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Data Literacy and Data-Driven Decision Making

Site Online Learning | February 7, 2020 | Read Time: 4 mins

In 2020 it is imperative that organisations be data-driven. A McKinsey Global Institute report found that organisations are 19 times more likely to be profitable if they make data-driven decisions. In addition to that, they are also 23 times more likely to get customers and 6 times more likely to retain the same (1).

Being a data-driven organisation is much more than simply collecting and analysing data. It is an organisation that includes data analysis in its strategy, culture and processes (2). It realises the importance of data and relies on it for decision making.

With careful consideration, planning, and the buy-in from the right stakeholders, your organisation can be data-driven. No matter the size of your business, with the correct tools and strategy there is potential to collect adequate data to make strong business decisions.

Here are the top considerations we recommend considering when making the decision to become a data-driven organisation:

 

Developing a Data-First Culture

Like any organisational culture, it needs to start at the top and work its way down. A data-first culture is no different. Upper management and executives need to embrace data analytics and data-driven business decisions before employees can follow. Without their support and encouragement, there is no motivation for the employees to incorporate data in their day-to-day activities.

Seeking data analytics-based reasoning from decision makers and openly recognising those with strong analytical skills is a good start to developing such a culture.

Culture takes time to develop and can be quite uneasy at first. Sticking to it and providing support to staff members is very important.

 

Education and Data Literacy

Employees that haven’t previously used data in decision making will require training before being able to do so. They will need to be trained to be data literate. Data literacy can be defined as the ability to identify, locate, interpret and evaluate information and then communicate key insights effectively (3). In 2020, data literacy should be a basic/required skill. HR managers should implement effective Learning & Development programs to ensure their employees’ analytical skills are up to date and continuously refreshed.

With data literacy training in mind, our eLearning specialists find that creating customised courses that are interactive and easy to grasp, tend to be the most effective.

 

Hiring Data-Driven Employees

Data-driven organisations ensure that all new employees are screened for data literacy skills and capabilities.  It is no longer acceptable for an employee to think that data analytics is not for them and only for data analysts and the IT department.

Incorporating data literacy as a required skill for all new employees is a clear indication to the organisation that it is a core part of their job and not just a secondary tool at their disposal. 

 

Technology

Technology makes data approachable. The tools and systems that your organisation chooses will have a lasting impact. In this context, technology plays four distinct roles:

Collecting data: A clear strategy on how the data is going to be leveraged will dictate the tools that will be required, and the touch points covered.

Analysing data: If an employee needs to stop working to make use of data, then it’s unlikely that a data-first culture can be sustained. Data must be available at their fingertips (4). Having the systems in place that assists users to make sense of the data are important.

Presenting data: When data is presented incorrectly or out of content, it can be overwhelming. Having the tools and ability to present data in a business content can make all the difference in supporting the objective.

Education and training: Data analytics is constantly evolving. The laws and industry standards on how data is utilised is constantly changing. Employees will require continuous training. Investing in an LMS like Tempus can give your organisation and employees the tools required to stay competitive.

 

Ethics

Strong ethics have to be at the forefront of your organisation’s data policies. The recent growth in the collection and use of personal data by non-state bodies has led to a feeling of discomfort amongst the public (5).

“Who owns all that data that you’re analysing? Are there limits to what kind of inferences you can make, or what decisions can be made about people based on those inferences?” (6)

For organisations around the world, there is a real threat of losing support from the public, even on the suspicion of misuse of data.

Organisations must ensure they study and understand both the legal and social implications of how they use their data.

In 2020 and beyond, data is going to be king. Globally, the largest organisations are going to continue fighting and investing billions of dollars in acquiring and collecting data to enable better decision making. As we said in the beginning of this article, no matter the size of your organisation, you can collect adequate data to make real business decisions that make an impact.

It is simply a matter of starting.

Being premier eLearning providers, our organisation can work with your leaders and HR teams to develop and deliver the highest quality Data Literacy eLearning courses for your employees. To learn more simply get in touch by clicking here.

 

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