Data Literacy is crucial in today’s digital era.
Companies must need data literate employees who are able to read, understand, create and communicate data. But data literacy isn’t what it should be in many firms. Companies that do invest in Data Literacy are thriving, while those that don’t are struggling to keep up.
Most companies are really interested in the idea of Big Data and Data Analytics, but the truth is while they are busy thinking about it, they are doing very little about it. Many are still dipping their toe in the deep end, wondering whether or not to jump in.
The key reason: A lack of Data Literacy within their organisation which blinds them from the possibilities.
Our advice is: TAKE THE LEAP!
Start the process now and develop the skills and data literacy as you evolve. Here are four motivating factors that should kick start your journey to a data-driven organisation:
1. Revenue Growth
The data you keep on customers, prospects and suppliers can be explored to help you understand your business in a deeper way.
Big Data ‘dives’ will uncover patterns and correlations in your data that would not normally be seen by the human eye. In fact, I can 100% guarantee that your data will tell you something important about your business that you don’t already know.
2. Competitive Advantage
Making strategic decisions at the drop of a hat is something most CEOs thrive on.
Making strategic decisions based on sound, data-driven insights provides not only greater certainty in making that decision, but it can also give your organisation a continued competitive edge to keep you ahead of the pack.
3. Efficiency Gains
Old school time and motion studies were the panacea for improving throughput by increasing efficiency.
The world has changed and the pace of business is so much faster these days, meaning efficiency is a prerequisite to any successful business. Finding a competitive edge is still crucial and while the big wins are obvious the devil is always in the detail. Exploring your operation data, transaction data, staff data and processes will almost certainly uncover some novel ways to introduce greater efficiency with little investment.
4. Product Innovation
One Australian company has wrapped Artificial Intelligence very cleverly around the patent database.
The result is an online service that not only helps you search all existing patents but actually helps you explore and test new ideas. It even suggests new products for you.
This aspect is perhaps the most amazing and CEO and Founder of Patent Inspiration, Simon DeWulf has proven that his machines can not only second guess scientists but can create far more exciting concepts.
Want to learn how to swim?
Focus on what you would like to achieve, examine your major hurdles and then get strategic:
- Define strategic objectives
- Gather your assets
Approach the problem as though it was a new business unit which requires:
Don’t just stand there! Jump in with both feet and start kicking. I guarantee you’ll never look back!