The Changing Value of Data and How Enterprises Can Improve Data Literacy

The Changing Value of Data and How Enterprises Can Improve Data-01

Enterprises have been collecting and storing data for decades, but the true value and potential of data is being realized only now. Many businesses across a wide range of industries recognize that they must unlock the value of their data faster than ever before in order to succeed and scale.

Almost every company has a massive amount of data to deal with. However, gathering data is not the same as understanding it, and the industry is suffering from a major skills shortage. Many teams are being held back by a lack of data literacy, which is stymieing data analysis and digital transformation efforts across the organization.

Data literacy will become a crucial driver of business value by 2023, according to Gartner’s “Predicts 2019: Data and Analytics Strategy” report, as evidenced by its formal inclusion in over 80% of change management programs and data and analytics strategies.

However, only 32% of corporate leaders surveyed as per a 2020 Qlik-Accenture study report “The Human Impact of Data Literacy”, stated they can create measurable value from data, and only 27% said their data and analytics initiatives produce actionable insights. Too many companies are compelled to rely on a small number of experienced analysts, and senior professionals who can interpret data for meaningful insights.

Data literacy projects can last anywhere from months to years, depending on an organization’s line of business, employee headcount, size, and the complexity of data it provides to its employees. Here are a few strategies to get the data literacy program off to a good start.

Appoint data literacy champions

Champions can help spread the word about the benefits of data-driven decision-making and data literacy, which is crucial to the success of the initiative. Champions should come from all levels of the company, from the day-to-day operational employees to the C-suite. It’s critical to have champions in positions that the target audience can relate to. 

Also Read: Top 5 Strategies for Enhancing Data Literacy

Identify and resolve cultural challenges

By emphasizing the benefits of data literacy, enterprises can overcome cultural obstacles such as general workforce insecurity and individual data sceptics. These include enhancing the quality of everyday operational activities, minimizing manual work, and making speedier decisions. It’s vital to remember, though, that the purpose is to encourage and inspire rather than to impose.

Collect feedback from the employees

Surveys should be used to obtain feedback on data literacy. Businesses should use the results of the initial survey to identify global requirements and trends, as well as additional personalized surveys geared to specific organizational roles and units.

The purpose of the assessment should be to figure out what’s causing the inability of the workforce to easily understand and interact with the data they have access to. Is it a tool issue, a cultural issue, a data literacy issue, or a mix of factors?

Tailor employee data literacy training to their specific needs

To fulfil their everyday tasks in a high-quality manner, a sales team manager does not need to be a data scientist. However, they need to have access to tools that give sophisticated yet easy-to-understand analytical information to assist them in achieving their organization’s objectives. Their level of data literacy should enable them to go deeper into the data and develop new insights.

The key to successful data literacy training is to personalize the curriculum to the position of the employee and the level of abilities required to engage successfully with the data they utilize. Third-party data literacy training is another factor to consider for businesses. Data literacy courseware is sold by a variety of suppliers, including traditional training companies and BI software providers. 

Check Out The New Enterprisetalk Podcast. For more such updates follow us on Google News Enterprisetalk News.

Previous articleHybrid Employment: Top Three Challenges and How to Address Them
Next articleBrainchip and SiFive Collaborate To Bring AI and ML to Edge Computing
Prangya Pandab is an Associate Editor with OnDot Media. She is a seasoned journalist with almost seven years of experience in the business news sector. Before joining ODM, she was a journalist with CNBC-TV18 for four years. She also had a brief stint with an infrastructure finance company working for their communications and branding vertical.