Data is the most powerful resource for an enterprise. It is the source for generating business intelligence and enhancing operational efficiency. But, what good is this data if your enterprise is unable to read or analyze it properly? Data literacy is the solution to several challenges that your enterprise faces while moving forward.
A data-driven organization has extensive capabilities to understand, analyze, and work with business data. Employees of such an organization can communicate with this data to empower them with the right machines, relevant knowledge bases, and accurate decision-making skills. And, to become a data-driven organization, your enterprise needs to adopt a data literacy network.
What is Data Literacy Network?
A data literacy network is a system of digital transformation initiatives that help your enterprise in generating value from your data. Like every business, your enterprise has to handle an incredible amount of data, generated across operations, processes, and years of doing business.
When you collect this data, you need a data literacy network to organize it and help you understand it. This network can cover several critical skills gaps. It can unlock your teams from low data literacy into higher productivity. Multiple digital transformation initiatives combine to become a data literacy network that makes your enterprise a data-driven organization.
The Value of Strong Data Literacy for An Enterprise
According to Accenture’s recent study, a strong data literacy network is present in only 21% of the total workforce in the world. Only a few enterprises have gained superior abilities to read, understand, work, and question with their data. And, establishing a strong data literacy network entails several components.
Data Literacy Tools
Tools and technologies are the enabling components of a data literacy network. Your enterprise needs to skill your workforce with technologies such as data mining, BigData, and data analytics. Providing them access to these tools can help you ingrain data literacy at a microscopic level across your enterprise.
For example, Google Charts is an effective tool to read and map enterprise data. Similarly, Tableau and RapidMiner can help you with data mining and analytics.
Data Culture
One of the key elements of your data literacy network will be your data culture. The importance of an effective data culture is perhaps above all else. To build a robust data culture, your enterprise needs to establish some core principles. Every individual associated with your company needs to become data-savvy.
This means getting familiar with the terminologies and the business language relevant to your enterprise.
This helps you in spreading the data culture across your enterprise. Here are the three effective principles of data culture for your enterprise:
- Question the “Why” and not just the “What”: Answering the right questions is very important. Describing the answer to “what” needs to be changed will not solve your challenges. You need to add the “Why” in those metrics and understand the reason behind a change happen.
- Inspire a daily use of data: Your enterprise needs to adopt tools that encourage employees to work with data every single day. Cloud-native data warehousing tools such as Redshift and BigQuery can help you achieve this.
- Accelerate business with embedded data analytics: Pace and process are the last steps to establish your data culture. To accelerate the pace of business growth immediately, you must involve data analysts at every step of the decision-making process. Your organization needs to embed these analysts in each business unit and team.
Once you implement these principles, lead your enterprise’s data culture with facts, and others will follow.
Data Visualization
Data visualization platforms create a common dais for employees to view, analyze, and share useful data in the enterprise. It gives your enterprise a single source of data authentication. Data visualization guarantees that everybody in your enterprise can approach the most recent data and work with it. You can also enforce data visualization policies to securely govern which data is centrally stored, managed, and accessed.
The main reason why data-driven organizations need data visualization is to remember and understand data easily. It helps you in visualizing data trends and understanding data-enterprise relationships quicker. Smart data discovery is one of the latest breakthroughs that can help you visualize your enterprise data suitably.
Become a Thriving Data-Driven Organization
IDC, a global leader in market intelligence, calibrates that enterprises with a strong data literacy network have gained a 15% increase in their business value. They have successfully produced data literate employees who can contribute sharply to their roles. As the worldwide data is pegged to increase ten-fold by the end of 2025, it is wise for your enterprise to invest in data literacy and tread with this trend.
Kilowott offers custom data literacy solutions for every enterprise. Join forces with Kilowott and leverage the real power of data for your business.
