Aravind Jagannathan, VP and Chief Data Officer for Single-Family, Freddie Mac, speaks with Nazar Labunets, Product and Content Marketing Manager at Ataccama, in a video interview about investing in the right technology, the future of data management, automating data management, data as a product, being a successful CDO, and the responsibility of the role.
At the onset of the discussion, Jagannathan urges organizations to be clear when thinking about technology. He recommends investing in technology that is flexible and one that meets the organizational needs in terms of enrollment.
Therefore, it is critical to start with business objective value and in-house technology without changing entire foundational capabilities.
Commenting on the future of the data management or data governance industry, Jagannathan shares the instance of his children’s schools that have data analytic majors and dedicated buildings for data science and analytics.
Adding on, he states that schools are realizing that the value of finance and business majors will come through data. As a CDO, he expects a bright future, but one has to learn to balance value propositions and manage inputs and demands accordingly.
When asked about automating data management for business efficiency, Jagannathan says that the organization is in the nascent stage, as it builds on capabilities, implements them, and generates profits.
Moving forward, he states that Freddie Mac is thinking of data as a product. The foundational objective is ensuring that organizations have the data product and use it as part of the vision and capabilities provided to customers, says Jagannathan. Moreover, he stresses that if internal customers want, they can use the needed datasets to create data products.
He goes on to speak about the approach to being successful as a CDO. Jagannathan says that it is critical to understand the metrics and showcase value. When it comes to delivering value, he recommends starting with strategy, building blocks, enablers, and key risk indicators, and then connecting back to organizational strategy.
According to him, this makes the management realize the interconnection of the team with their overall process. Then, the CDO must show the solution as quickly as possible. The main responsibility of the CDO is empowering the business, says Jagannath. He affirms that it is the most important part of the data strategy that resonates with any leader.
In conclusion, Jagannathan insists that data is the lifeblood of any company as it empowers the business to meet its objectives and the company’s mission.
CDO Magazine appreciates Aravind Jagannathan for sharing his invaluable data insights with our global community.
