Cynozure, a data and analytics strategy consultancy, this week announced a new approach for businesses looking for data expertise; the CDO Hub. The service has been launched to help companies benefit from having on-demand data expertise at a fraction of the cost of hiring a Chief Data Officer, where typically salaries command around upwards of £100,000.
It pointed to its own Big Priorities for Data Strategies report that found that 67 percent of businesses were seeking to exploit the power of data through analytics, but were restricted due to the need to hire additional, costly expertise.
“We’re excited to provide a previously-untapped opportunity to tap into Chief Data Officer capability for organisations previously saw this level of data leadership as out of reach,” Jason Foster, founder and CEO of Cynozure said.
On-Demand Network of Data Expertise
The CDO Hub acts as a matchmaking service for registered companies, networking them with a wide range of senior leaders from companies like Marks & Spencer, Bank of Ireland and Lloyds Banking Group, to get advice and guidance on data and analytics strategies. This is facilitated through ad hoc discussions, online forums and collaboration sessions where organisations will be able to shape their data strategy and act on it.
Tim Carmichael, a founding member of the CDO Hub network and Chief Data Officer with experience in the utilities sector and the armed forces, commented: “Not every business is in a position to invest in a full-time Chief Data Officer, but most will recognise the huge potential business value of harnessing and exploiting their data. So this CDO-On-Demand offering is an elegant and cost-effective way of generating effective data leadership to drive value”.
Foster added that there is real value in the CDO Hub no matter the size of the engagement, whether it is staffing a stand-alone project, appointing a part-time data head, or nominating a non-executive at board level, the Hub provides an efficient and cost-effective way to access that data talent at leadership level.