Data Literacy is significant for understanding how to analyze their performance from the perspective of growth, improvement in efficiency, and revenue.
Digging data is easy, but drilling actionable, reliable, and useful insight is not. Hardly a few companies are there that have been cracking data. They have been frequently mapping success through data analytics, which is aimed at improving data literacy amongst all team members.
It is simply because information-driven organizations have been providing easy access to data to managers & executives that they need, which eventually makes positive waves by improving performance and revenue. A 2020 survey by Sapio Research has also proved it stating that 80% of decision-makers are inclined to data for making positive changes corresponding to analytics-driven insights. But, this percentage reduced to 74 when it comes to access to employees.
In short, it is data literacy that is significantly responsible for improving business and multiplying ROI.
Data literacy is a deep understanding of data that tells where a particular set of data comes from, how to communicate with the information underlying it, and where to use the error analysis in this data science to explore better decisions. You can conclude why a particular strategy clicked well and another just failed. In addition, you have an amazing way, of revealing where you have made mistakes and how you can dice with risks.
Data Literacy Boosts Growth & Revenue
It is figured out that the enterprises, that have more data-literate employees, understand that data literacy is to discover failsafe decisions. It is simply because this literacy is no longer just a legacy of the managers or administrators. The executives also have the clarity of being a part of that intelligence journey.
Although you have AI-driven analytics, which automates database structuring upon fetching relatable details, you are not going to get to flexible and actionable decisions without some level of literacy about what the extracted information conveys. You cannot optimize pricing strategies. Neither can you put the intelligence into action, which eventually leads to the loss of money, time, and effort.
Easily Know The Problem
The ultimate benefit of data literacy is to reach the root causes of upsides and downsides. A pair of analytical eyes see across mere figures and facts, as what they are likely to represent. This is what data scientists usually look for. They search for important insights that might have been missed before. Their tapping can assist in devising a turnaround strategy.
A very famous beverage company reportedly plugged into BI, as its manual reporting process was insufficient and incapable of accessing real-time sales and performance analytics.
BI To Counter Challenges
If consider the aforementioned example, not only did the company save 260 hours a year, but it also got overloaded with opportunities worth millions of dollars. The money being put in that BI loaded it with actions that data drilling had unearthed.
Easily Enable Self-Servicing
The self-servicing BI enabled it to onboard IT professionals and analysts for digging futuristic strategy and long-term innovations, such as enterprise data governance rather than manually doing all research works and reporting.
A Forrester Research survey has made a surprising revelation that 90% of surveyed data and analytics decision-makers observed spectacular growth in the usage of data insights in decision-making as a priority.
However, just 48% of decisions were stemmed out of the quantitative research & analysis. So, there is still a great scope for improvement.
Different Ways of Improving Data Literacy
Educate as per employee’s profile
Since the data literacy programs have been in the infancy phase, it’s hard to make it widespread or a new normal. The best implication is to literate employees according to their role. Coursera, for example, has been successfully practicing it. That literacy can help employees inquire about how they can defeat a specific challenge that they often face in their job role.
Literate as per need
Besides, you can provide data education according to the need. Unlike formal training, you can measure the challenges in between. There are many companies where this literacy challenge is being addressed with the help of data scientists. In short, the data science team is closely working with other departments to make them educated about analytics and its driven decisions.
This is a revolutionary approach, wherein only professionals and interested parties are invited to hands-on workshops. These are the ones who have been struggling with some specific business challenges around data and its literacy tools. These workshops enhance interested parties’ contextual knowledge while sitting in an online conference on Zoom or live streaming on YouTube or Facebook for hours.
All these methods underscore how data literacy can help you improve scalability and revenue much more than ever. You have a crystal clear picture of what you can do to have a failsafe production, which data analytics tell you all about.