Enterprise Data Literacy Assessment

Enterprise Data Literacy is a must for every firm pursuing total digital transformation. So, what is Data Literacy, exactly? Gartner’s brand content manager, Kasey Panetta, defines Data Literacy as: (data science course Malaysia)

“The capacity to read, write, and convey data in context, including an understanding of data sources and constructions, as well as the ability to define the use case, application, and resulting value.”

According to the Gartner Annual Chief Data Officer (CDO) Survey, the leading cause for a CDO’s poor performance is a lack of Data Literacy. To fight this, it is predicted that by 2020, 80 percent of businesses will have invested in “data literacy competency development.”

Data should be accessible and available to all employees in a digital culture, not only data scientists, analysts, and Chief Data Officers. Most business executives recognise that all employees must “speak in a common data language,” yet data legislation, as well as privacy and security policies, are becoming major roadblocks to open communication.

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Because sophisticated technologies enable automated data-science jobs, the rising ubiquity of advanced AI technologies in the digital workplace has made it slightly easier for ordinary employees to acquire and analyse data. Domain specialists may be more suited to assisting the data scientist in generating data for certain transactional processes, which is why Data Literacy is quickly becoming a necessary ability for all corporate executives.

In the world of analytics, data literacy is becoming increasingly important.
“Imagine a company where the marketing department speaks French, the product designers speak German, the analytics team speaks Spanish, and no one speaks English.” This comment from Gartner perfectly captures the powerless state of a digital company with “no standard data language for communication” among its personnel. That’s a company that doesn’t understand data.

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Data literacy is the “highest indication of individual success in data and analytics,” according to a new Qlik survey. This study, undertaken on behalf of the Data Literacy Project, clearly shows that organisations who implement aggressive Data Literacy programmes outperform those that do not. Employers in the United States are currently emphasising demonstrated data skills over Data Science degrees. Additional information can be found in the McKinsey article Advanced Analytics: Nine Insights from the C-Suite.

Business leaders with specific knowledge in a field, according to Forbes’ Bernard Marr, are most prepared to review data and identify actionable insights since they are the people who are most likely to make business choices or take action. As a result, all employees in the workplace must be able to read, analyse, and comprehend data.

When ordinary employees of a company find data-enabled insights personally, that company becomes significantly more capable of making the greatest decisions. Enterprise investment on Big Data and analytics platforms is expected to exceed $200 million by 2020, according to IDC, while Gartner claims that 50% of enterprises lack the Data Literacy and AI capabilities needed to create business value. This demonstrates that business value is more closely tied to Data Literacy than to data volume.

Enterprise Data Literacy’s Advantages

The following are some of the immediate advantages of implementing Data Literacy in any organisation:

Employees who are data literate can serve as a link between data analysts and pure business units or consumers.
Employees will be better able to take advantage of data-driven insights or actions as a result of greater data-value awareness.

Data-driven business outcomes will close the gap between business expectations and data-driven business outcomes.

More staff will be ready to take benefit of big data and analytics initiatives, which are typically underutilised owing to a lack of expertise.

Employees who learn to “read, write, and understand data in context” will become experts at extracting value from their data analysis without the assistance of data professionals in no time.

Data literacy is what literacy was in the previous century for the twenty-first century.

“Data literacy will have a beneficial impact on some key company indicators, such as gross margin, return-on-assets, return-on-equity, and return-on-sales,” according to the Future of Jobs Report.

They highly value those companies that have proactive Data Literacy initiatives.

Data Literacy: A Critical Skill for the Twenty-First Century has more information.

The Data Literacy Project is a global effort to combat a lack of data literacy.
The Global Data Literacy Project, according to Businesswire.com, is a collaborative effort to improve data literacy.  The following is a summary of the business partners’ common goal:

“Our new Data Literacy Index demonstrates that a more data literate culture and workforce can increase corporate value by $500 million, but just a third of companies provide Data Literacy training to their staff, indicating a substantial adoption and enablement gap.”

They created the Data Literacy Project to address the identified deficiencies. CIM Data’s Marketing Director, Gemma Butler, has this to say:

“The Data Literacy Project’s contributors are the foremost voices in this arena, all driven by a shared desire to promote and cultivate lifelong Data Literacy around the world.” A Data Literacy Project advisory board has also been established to provide strategic counsel on how the project may best achieve its aims, as well as instructions on how to construct educational content and evaluation tools.”

Individuals and organisations will be able to access learning opportunities, evaluation tools, and general information through the Data Literacy Project in order to develop a data culture in their businesses.

The Importance of CDOs in Promoting Data Literacy

Many organisations are undertaking “competency development in the field of Data Literacy” this year, recognising their severe lack of knowledge. We identified data literacy as the most crucial ability for an employee in a data-driven company culture. To do this, the CDO must work extra hard to turn the organization’s data assets into a revenue-generating stream. This is most likely why there is a sudden rush to fill the CDO job across businesses.

Jordan Morrow, Qlik’s Global Head of Data Literacy, proposes a foundation for a unique Data Literacy programme in his article The Importance of Data Literacy.

Enterprise Data Literacy Characteristics that Assist an Organization in Getting the Most Out of Data
Every organisation will need to focus on the following four areas to assist their Data Literacy programme achieve maximum advantage as more people learn the abilities to extract insights from data for meaningful business outcomes.

Across an organisation, open access to pre-selected data pipelines depending on the most widespread use.
To build the correct mindset, business leaders must take an active role in directing employees to talk with data.
Creating a single, shareable data platform (single truth) for the entire organisation.
We require critical thinking training in order to promote data-driven thinking (critical analysis) among employees in daily decision-making..

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