Data+AI - Wave of Change™ August 2024

Executive Summary

The August 2024 CDO Wave of Change™ Pulse Survey by Factor provides an in-depth analysis of the strategic priorities and challenges facing over 170 Chief Data Officers (CDOs) and data leaders in Australia and New Zealand. The key areas of focus include operational efficiency, customer engagement, and the adoption of advanced analytics and AI to secure a competitive advantage. The survey highlights the evolving technological landscape and the increasing emphasis on digital transformation, while also underscoring challenges in aligning technical and business teams.

Key Findings:

• Collaboration and Agility: Data leaders are prioritising fostering collaboration and integration, with 58% citing direct collaboration with business unit leaders as crucial for aligning departmental goals with broader business strategies.
• Operational Efficiency and Customer Engagement: The top focus areas include streamlining operations (31%), improving customer insights (22%), and enhancing decision-making (18%).
• Advanced Analytics and AI: These technologies are viewed as the primary source of competitive advantage, with 66% of respondents focusing on advanced analytics and AI to drive business innovation.
• Challenges: The most pressing issue is aligning technical and business teams, with 35% citing this as their top challenge. Resistance to change and addressing skills gaps also remain significant concerns.

Technological Disruptions: 32% of respondents consider technological innovation the most critical factor shaping future strategies, while evolving regulations and compliance requirements are also gaining importance.

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Preparedness for Technological Evolution: While 48% of data leaders feel moderately prepared to manage technological change, only 4% feel fully equipped. There is a clear need for investment in technology, skills, and strategic alignment to enhance readiness.

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