{"id":89904,"date":"2023-01-19T09:00:28","date_gmt":"2023-01-19T14:00:28","guid":{"rendered":"https:\/\/trainingindustry.com\/?post_type=magazine&p=89904"},"modified":"2023-01-19T16:17:24","modified_gmt":"2023-01-19T21:17:24","slug":"the-rising-importance-of-data-literacy-in-organizational-success","status":"publish","type":"magazine","link":"https:\/\/trainingindustry.com\/magazine\/winter-2023\/the-rising-importance-of-data-literacy-in-organizational-success\/","title":{"rendered":"The Rising Importance of Data Literacy in Organizational Success"},"author":34,"featured_media":90224,"template":"","tags":[31296,5453,29831,31295,30719],"class_list":["post-89904","magazine","type-magazine","status-publish","has-post-thumbnail","hentry","tag-data-analytics-training","tag-data-literacy-training","tag-improving-data-literacy","tag-interpreting-data","tag-training-for-data-literacy","global_topic_tax-it-and-technical-training","global_topic_tax-measurement-and-analytics","global_topic_tax-strategy-alignment-and-planning","magazine_issue_tax-winter-2023","magazine_article_type_tax-feature"],"acf":{"sponsored":false,"gated":false,"gated_content_type":"","file_attachment":null,"gated_content":"","form_instruction_header":"To access the full article, please fill out the form below:","pardot_html_embed":"","author_override":true,"author_name":"Joseph A. Yacura","author_image":"","author_bio":"Joseph A. Yacura is the founder of the International Association for Data Quality, Governance and Analytics. Prior to this, Mr. Yacura has served in several senior executive management positions at IBM, Pacific Bell, American Express, InterContinental Hotels Group, Bank of America, Information Services Group and most recently at Fannie Mae.","excerpt":"Organizations are being overwhelmed by both traditional and new sources of data \u2014 with limited organizational expertise to leverage this data.","main_content":"Organizations are struggling to remain competitive and relevant. Organizational success means the ability to act quickly to changing environments based on as current data as possible. To achieve this goal, organizations are increasing their use of both structured and unstructured data. Organizations are being overwhelmed by both traditional and new sources of data \u2014 with limited organizational expertise to leverage this data.\r\n

The Value of Data<\/h2>\r\nThe interpretation of data leads to information, which in turn, leads to knowledge. Knowledge is the derivative of data and is highly cherished. Knowledge can take the form of a final decision or a component to be considered when making a decision.\r\n\r\nOrganizations that are primarily data-driven achieve 5% higher productivity and 6% higher profits<\/a> when compared to organizations that are not data-driven, according to an article in the Harvard Business Review, \u201cBig Data: The Management Revolution.\u201d\r\n\r\nRegardless of how knowledge is used in your organization, you first must be able to identify, quantify, clean, organize, standardize and establish the credibility of the data so it can be used as the basis of knowledge.\r\n

What Is Data Literacy?<\/h2>\r\nData literacy<\/a> is defined as the ability to find, read, manipulate, analyze and discuss a position with data. Data literacy is a critical component of data analytics.\r\n

The Need for Data Literacy Within the Organization<\/h2>\r\nMost organizations are starting to realize their deficiency regarding data literacy as they start to digitize their processes. A recent study found<\/a> that only 52% of C-level executives are fully confident in their use of data and 45% say they frequently make decisions based on \u201cgut feeling\u201d rather than data.\r\n\r\nData is being used throughout the organization at an increasing rate. Data is used for both strategic planning purposes and tactically for day-to-day operations.\r\n\r\nEmployees also have concerns regarding their data literacy skills. \u201cBig Data: The Management Revolution,\u201d also found that only 21% of employees are fully confident in their data literacy skills.\r\n

The Challenges With Using Data in Decision-making<\/h2>\r\nData analysts, scientists, engineers and data consumers are confronted with what are termed the Five V\u2019s:\r\n