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The Data Chief | Episode 47


LPL FINANCIAL'S CARA DAILEY ON DATA ENABLEMENT AND BALANCING DATA DEFENSE WITH
OFFENSE


CARA DAILEY

EVP and Chief Data Officer

LPL Financial

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Current EpisodeEP47: LPL Financial's Cara Dailey on Data Enablement and
Balancing Data Defense with Offense Your browser does not support the audio
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37:54


EPISODE OVERVIEW

It takes a multi-pronged approach to be a Chief Data Officer in the modern day,
and its trailblazers like Cara Dailey who have helped mold the position into
what it is today. Cara is the  EVP and CDO for LPL Financial with previous roles
at companies like Nike, Bank of the West, and Silicon Valley Bank. A veteran in
the world of data, she joins The Data Chief to discuss data governance vs. data
enablement, how to balance data defense with offense, the role of technology in
data-driven decision-making, and her best advice to data leaders struggling to
find their voice in the C-suite.


KEY MOMENTS

05:38 How is the role of CDO transforming along the cloud journey? 

16:52 Why is it so important to think of data governance as data enablement? 

25:04 What is InvestinData? 

26:21 Why are easy-to-use tools so critical to making data-driven decisions? 

30:23 How do you stay up to date in the world of data leadership? 

42:38 Why is it important to not treat all data equally?

 


MENTIONS: 

 * InvestInData 
 * Tom Davenport
 * Randy Bean - Fail Fast, Learn Faster
 * Simon Sinek - Start with Why
 * Monte Carlo 
 * Barr Moses
 * Harvard Business Review

 


KEY TAKEAWAYS

 * Great CDOs balance offense and defense: Primarily, the role of the CDO
   started with the idea that organizations needed someone focused on protecting
   the data, keeping it safe and secure. Now, as the world has evolved, so has
   the role. Modern data leaders need to also be able to impact their
   organization by bringing value through performance data analytics for
   clients, customers, and employees. Cara posits that it’s not enough to simply
   protect; you must also ask yourself what are you actively contributing?
 * Focus on data enablement: The best data executives can think of themselves as
   part of a data enablement forum, inviting a collaborative attitude in the
   increasingly important world of data governance. Make it such an integral
   part of the program you’re creating as the data leader. Think of yourself and
   your team as the data glue that holds the organization together.
 * Not all data is created equal: While data is a powerful tool for
   decision-making, it’s important to remember not all data needs to or even
   should be valued the same. In highly regulated environments, absolute
   accuracy may be required. But for internal use cases like improving a product
   or process, directional indicators are just as good.  

 


KEY QUOTES

> There's a culture shift that you have to drive. You have to change the way
> people are hardwired to work, which is, to be more gut-driven in their
> decision-making.



> We wanna bring easy-to-use tools to our organization. We're going to have to
> go through a huge data literacy program. So we wanna have easy to use, you
> know, data, front doors, data, portals, to come in and understand this is what
> a data domain means. This is who owns it. This is the definition and, and
> business-speak, right? Like how can I get access to and use that data? And
> then the analytical tool bench, if you will, of what are the, what are the
> tools that I can access today to access that data?



> So I think it's a balance, I think with every use case, you need to be asking
> yourselves, like, is this aligned to our privacy strategy and making sure that
> we're not violating regulations and whatnot, but I think you can create the
> right, you know, guardrails around that and still offer a personalized
> experience to your customers. Um, that's both, you know, an offense and a
> defense strategy.



> Look, I believe that not all data is created equal. I believe that there are
> data set and that person is absolutely correct. You are in a regulated
> industry, your Y nine C better be right. Right. You're like, those are, those
> are financial information it's gotta be. Right. Um, but then also there's
> internal data that you're using that may be about the sentiment of certain
> aspects of a product. Right. And that's directionally accurate. It all depends
> on, and I hate, I hate the answer. It depends, but, uh, it does depend on, on
> the treatment of that, that data domain. That's why the domains are so
> important.




ABOUT CARA

Cara Dailey is executive vice president and chief data officer, Business
Development. In this role, Ms. Dailey is responsible for the firm’s enterprise
data and analytics capabilities. This will include an enterprise data &
analytics strategy, a robust data governance and data product management
function focused on delivering data internally and externally to fuel growth
objectives and continue to bring advanced analytics capabilities to our advisors
and employees in a scalable way.

Most recently, Ms. Dailey served as chief data officer at Silicon Valley Bank.
In that role, she was responsible for the enterprise’s data strategy and the
implementation of data and analytics capabilities. Prior to that, Ms. Dailey was
head of Nike’s enterprise data management where she was responsible for driving
company-wide enterprise data strategy. She has also held high-level positions at
BNP Paribas (Bank of the West and First Hawaiian Bank), GE Capital, and Oracle,
giving her a broad perspective into foundational data and analytics
capabilities, the business outcomes it drives and modern toolsets, as well as
the people who use them. Ms. Dailey earned her Bachelor of Science in Business
Administration with a focus on Computer Science at Marist College in
Poughkeepsie, NY. She is also an advisory board member to the Women’s Business
Collaborative (WBC), which is focused on the advancement of female leaders and
achieving gender and diversity parity.

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