VIDEO | EY Global CDO: Data Brings Intelligence to Life

(US and Canada) Marco Vernocchi, Global Chief Data Officer of EY, and Aible CEO Arijit Sengupta speak with Steve Wanamaker, CEO of CDO magazine, in a video interview about strengthening trust between data, IT, and business stakeholders, the concept of perfect data, and the need for having an AI-first end-to-end strategy.

Vernocchi begins by sharing his observation that IT, business, and data leaders come from different professional backgrounds and perspectives, thus making CDOs change agents with a lot of senior business management work to drive transformation. A change agent needs to find a way to align various stakeholders’ interests to find a common intention to work together, Vernochhi says.

He mentions three statements that a CDO can leverage in such scenarios:

• Data brings intelligence to life. There's no intelligence without data. 

• Data extends the value of technology. It is essential to ensure that the CTOs or the CIOs are clear on the value they can get from data.

• Data drives business distinctiveness. A business solution, product, or service with high-quality data makes a difference in the market with customers.

From an AI point of view, Sengupta says the more effective the AI, the more often it needs to be updated. He explains that AI projects are not static and are iterative. Accordingly, if a business fails to grasp that point, expectations will be misaligned, leading to failure.

Next, Sengupta discusses waiting for perfect data before initiating an AI project. He says businesses should start with the question, “What data is good enough?” because they have to choose between cleaner and staler data. Sengupta maintains that it is better to do so if AI can be applied based on current data.

In addition, Vernocchi highlights the growing relevance of external data used by companies. He says the world of data providers and aggregators is dynamic, growing, and transforming across many dimensions. Next, he mentions the following reasons why:

• It is essential to be aware of the dynamics and the level of consolidation of data providers. It gives them a scale that cannot be underestimated.

• They will drive a new wave of alliances like people are making alliances with tech providers. Organizations need to work together with data providers, not only as vendors but also as partners.

Vernocchi elaborates that the alternative data from new sources like geo-localization systems or technology-driven vehicles create an entirely new set of highly distinctive, highly specialized data sets and data products.

According to Sengupta, businesses must start rethinking their ability to react to changes before applying AI. He notes that they need to have an AI-first end-to-end strategy to have a competitive differentiation in light of AI.

Adding his views, Vernocchi says that trust has to be at the center of data-driven transformation. It has to be embedded in all the steps of value creation, from the business model, the value proposition, the artificial intelligence landscape, the data, and the technology.

CDO Magazine appreciates Marco Vernocchi and Arijit Sengupta for sharing their insights and data success stories with our global community.

See more from Marco Vernocchi and Arijit Sengupta

Data Is a Core Factor in Production But Not the End Product

Data Reuse and Sharing Should Be at the Center of Innovation