THANK YOU FOR SUBSCRIBING
Need for Data Literacy to Enhance Workforce Skills
Data literacy is a vital factor in employee satisfaction, productivity, and innovation. Therefore, training in data skills is essential for organisations to develop an effective workforce.
FREMONT, CA: Data literacy is becoming increasingly important to employees as it enables higher revenue, better customer service, best-in-class efficiency, and greater profitability. Therefore, companies engage in empowering every worker with the data they need to understand, analyse, and make decisions. Data literacy is the ability to gain insights from analysing and understanding data in a business context, thereby carrying out effective conversations with stakeholders.
A data-driven organisation is the best example of having all collaborators with data-literate abilities. Having this skill reduces dependency on analysts to determine data analysis and automate simple tasks on their own. However, many companies fail to successfully equip people with data skills, which leads to a disconnect between leaders and workers regarding data literacy. Hence, companies need to emphasise taking initiatives to equip employees with data skills.
Establish a Data Literate Organisation
As stated earlier, data literacy is a key component of building a future-ready workforce. It requires data democratisation, which is the access to data and training needed to use the tools. It results in benefits such as reducing reliance on other departments to get information and accelerating the process effectively. It offers the entire staff the opportunity to make better decisions.
However, enhancing data requires partnership and awareness of data as an organisational asset to be shared and not confined by the particular departments that created and gathered it. It is also imperative to embrace new techniques to amplify data literacy and develop a data-driven culture in an organisation.
Some key factors needed to consider while increasing data literacy are offering the right training for the role and ensuring data and training are relevant to a worker’s daily responsibilities. They must be given business context around the data and assist employees to understand the right questions that need to be posed after keen observation. Algorithms mine data for patterns and abnormalities. It indicates when sales are down but is incapable of explaining the reason why humans have to seek answers. Furthermore, rather than presenting strategic choices as a done deal, business decision-makers should explain explicitly how data influences the decision.
Data Literacy for Uncertain Times
Every person has to learn how to use relevant data to make decisions, even if they have access to it. Good use of data is an essential tool for scenario planning, a disciplined method of planning and predicting an uncertain future where companies may plan for a wide variety of outcomes.
As business environments are facing tremendous transitions, there are numerous factors such as supply chain issues, labour shortages, war, and inflation to be considered. Data helps in providing insights on materials required for improved customer experiences. Moreover, firms with higher data maturity have greater retention and better revenue. Companies foresaw supply chain problems and difficulties in stock replenishment using data analysis. Those companies projected better performance during uncertain environments.
The primary step in solving business challenges is to determine the appropriate analysis or data required. The ability to incorporate data into the framework of their company gives startups and younger businesses an advantage in identifying accurate recommendations of data. Technology has enabled companies to connect larger data sources and make them shareable, manageable, and interpretable for stakeholders.