What is it?
As data becomes the universal language, literacy in it becomes a true necessity for people who want to create an impact in the world. Data literacy, by definition, is having competence in interpreting and analyzing data, as well as being able to read, write and present it. We live in a data-centric world, and the volume of data is predicted to grow to 175 zettabytes in the next five years! This colossal growth demonstrates the crucial role that data literacy plays in our perception of and progression in the world.
Why is it important?
In order to appreciate the value that data literacy can add to organizations, it is important to first understand why data itself is significant, specifically in the business realm. In today’s world, as technology evolves and the amount of information increases, the number of methods and means of sharing content and information grows. Precision in storing and communicating this information is now a more important issue, as the amount of data is drastically larger. Therefore, it is essential for people to be able to efficiently, and correctly, work with data and become literate in it.
Who should learn it?
A common misconception about data literacy is that only data scientists should invest time in it; whereas, every employee should nurture these skills. Studies have shown that companies with more data literacy have 3–5% greater enterprise value. This might not seem significant, but it translates to increasing return on equity and sales, as well as millions of dollars in monetary value. In addition to financial advantages, companies in which teams are literate in data and its methods are able to keep up with new trends and technologies, stay relevant and use this skill as a strong competitive advantage.
How do you get started?
Once companies recognize the importance of data literacy and its incredible impact on overall success, they must take the first steps towards educating their team in this field. Curiosity is key; as employees become more curious about their surroundings, they will start asking questions that can best be answered through data analysis. So, employees’ curiosity can be satisfied as their data literacy increases. To that end, companies must spark questions in the minds of their employees by exposing them to various forms of data and communicating with them through it. After creating a desire to learn in employees, companies can introduce them to innovative learning solutions and programs that educate them in data, as well as its analysis.
At CoreAxis, we’ve recognized the value of data literacy, and find it to be one of the most important skills that employees need to take their company closer to its overall goals and aid in its success. To that end, we combine custom learning with innovative solutions to offer our clients programs that provide the most efficient means for employees to gain data literacy, and stay updated on the latest technological advancements in the field. At the same time, employee strengths are highlighted along the way through our custom learning programs.