Lisa Kralina
Big data is here to stay. The results of this empirical study suggest that the presence of a Chief Data Officer (CDO) signals big data initiatives in annual financial reports. 150 annual reports of top Fortune 500 (F500) companies and top Fortune Fastest Growing (FFG) companies are examined by content analysis using eighteen predetermined keywords. CDOs are executive leaders in 64% of companies. FFG companies with CDOs use 58% more keywords than non-CDO FFGs, while F500 companies with CDOs use 12% more keywords than non-CDO F500s. Results by industry are compared. Three Ps (prominence, prioritization, partnership) are discussed. Increasing prominence of big data initiatives and data-based decision-making and prioritization of building analytical capabilities reinforce the need for Chief Financial Officer (CFO) and CDO partnerships. This study suggests that tech-savvy finance teams with data expertise gain competitive advantages. Further studies are needed to scrutinize financial decision-making implications, dissect roles and accountability and extrapolate industry distinctions.
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