I was recently asked to do a briefing note on the what, why and benefits of promoting data skills and data literacy. This post is based on some of that briefing note.
Background/Considerations
There are
three major trends influencing global development that impact organizations of all types:
- The Fourth Industrial Revolution – broad scale technological innovation and disruption
- COVID-19
Pandemic Recovery – building a global health care system and local economic recovery
- Global
Economic, Social and Environmental Sustainability – to meet the competing
issues of global climate change, democratic challenges and a sustainable
economic system that meets the needs of all within a net-zero climate.
Data is the
lubricant in all of these areas that contributes to the ability to manage these trends with insights
that contribute to informed policy making and operational decisions. Data is now a key organizational strategic
asset, second only to people. Leveraging the value of data is now a core
strategic advantage.
Today’s
largest and most successful organizations use data to their advantage when
making high-impact decisions. Corporate investments in data skills and literacy is essential to
increase the organizational ability to manage data, derive meaningful and
reliable insights, and communicate results to decision makers and stakeholders. Companies that are more data literate
experience 3 to 5% greater enterprise value, which translates to $300 to $500
million greater total market value (The Human Impact of Data Literacy,
Accenture, 2020). The higher the enterprise data literacy level, the greater
value the business can generate (Deloitte, 2020).
As we come to the end of 2021 and look into the future of 2022; how do the three major trends influence what you and your organization is doing? What is the role data can play in that? How can you leverage data as a core strategic asset to discover the insights you need to innovate?
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