With the rapid advances in technology, computing power, the rise of the Data Scientist, Artificial Intelligence, Machine Learning, and the lure of being able to gain insights and meaning from the wealth of data all more possible now than ever before, “Data Literacy” for leaders and managers, within organizations is now needed.
Here are 10 reasons why every leader needs to become Data Literate:
To assist in developing a Data-Driven Culture
Especially applicable to companies that are either not using data yet to power their decision-making, or are at best, on the early part of their data journey.
Quite often a shift in the culture of the company is needed, a change in the way the company is used to working.
To do this efficiently and effectively, if you as a leader are data literate, then it will make the process of becoming “data-driven”, a lot smoother.
To help drill for Data
“Data is the new Oil” (Clive Humby, UK Mathematician).
In the last 2 years alone, over 90 percent of the data in the world was generated (Forbes.com), and 2.5 quintillion bytes of data are being produced each day!
Structured and Unstructured data, text files, images, video’s, documents, data is everywhere.
Being data literate will enable you to take advantage of it, to know where to look in your domain of expertise.
To assist in building a slick, efficient team
Data Scientists, Data Engineers, Machine Learning Engineers, Data Developers, Data Architects, whatever the job title, all are needed to take advantage of data in an organization.
Be data literate and be able to identify the key personnel you need to exploit the knowledge and insights quickly and efficiently.
To ensure compliance with Data Security, Privacy, Governance.
Recent events have meant the focus is now very much on how data is managed and secured, that people’s privacy is protected and respected.
Recent legislation such as GDPR has only added to the importance of this. Literacy with data will enable a full appreciation of how to ensure these issues and concerns are fully addressed and adhered to
To help ensure the correct tools and technology are available
We now live in a fast-paced world, where technology is changing at a rapid rate, where new advances are frequent, new tools, new software.
Part of data literacy is not necessarily being an expert in this area, but being aware of what is available, what is possible, and what is coming.
Having this view, enables your company, your team to be well positioned to use the relevant technology.
To help “spread the word” and form good habits
A good, data literate manager, when presented with an opinion or judgment from a team member, will not take it at face value but will ask them to provide the data to back it up.
This can only help in promoting the use of data and also towards achieving that data-driven culture we discussed previously.
A phrase often used in football coaching, is “practice makes permanent”.
Being constantly asked to back up your opinions with data, by the managers in an organization, will create a habit, and soon everyone will be utilizing the data
To help ensure the right questions are asked of the data
Knowing your data and what is available where in your organization, can only assist in ensuring that the correct questions are being asked of the data, in order to achieve the most beneficial insights possible.
To help gain a competitive advantage
Companies that leverage their data the best, and utilize the insights gained from it, will ultimately gain an advantage over their competitors.
Data Literacy within Leaders is a bare minimum if you want to achieve this.
To gain respect and credence from your team and fellow professionals
Being knowledgeable and appreciative of all things data, will only help in gaining the trust and respect from your fellow team members and others within your organization, and indeed your industry.
In order to survive in the future world of work
The workplace is only going one way, in this digital, data-driven age. Do not become data illiterate, and risk being left behind.