That’s not to say tech leaders aren’t investing in these areas. Thirty-five percent of respondents said CIOs oversee data governance at their organizations 34% said it’s a joint effort between business and tech leaders 21% said their C-suite and tech leaders partner on these efforts 8% say it’s driven by executives outside IT and 2% said there was no clear ownership. 5). Why the lower ranking? It could be because the research also shows that there doesn’t seem to be clear consensus around who is responsible for data. 4) and operational reliability and delivery (no. 2) business/digital strategy development (no. 6 on the list behind business/digital strategy execution (no. ![]() This article-the third in a series of four around findings from Deloitte’s 2023 Global Technology Leadership Study-shares how companies, both tech and nontech, are currently approaching data and tech monetization, the challenges they often face in doing so, and strategies for how tech leaders can shepherd these efforts forward.ĭata management and analytics doesn’t even rank in the top five areas of where tech leaders currently spend the majority of their time, effort, and energy. Data and software monetization are key strategies to do just that. Tech leaders have the opportunity (and responsibility) to help drive value for their organization. It’s still just a vision.”īut it doesn’t have to be. There is the thinking that there’s more out there that we can put value on, but we haven’t actually achieved it. Every single manufacturer is struggling no one has managed to truly monetize their services. “The IT group finds themselves in a highly dynamic environment where the demand for difference and speed is higher than I can remember in my 30 years,” says a European chief information officer (CIO) of a major global auto original equipment manufacturer. However, while many tech leaders see opportunities in monetizing data and technology, their environments and data capabilities are often rudimentary. By the end of this decade, the market is anticipated to surge to US$15.5 billion-a compound annual growth rate of 22.1%. ![]() By 2020, the global market for data monetization reached US$2.1 billion. Just consider the opportunity surrounding data monetization, the process of converting data and analytics into financial returns. Successfully doing so will likely require substantive changes in the processes, practices, and operating models of enterprises, but it can be a worthwhile effort-and one that tech leaders should lead. Originally from Central New York, Lou lives in Edina, Minnesota, with his wife and three children. Lou holds an MBA from the Harvard Business School with 2nd year honors, and BA, cum laude, in political science from Colgate University. Lou also served as secretary for Cargill’s corporate Enterprise Process, Data, and Technology (EPDT) Governance Committee, working for the corporate CFO to drive alignment between dozens of business units and Cargill’s strategic technology project portfolio. He also led strategic planning, portfolio optimization, and finance areas for Cargill’s global information technology function, reporting to the CIO as a key member of the leadership team. and the Global CIO for the $35B revenue Food Ingredients & Bio Industrial division. Previously, Lou was an appointed officer of Cargill, Inc. ![]() ![]() The technology-enabled consumer health insurance startup raised $440M in venture capital funding during his tenure and was named to Forbes “Next Billion Dollar Startup” list in 2017. Prior to returning to Deloitte as a principal in 2019, Lou served as COO of Bright Health. With over 20 years of cross-sector operating, entrepreneurial, and consulting experience, he has a record of success in bringing key stakeholders together to help lead change, develop new capabilities, and deliver positive financial results. leads Monitor Deloitte’s US AI & Data Strategy practice, is the National Leader for Deloitte’s US CIO Program and leads Deloitte Consulting’s US Generative AI Advisory practice and the US Gen AI Market Incubator.įrom large corporations to small disruptive startups, Lou works at the intersection of strategy, technology, analytics, and operational transformation.
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