Industries differ in many ways, such as operation, market share, viability, and structure. A desire to maximize profits and efficiency unites all industries, no matter what services and products they sell. Today, business owners have more data and tools at their disposal than ever before.
This data is just as valuable as what they sell and offer, but it’s useless if nobody knows what to do with it. That’s why data literacy has become such a huge topic across all industries. Businesses rely on skilled, analytical minds to interpret and apply this data.
Data can reveal important information about business operations, efficiency, customer satisfaction, profit margins, and more. That said, data literacy wasn’t always prioritized as much, so many industries have a lot of catching up to do.
Follow along as we explore how data literacy is redefining success across industries and highlight its importance.
Data Literacy Has Never Been More Important
Across all industries, data has become more and more valuable. Business owners care about the bottom line more than anything else, and data can say a lot about it. Today, business owners rely on their teams to process and interpret data regarding all aspects of business.
This includes operational efficiency, customer satisfaction, profits, and losses. Data literacy helps job candidates, industry veterans, and business owners alike in many ways, such as:
1) Improved Employability
Employability is everything in such a competitive job market. Leaders, managers, and business owners look for well-rounded candidates with relevant skills. Today, that includes data literacy, which can help tip the scales in a great candidate’s favor.
In-demand traits, like technical proficiency and data literacy, simply make candidates look better. If you show proficiency in data interpretation, the hiring party may consider you quite useful. Employers want candidates who can turn data into results, which can significantly boost their employability.
If you’re already in the industry, becoming data proficient can help you advance your career. Employers and supervisors value people who go above and beyond to make themselves as useful as possible. Becoming proficient in data interpretation can help you and the company.
2) Maximize Efficiency
Efficiency is a big part of why data literacy has become such a big topic across many industries. Many businesses rely on data to identify patterns, but correctly applying said data is easier said than done. Without driven, data-literate people, a business may ultimately waste the valuable data it’s worked hard to collect.
Each piece of data a business collects can be used to maximize efficiency. That includes site speed, customer satisfaction, how long customers spend browsing, and more. Of course, comparing this data to customer satisfaction rates from your competitors is essential as well.
Using data, you can adjust a site’s layout, speed, offerings, and design. On a deeper level, some businesses will even adjust their services and products to meet customer demands as efficiently as possible. If a team can’t use data to boost efficiency, they’re probably misusing it.
3) Make Informed Decisions
Numbers don’t lie, and that’s part of why data literacy is becoming an essential part of working in most industries. That said, numbers don’t necessarily tell you what to do and where to go. It’s up to strong, data-literate people to interpret data and use it to make decisions that benefit the company.
Of course, data literacy is useless if you don’t understand the nuances of the business in question. Sometimes, examining competitor data is just as valuable as examining your company’s data. Doing so can reveal missed opportunities and point you in the right direction.
Turning data into strategies and using numbers to make informed decisions is essential in nearly all industries. This includes data regarding operational efficiency, sales numbers, delivery timelines, profits, and losses. Candidates who aren’t data literate may limit their job opportunities and restrict their professional usefulness.
4) Stay Relevant in an Automated World
The rise of automation and artificial intelligence is enough to scare anyone in the job market. However, there will always be room for people who positively contribute to the businesses they work for. This is especially true of candidates who are technically proficient and data literate.
Sure, artificial intelligence can process tons of information in a short time, but it’s far from flawless. Employers still need people to make sense of this data and make informed decisions regarding its application. You must continually learn new methods and become proficient in new programs as they arise and become relevant.
This can not only keep you working, but also continually make you more and more useful. Sometimes, this involves becoming proficient in artificial intelligence programs. Businesses need people who can pair critical thinking with data literacy and up-to-date technical proficiency.
5) Unite the Departments
Most businesses are split up into departments in which everyone handles a different aspect of operation. There are many differences between departments and what skills the people within them have. In some cases, this can cause misunderstandings among departments, as they each boast different skills and qualifications.
However, interpreting data for what it is can unite the departments in many ways. That doesn’t mean everyone must understand every nuance of what other departments do. However, data-literate professionals can present information in ways that technical and non-technical team members can all understand.
This is true whether you’re an intelligence analyst for law enforcement or you work for an online retailer. Ultimately, data can eliminate wasteful misunderstandings and help the team communicate in mutually understandable ways.
Data Literate Candidates and Companies Are Changing the World
A data-driven company will almost always have an advantage over another company that doesn’t utilize data. That’s because businesses can use data to make informed decisions, maximize efficiency, and increase profitability. Because of this, data-literate job candidates can make themselves as useful and hirable as possible.
Business owners can benefit from hiring people who can view each piece of data as an opportunity to improve. That’s where the world is heading, and businesses and candidates who understand this can set themselves up for success.
