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What Is Data Literacy? And Why Is It Important For Your Business?

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Data literacy is the ability to read, understand, work with, analyze, and communicate data. It empowers all workers to ask the right question about data and machines, build understanding, make decisions, communicate meaning, and share their knowledge with others.

What Makes Data Literacy So Important For Your Company?

IDC, the global provider of market intelligence, projects a tenfold rise in global data by 2025. Data-driven organizations will increasingly produce data-literate workers who contribute more to their roles and aid businesses in sharpening their competitive edge in a highly globalized economy.

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It is a technique that will transform your business and create goodwill by building trust with a staff that is energized, empowered, and motivated by your investment in their professional development.

Data Literacy In Today’s Enterprise

Nearly every company deals with incredible amounts of data. It’s not enough to just collect it, it’s important to understand it. This is why we are experiencing a skills gap. Many employees are not proficient in data literacy and this is hindering data analysis as well as digital transformation initiatives throughout the company. That’s why a data literacy consultant is needed to guide the company.

Business Leaders

Without data literacy, leaders cannot thrive in today’s analytics economy. They also can’t drive cultural change to lead with data within their organizations.

Employees

Employees who don’t have the necessary skills to deal with data are having a hard time matching the performance of data-savvy colleagues. This is not surprising considering the volume of data produced every day.

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“The better able employees are to understand, write, analyze, and communicate with data, then the more they can contribute to their role and the future success of their organizations.”

Five Crucial Data Literacy Challenges Facing Business Leaders

For an enterprise to maintain a competitive advantage, all employees must be data literate to contribute to the organization. However, research shows that there is a huge gap between those who feel empowered to use data effectively and those who aren’t.

1. Resistance Of The Workforce

Large businesses are built on centuries of tradition. To succeed, it is important to ensure that everyone knows the business is changing to a data-driven culture.

2. No Data Champion

Data champions are required to have a seat at the table.

3. Manslaughter Of Governance

Enterprises are seeing unprecedented levels of data consumption and production. This is why leaders must be responsible for data governance to ensure that insight are appropriately vetted.

4. Employee Insecurity

21% of 16-24-year olds are below average in their data confidence. There is a huge opportunity for businesses to tap into the digital skills of young people as they enter the workforce.

5. Organizational Silos

These data-literate employees often join IT and BI teams. They are often isolated from business decision-makers. To improve skills throughout the company, it is important to establish forums for employees with data literacy to share their knowledge.

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