Data: A Critical Aspect for Businesses

By CIOReview | Wednesday, August 7, 2019

Data has become a universal language in today's scenario, and it is helping in reaping several benefits for any organization.

FREMONT, CA: A vital skill needed for a successful company is data literacy or the capacity to read, work, evaluate, and argue with data. Data has become a universal language with the increased presence of automation, robotics, and artificial intelligence, and those who master it are set to reap the rewards. It's not just an individual collection of skills, though it's a cultural mindset that wants to permeate throughout an organization to deliver the highest value.

Greater Value of the Company

The Data Literacy Index commissioned by Qlik and undertaken by scholars from IHS Markit and Wharton School discovered that data literacy companies have a much more significant business value of between 3 percent and 5 percent.

Companies with enhanced valuations also saw similar improvements to productivity, gross margin, and other corporate performance metrics, thanks to enhanced employee information abilities, information democratization across their company (not just in IT), and general employee enabling data-driven choices to be made. Data can drive more productive activities regardless of department or company function.

Data literacy helps transform organizations by allowing staff to create more informed choices at all levels; whether it is hospital bed management, understanding the role of discounts in sales improvement, or informing product design. With the correct, consumable data at fingertips, organizations can create better choices based on insight and experience, rather than instinct, and eventually enhance their results.

Integrating Abilities in Information

It takes top-down vision, support, and investment to become an information literate organization. Management requires communicating the significance of using information in decision making to staff, advice on the human resource and technical grounds available to encourage this and coordinate the organization-wide access and use of data. Each person must know the essential role they play in sharing with their colleagues' data-driven information and methods.

Some organizations will choose to incorporate information literacy into their current skills projects as part of this, while others may choose to buy teaching software and even information books to assist in the growth of the workforce. The creation of a strategic framework will, above all, empower staff with autonomy and structure to make them think about how they can use the information daily.

Together, these components are essential for companies seeking a robust information literacy baseline and reaping their benefits. Using the chance now will offer a benefit to businesses, but survival will be crucial shortly. 

Check out: Top Data Integration Companies