According to a major academic study commissioned by Qlik, on behalf of the newly launched Data Literacy Project, large enterprises that have higher corporate data literacy experience $320-$534 million in higher enterprise value (the total market value of the business). Despite a clear correlation between enterprise value and data literacy, there is a gap between how companies perceive the importance and relevance of data, and how they are actively increasing workforce data literacy. While 92% of business decisions makers believe it is important for employees to be data literate, just 17% report that their business significantly encourages employees to become more confident with data.
Arun Balasubramanian, Managing Director at Qlik India, concluded, “The world today is inundated with data, and yet organizations are struggling to utilize it to drive better decision-making. Despite India having the most data literate workforce globally, these skills could be underutilized – this could be due to a lack of adequate processes or training within the organization to use data. Qlik has been working towards raising awareness about the critical need for promoting data literacy across the globe, and how it has become a key opportunity area for global enterprises. The findings of the Data Literacy Index merely highlight why business leaders across industries need to take charge of the data evolution of their organizations and the significant value that data literacy brings to the organization. Only by empowering their employees with data literacy can they realize greater business value and continue to thrive in a fast-changing, hyper-competitive business landscape.”
To inform the Data Literacy Index, 604 global enterprise business decision makers in 10 geographies were surveyed on their companies’ use of data and approach to data literacy. The research study was defined by Wharton academics and conducted by PSB Research. Other key findings include:
- Businesses Not Ready to Pay for Widespread Data Expertise
- Data Skills Are Not Leading to More Data-Driven Decision Making
- European Companies Show the Highest Data Maturity
- Mixed results in Asia Pacific
- Industries with Higher Data Literacy
The Corporate Data Literacy Index was created by Qlik on behalf of the Data Literacy Project, a new global community dedicated to igniting richer discussion and developing the tools we need to shape a confident and successful data literate society. Founding partners include, Cognizant, Qlik, Pluralsight, Experian, the Chartered Institute of Marketing and Data to the People.
The Data Literacy Index results summary can be found here. For more information on how businesses can start their own data literacy revolution, join the Data Literacy Project at TheDataLiteracyProject.org.
