IDC, the global provider of market intelligence has forecasted a ten-fold increase in the global data market by 2025, in its recent report.
Increasingly, data-driven firms will produce data literate employees, better equipped to contribute more to their roles as conduits to sharper business decisions in the new aggressive global economy. This strategy can transform the business’s loyalty to a workforce that’s empowered and energized by investments made for their professional development.
Nearly all businesses are dealing with an incredible amount of data in their everyday operations. But collecting it isn’t the equivalent to understanding it — and today firms are facing critical skills gaps, by their own admissions. Low data literacy is holding teams back, stalling the digital transformation initiatives across the firms.
Gartner promotes and prioritizes information and data as the second language of business. Yet the latest research shows that business leaders are facing a lot of challenges when it comes to understanding and working with data themselves. This is leading to widespread deficiency regarding data confidence across the firms.
Censuswide’s latest survey on behalf of Qlik was a real eye-opener. It confirmed that out of more than 7,300 business decision-makers, just 24% admit that they consider themselves data literate. Without data literacy, leaders can’t thrive or grow in today’s analytics-driven economy, nor can they efficiently lead any cultural change regarding data across their organizations.
Employees without proper data skills are unable to work effectively with data, as they struggle to match up with the performance expectations of other data-savvy colleagues. This isn’t unexpected considering the vast amounts of data being produced daily. Despite 92% of business owners considering it crucial for employees to be data literate, only 17% report that their business significantly works on this issue to encourage employees to become more confident working with data.
Qlik’s recent survey indicated that nearly 85% of the data-literate employees confirm excelling at work. This creates a significant opportunity for firms to transform the existing cultures without any resistance from their employees.
- 94% of people working extensively with data in their current job role agree that data makes their job easier and faster.
- 82% believe that being data-savvy will give them more credibility in the workplace.
- 78% would be willing to invest more energy and time into improving their data skillsets if given the opportunity.
From these, it is very evident that for businesses to grow, the employees and employers need to be data literate. To operate smoothly and grow in this digital transformation era, firms must invest in data literacy, as data remains the backbone of all digital transformation initiatives of firms.