In our data-driven world, industry leaders must develop strong data literacy skills within their teams. The future prosperity of their organisation depends on it.
Nevertheless, despite its importance, only 25% of employees feel fully prepared to use data effectively. Clearly something has to be done. That is why i4DM has created this explainer on the necessity of data literacy skills.
But first: what is data literacy?
Data literacy refers to the ability of personnel to identify, understand, operate on, and use data effectively and safely. This has two core benefits. Firstly, it allows data to be turned into action and improves the decision-making process. Secondly, it enables accurate, data-based communication among employees of an enterprise.
- Data Literacy Is A Fundamental Business Need
First and foremost, data literacy is an essential skill.
From the public to private sector, across finance, marketing and manufacturing, big data is now driving growth. Technological advances have made it increasingly affordable for organisations to utilise big data. What this means is that big data is not going anywhere soon.
Yet, possessing data is vastly different from understanding data. This is where data literacy skills come in. Investing in employees’ ability to read, understand, analyse, and argue based on data is the key to any modern workplace.
- Impacts On Productivity
Secondly, data literacy turbo-charges employees’ productivity. Today analysts, scientists and engineers all rely on specialised data tools to work. This can include preparing handling and visualising data, preventing data breaches and optimising deployment pipelines.
- Greater Opportunities For Business Growth
Business growth relies heavily on expert data storytellers and critical data analysts. Being literate and competent with data can only improve this situation.
- Improvements To Decision Making
Data literacy skills allow executives to turn data insights into evidence-based decisions and improve outcomes. This is a critical element in maintaining competitive advantage and pursuing success strategies.
Creating a structure that supports data-driven decision making is – and ought to be – a core feature of top-performing organisations.