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Data Literacy: How Businesses Can Unlock Innovation and Efficiency
Data literacy is the ability to read, understand, and communicate data in context, something which is becoming increasingly important in today’s data-driven world. Companies are recognizing the value of fostering data literacy among their employees, as it can lead to improved decision-making, increased employee satisfaction, better customer experience, and ultimately, a more innovative and efficient organization.
The benefits of data literacy can be both quantitative and qualitative. On the quantitative side, improved corporate data literacy positively impacts gross margin, return on assets, return on equity, and return on sales, resulting in higher enterprise value. On the qualitative side, data literacy can help individuals and organizations improve customer service, reduce costs, increase profits, manage risk more effectively, make better use of resources, create a more data-driven culture, and build stronger data governance postures.
Companies are taking various steps to promote data literacy. They are making it an organization-wide priority, developing a common language for speaking about data, creating spaces where business concepts and data concepts connect, incentivizing data-driven decision-making, and teaching data literacy in the context of their specific business. However, despite these efforts, a gap still exists. A recent Gartner survey found that poor data literacy is one of the top three barriers in building strong data and analytics teams.
Looking ahead, the future of data literacy is promising. With 88% of respondents endorsing data literacy as a foundational skill for the 21st century, it is clear that this skill will continue to be in high demand. As more companies rely heavily on data and analytics for their operations, the demand for data literacy skills will continue to grow. The realization of this technology is already underway, with many organizations investing in data literacy programs and initiatives. However, it’s a continuous journey, and we can expect further improvements as more effective methods of teaching and learning data literacy are developed.
