In today’s data-driven economy, it is becoming ever more important to find ways to leverage business data in order to drive profitability. Companies that fail to embrace this trend risk being left behind, while those that are able to ride the wave will ultimately move forward in ways that would have otherwise been impossible.
Without a solid data strategy in place, particularly one that places a high value on training and support, efforts to put this data to good use may fall flat. A business’s digital transformation may suffer if the personnel involved lack data literacy.
As volumes of information continue to roll in, there is a pressing need to establish new workflows that will help make sense of it all. When harnessed correctly, this information can enable data-driven decisions that support scale, improve productivity, and boost the bottom line.
Data illiteracy: a modern problem
Not every company has a data scientist on staff. Even the most well-established businesses may have already identified a significant gap in skills where business analytics and intelligence are concerned.
This is a crucial skill: without the ability to ask the right questions of the data you generate, it’s nearly impossible to build knowledge, make sound decisions, and communicate what it all means to other stakeholders. It also presents a barrier to the adoption of value-producing technologies like artificial intelligence (AI) and the internet of things (IoT).
Is your company data-ready?
Even though more than three-quarters of all companies in the United States work with more data than ever before, only a third of them feel confident of their skills in that area. Additionally, only 32% of the C-suite is considered to be data-literate. This fact alone could be preventing a wider adoption of data-driven processes.
Comparatively, 94% of workers who work with or use data in the course of doing their job state that having such data helps them to do their jobs better. 82% also believe that being better able to decipher data would give them more authority in their positions and help their company be more successful within their niche.
Without the ability to decipher that data and translate it into actionable strategy, even the most well-established companies may find themselves losing ground to data-savvy upstarts in their space. Because of this, there has never been a better time to develop a solid data strategy within the workforce—from here forward, digital transformation is only going to become more complex.
Empower your employees with data
So, what can be done to stay at the top of the data “food chain” and become more data-literate? How do you inspire individuals who feel less than confident working with business data to embrace this new normal?
It all starts at the top. Leadership must first embrace data literacy, integrating data into their daily processes (as well as into the greater company culture). Additionally, adequate support and training should be provided for every employee to ensure that they understand not only how to use the data, but also how much value that data brings to their daily tasks.
As data continues to transform roles in the workplace, strong data literacy will soon be a baseline skill that will need to be cultivated. With an effective training and support program in effect, your employees will be well-equipped to succeed—even with the inevitability of more changes on the horizon.
Achieve team success through data literacy
Businesses that have undergone digital transformation have access to a wide range of data that can be leveraged towards profitability, improved customer relations, and more efficient processes from end-to-end.
If you would like to learn more about how data literacy can benefit your Arkansas company, reach out to Business World today.