In a digital world with exponential technological advancements, the ability to comprehend and communicate a common data language is a vital skill for organizations today. Data literacy has therefore become a key component for organizations and is the ability to read, analyze, utilize, and communicate data.
Despite this, on average, companies make only 48 percent of decisions based on quantitative information and analysis — a number that has not moved a great deal over the past couple of years due to a lack of skills at all levels, and as a result is impeding their transformation into becoming an insights-driven organization. A data-literate organization is critical to minimize new risks that arise from data not being correctly handled.
There are many recent examples of large organizations being fined tens of millions by regulators due to a lack of data literacy. In this increasingly digital and regulated financial landscape, the demand for data literacy is not going to abate, it will continue to grow. It is time for organizations to make sure they have the tools to unlock its value.
In this paper, we will share:
1. The meaning and importance of data literacy
2. How to understand your organization’s current state of data literacy
3. What the journey to data literacy looks like (and what firms can do before embarking)
4. Key cultural factors and risks surrounding data literacy
5. How Capco can help you
6. Our closing thoughts.
Contact us to find out how we’re helping organizations increase their data literacy, and as a result, market growth.