Everything about the corporate world will always require growth and innovation, oversupply of literally anything eventually comes, and something new has to be introduced. Research shows that by 2030, data literacy will be one of the most in-demand skills alongside PC literacy. Data literacy involves the ability to read, work, and communicate with data. This demand indicates how much impact the rise of AI has had. To add onto that, 85% of executives maintain the belief that this skill will be as important as computer literacy today.

The net spent amount was estimated to have surpassed $200 million in 2020, this is according to the International Data Corporation (IDC). And even with this amount spent, 50% of the organisations are still lacking DataLiteracy and AI skills that help achieve business value.

After multiple experiments in hopes of finding a way forward, businesses have discovered that the problem is not in the IT facilities or the technologies used, or the insufficient number of data scientists, the problem is in the unavailability of a middle ground between the two facilities, and those are technical staff and the business staff. That is how Data Literacy has come to exist, the means of this literacy is to bridge that gap between the two parties to a level where they can communicate thoroughly.

Many believe that data is continuously going to become a core asset of multiple organisations.
This is why it will slowly become a basic ability needed. The Garter Annual Chief Data Officer
Survey states that lack of organisational Data Literacy is one of the major roadblocks to
data-driven success.

According to an article in Linkedin. “Data literacy can improve decision-making, innovation, productivity, and other vital factors.” It also states that there are several reasons why Data
Literacy is critical to an organisation. Some of these include:

  • Allows for data-driven decisions
  • Better customer knowledge
  • Competitive edge
  • Increased innovation and productivity
  • Increased employability

Data literacy is a broad concept with a wide application in the world of data. There are numerous forms of data, analytical techniques, and other ideas to understand. Not every area of expertise is requiring you to have strong data literacy abilities. However, these are some of the crucial concepts that organisations should investigate.

These include data analysis, wrangling, visualisation, ecosystem, and governance. Another one to include is the data team, this team consists of data scientists, data engineers, and data analysts. Data Literacy is very useful because of its ability to give back insight that can help grow a business or an organisation in a way that most strategies can not.

“You have to run as fast as you can just to stay in the same place,” and this is the perfect example of that analogy. To stay ahead, or on par in a technology filled environment, data is an absolute need. The benefits and the advantages that come with having a data scientist are too precious to pass up. Look for more businesses to either look for data scientists or to implement the skills into their employees.