solving a pain point in operations , then all this data collection and investment has not resulted in needle moving impact.
- Has automatable actions embedded at the frontline: Frontline has access to data . This can mean SDRs ( sales development reps) having access to tools that can help the qualify and prospect leads well. They have email scripts that are automated but tailored to the needs of the customer persona. This helps decision making and speed across the organization. Data is not a report that BI teams pull up when the CEO asks, its embedded into every team for activation and usage.
