When one tries to understand the rapidly evolving market of Big Data and analytics globally, there is always a tendency to compare the most advanced markets with those that are currently at the beginning of their data and analytics journey, such as Latin America. In our research, it was clear though that there is much greater level of expertise and knowledge than what is perceived from the outside.
We recently interviewed Giulianna Carranza (GC) of Yanbal, David Delgado (DD) of Banorte, and Victor Barrera (VB) of AXA Seguros, three of the most prominent CDOs in Latin America. During our conversations, we explored their role, competencies and future predictions about the Big Data and Analytics market in the region.
Corinium: What are the top qualities that any CDO in Latin America must have?
GC: The ideal CDO must have fundamental skillsets to drive forward any business strategy within an organisation in Latin America. For instance, he/she must possess innovation leadership, tactical acumen, technological knowledge and strategic thinking in order to promote the adoption of new ideas and processes around data. This executive must also have the ability to guide the members of his/her team and other corporate silos to build solid strategies based on past and present data stories as well as future goals.
DD: A CDO must have a complete and integral business acumen and vision. He/she also needs to be an integrator, business process analyst and a great strategist.
VB: Any CDO in Latin America must have and promote strategic values such as empathy, curiosity and the agility to drive forward any data strategy. This executive also needs to learn and understand how to build a solid data enterprise aligned with the organisation’s values and future objectives, to really lead a data-driven transformation from within; not only from an IT but also from a business perspective. Finally, it is imperative for a CDO to have exceptional leadership skills to engage all silos, including IT, and functions around a clear idea of leveraging data as a vital asset.
It is imperative for a CDO to have exceptional leadership skills to engage all silos, including IT, and functions around a clear idea of leveraging data as a vital asset.
Corinium: What recommendations would you give to any professional seeking this career path?
GC: The is some hard-stuff to be considered by any future CDO in terms of a simple “Professional self-assessment”: (1) Complete knowledge of the organisation’s operative structure and behaviour; (2) Sufficient theoretical- practical knowledge of the latest technological tendencies and developments in both digital and analytics tools; (3) Enjoy working out of their “comfort zone” and see the professional path of a CDO as a journey of continuous development and improvement; finally, (4) passion and commitment.
DD: The future CDO needs to have great analytical skills, the ability to break traditional paradigms about customers and brands interactions to recognise its evolution through data; and possess an innate inquisitive mind to understand the complex processes and problems around data to transform them into applicable and easy-to-apply business insights.
VB: As I mentioned in the previous point, any CDO requires a great deal of empathy, curiosity and adaptability. Any “data-driven transformation” must be understood as a fundamental change of paradigms at the basic corporate structure. What’s more, it is vital for any CDO in the region to have a strategic thought leadership mentality and knowledge of how to build a solid Data strategy to be able to develop a consistent corporate transformation within the foreseeable future, instead of seeking a swift technological adaptation to a rapidly changing market. In short, the CDO needs to be a leader, able to encourage both the IT and BI teams to work together, with the same goal in mind, to properly deliver a consistent data driven transformation.
Corinium: What are the biggest challenges that any CDO will face in the next few years in the region?
DD: Firstly, how to cope with the velocity in which data is produced locally and all administrative challenges this implies to generate any business insight. Also, the complexity of using new data management platforms, such as “Hadoop”, and the workforce capacitation needed to implement them.
Culturally speaking, Latin American corporations should implement working models that allow organisations to properly follow what the data indicates.
GC: Culturally speaking, Latin American corporations should implement working models that allow organisations to properly follow what the data indicates. Also, we have important professional skillsets gaps, so we need to deploy a full new organisational model around analytics in LATAM, including Learning & Development, to properly exploit existing and future data.
We also need to change our traditional “Ad Hoc Technology” approach of a “unique-analysis-based-platform” and adopt more tailored solutions to support different silos to perform concordantly with a data strategy (there are obvious expenses related, but it is imperative to consider it to achieve real business outcomes).
It is very important to consolidate the organizational positioning of CDOs in the region. When anyone asks me: Would the CDO be the next CEO? My answer is always: Yes! It is the next natural step!
VB: Change management will be the biggest. It may sound simple, but if all related tasks are not carried out as required, any Data Strategy will fail.
Corinium: How do you see the current Big Data and Analytics market in Latin America and what predictions could you make for it in the next 4 years?
DD: It is a market that has rapidly developed in the last couple of years with regards to its conceptualisation and initial implementation in the region. Clearly, it will grow exponentially now that local corporations have recognised how vital it is to embrace the digital era, and everything it represents, to understand customers’ behaviour, data recompilation, data monetisation and data administration. Several Big Data tools will be deployed by more organisations faster to gain a competitive advantage.
GC: I believe there will be a substantial consolidation of Small Data, Data Intelligence, Digital Analytics, amongst many others, in the region and that they will generate a fundamental transformation of the traditional management structure. Real-time Analytics concepts will represent an important challenge for current or future CDOs –Gartner, for instance, is now talking about hybrid operations models for it: on-going details + consolidates.
From a vendor perspective, I believe they need to adopt a more “consultancy” approach, rather than a simple “sale of products” one, as they have the opportunity to cement integral technological foundations to support CDO’s performances and initiatives for the future in Latin America.
VB: From my perspective, Latin America is not yet ready for Analytics and Big Data. There are fundamentals to be achieved before considering the above: (1) uniformity on Data integration; (2) real business questions’ identification; (3) tools to identify how data, both internal and external, will help answer those questions; and (4) development of statistics models to answer them. It is currently possible to apply some analytical tools to find specific solutions, but not from a wider organisational perspective, given that the data is not really integrated in a unique format.
When anyone asks me: Would the CDO be the next CEO? My answer is always: Yes! It is the next natural step!
To hear from these experts and many more, join us at Chief Data & Analytics Officer, Central America 2017. Taking place on January 24-25, 2017 in Mexico City, CDAO, Central America is the most important gathering of CDOs and CAOs in the region, to further and promote the dialogue concerning data and analytics and their untapped potential. For more information, please visit: www.cdaoamericas.com.