As companies increasingly invest in business intelligence and analytical tools, organisations are increasingly unable to derive critical benefits from them. In most cases, this results because of the inflection shift caused by the new oil, Data. Data has transformed how businesses look at their processes and operations. It has changed perspectives and introduced new sources of revenues, insights and competencies. With AI being on the rise, companies are digitally transforming their organisations at a scale never seen before.
However in case of any change management, the most critical area to be handled are the people. In an effort to digitally transform, companies invest and develop new technologies that give them advanced analytics and intelligence. However, systems are only as good as their input. What good are insights if the people feeding in the data are not data driven or literate?
Organisations are struggling to create a data driven culture. Often this is because creating a data driven culture is left to the technology teams. CEOs still do not see the power of AI or data as a strategic competency or choose to let their CDOs run it. However, technology teams are limited in their insight as they often chase the trees while missing out on the forest. To create a data driven culture, employees must be re-educated as data literates. Data literacy is the single biggest problem that companies face in their digital transformations. So how can companies create or incept a data literate culture? We broadly list down seven steps to do so:
This framework will help companies build a data driven culture that can further improve data literacy and provide maximum ROI on your existing BI/AI tools. As we move to a world driven by artificial intelligence and technology, a company without a data centric approach would be like walking blindly in the park expecting to find gold!