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What's a CDO and why does your brand need one?
A new title has cropped up in many online companies over the past five years. It's that of Chief Data Officer (CDO) and while many brands have them, many others aren't quite sure what a CDO is or how that office can be beneficial to their strategies as a whole.
According to a recent Gartner report by the end of the year 17% of businesses will have added the office of Chief Data Officer (CDO) to their company profiles. These data officers collect company data, deciding what information should be captured, how it should be analyzed and to what purpose. I recently had the chance to chat with Peter O'Kelly about what the position means to businesses.
Kristina: What is a Chief Data Officer and how will your addition add to the value of ShopAdvisor's platform?
Peter O'Kelly, Chief Data Officer, ShopAdvisor: As the Chief Data Officer at ShopAdvisor, I lead efforts to optimize the intent and affinity shopping data we collect through our native applications, website, and platform and turn it into offerings that help our partners, including media providers, marketers, and retailers, stay competitive in today's fierce and rapidly-evolving retail environment. In joining the ShopAdvisor team, I am helping to extend the value of our existing platform by turning the information we gather into actionable insights that benefit our media, advertising and retail partners.
Kristina: How important is this type of position for brands and retailers in this new age of in-store and online shopping?
Peter: I believe it's now mission-critical. As brand and retailers continue to engage with customers across a growing number of channels, an incredible amount of data is generated, and that data holds immense value. CDOs can utilize the data to better understand customer preferences and purchasing behaviors, which can then be used to predict consumer intent. If these organizations can predict intent at the moment a consumer discovers a product, brands and retailers will be able to better understand that customer's path to purchase, gain insight into how individuals are interacting with different products, and connect channels (including in-store, mobile, print, and tablet) for a more cohesive shopping experience and deeper customer engagement. They will start to understand shopping as more of a dynamic journey than a simple series of transactions, and they will be able to gain data and insights from each step of a shopping journey.
More from Peter on Monday including how he believes data will impact 2014.
Image via Shutterstock
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