Businesses everywhere face similar challenges of trying to bring together vast amounts of data that are often stored in siloed systems. "It's really the CIO's role today to have this data all staged in a way that business users can access easily and quickly," said Goodnight.

Banks are great examples of companies that have multiple operations and massive data repositories. Each operation or business unit often conducts processes such as risk analysis for purposes ranging from customer loans risk, trading transactions risk to anti-money laundering and fraud.

Goodnight noted that these often cover the same data sets, which means a lot of overlapping work and analysis. "CIOs have clear visibility into this which allows them to streamline and consolidate these tasks," he said. This presents potential efficiency gains, faster processing and joint insight which can be shared among related business units.

Ultimately how this data is analyzed, modeled and used by the different groups is down to the business users but CIOs and IT should take hold of the acquiring and access to the data to simplify the analysis process for the users. "So many companies are still working to get a single view of their data and it's the CIO's job to pull all this together," stressed Goodnight.