Data literacy investments generate significant economic benefits, according to a Tableau study, but firms are not effectively upskilling staff.
Nearly 80% of employees are more likely to stay at a company that offers data skilling programs, suggesting that data training could be a major component in overcoming the “Great Resignation.”
Forrester polled over 2,000 executives, decision-makers, and individual contributors in ten countries for the worldwide study, all of whom worked at global organizations with 500 or more workers.
Data and analytics, according to survey respondents, are crucial for prospering in fast-changing circumstances—informing decisions, seeing opportunities, and navigating change. Data literacy is becoming increasingly important as firms embrace a digital-first approach.
In fact, over three-quarters of decision-makers feel that employees should increase their data skills on the job through ad-hoc, on-the-job learning, usually from coworkers or trial-and-error. Only 39% of companies provide data training to all employees, with the responsibility for training people usually falling to department heads or team leaders.
While there is a definite worldwide data literacy skills shortage, there is also a clear opportunity.
Businesses may face expensive costs as a result of the disparity between decision-makers ideas and the reality that employees confront, but it also presents a once-in-a-lifetime opportunity. The demand for educated insights will only grow as firms rapidly move to digital-first strategies. Building a data-driven business can be a stepping stone or a stumbling block depending on people’s capacity to understand and work with data to the proper degree.
Our data investments have yielded a 96-fold return. It’s more of a journey than a destination when it comes to data culture. Along the journey, remember to celebrate your victories while also striving to grow. The significance of data is existential: it ensures your company’s survival “Jaguar Land Rover’s Data Officer Director, Clive Benford, stated. “I don’t think you’ll be here in 20 years if you don’t become a data-driven company. Existence has long-term value.