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Data Literacy: The New Language of Business
Data literacy is a competency. It is the ability to read, create, and communicate with data. It is also a key component in building a successful organization.
A study by the Wharton School found that organizations that had strong skills in data literacy also had 5 percent higher enterprise value. Jordan Morrow, Head of Data and Analytics at Brainstorm, said that “with the greater presence of automation, robotics, and artificial intelligence, the fourth industrial revolution is looming. Data will be its universal language and those companies that master it will reap the rewards.”
Valerie Logan, the founder of the Data Lodge, said that “data is like a language. How do you read, write, and communicate with data in context—and be confident in this ability? Historically, data hasn’t been a first-order item in how we talk about business. If you go back 20 years, discussions would be around people, processes, and technology. But now, with the digitization of our world and our businesses, data has become an equivalent element.”
Polly Hammond, founder of 5forests, said that “data coming from what’s going on in the world around us gives us a way to break down all of the external factors that impact our possibilities for success.”
Piyanka Jain, CEO of Aryng, said that “everybody needs data literacy, because data is everywhere. Data is the new currency, it’s the language of the business. We need to be able to speak that.”
