Having fun with data literacy
LinkedIn Live with Michael Mahoney and Jordan Morrow
We live in an era characterized by the digital economy, which is driven by data. Data is deemed to be the most valuable resource today. It is integral for any organization to be able to collect, break down and analyze data efficiently to drive profits and growth.
Data Literacy is the need of the hour as it is the most critical skill in an organization thriving to build a data-driven culture. Data Literacy is the ability to read, work with, analyze and argue with data. Most organizations focus on collecting data but fail to extract maximum value out of it. Research has shown that 82% of the data collected by an organization remains unanalyzed. Hence, organizations need to focus on developing data literate employees who understand the data, ask the right questions, interpret it well, create powerful visualizations and extract useful insights for decision making. An organization that isn’t using its data to its optimum best is not utilizing its power well; and is bound to fail in the long run.
Data Literacy is not just confined to businesses and organizations, but important for government institutions and end consumers too. We live in an era wherein we are overwhelmed with news and information. News channels and social media platforms today are flooded with graphs and charts representing information related to Covid-19. There are a large number of data information providers who easily manipulate consumers as they aren’t data savvy. It is data literate consumers who are able to filter out the noise, extract the right information and not be misled.
The culture of an organization often acts as a hindrance in implementing data literacy. Building the right culture wherein data silos don’t exist; a culture of sharing data and collaborating with each other is important. Right from the grassroots level to the top managers and executives, everyone in an organization has to be on-board to imbibe data literacy as an important virtue of the company’s culture. Data scientists encourage executives to combine their experience, gut and heuristics with data in order to make the right decisions.
Just laying focus on the most powerful tools and techniques of data analysis is not enough to achieve success. Well-defined goals and a roadmap to achieve them is the first and foremost step. Secondly, figuring out a way for the entire organization to work together is important. Building a culture of collaboration which makes everyone comfortable with sharing data is the next step. The most important of all is to embed in employees the skills needed to make sense of the data, and explore & experiment with it. Data Literacy helps in deriving valuable content and extracting meaningful insights, ultimately leading to better decision-making.
Link to full discussion: https://www.youtube.com/watch?v=xIvkF4D0iTw
Written by Shreya Jain