🔥 A recent study published by Accenture shows that data literacy is a major barrier for your employee’s confidence and efficacy. 🔥
Today more than 70% of employees still feel overwhelmed and unhappy when they have to work with data.
This is no secret. All companies today are aware about the potential that data could bring to their organisation, helping them making better decisions, thus, driving growth.
Yet, despite building strategies to collect, store and analyze data, some major challenges remain to untapped their full potential.
One of these challenges is to achieve a real “Data Literacy” culture, which can be described as the moment when people feel confident enough to read, work with, analyze, and argue with data .
In its study called “The Human Impact of data Literacy”, Accenture and Qlik interviewed more than 9.000 employees over the world. The report shows that despite understanding the potential value of data, companies are still struggling to bring down the gap between data potential and people.
Indeed, the study shows that only 21% of the global workforce worldwide are fully confident in their data literacy skills which has a major impact over their company performance, but also over their employee morale.
👉 In this article, we showcase the main takeaways of this study and how Zoomer can help you leverage Data Literacy to increase your employee’s performance.
1. Lack of data knowledge is a stress factor
Data impact is commonly measured regarding its return on business, but this can also play a major role in employee’s productivity.
As the need for data grows exponentially, most business leaders have faced structural change into their position scope and set of skills.
People now have to use data for several of their core tasks including:
– backuping their decisions,
– monitoring their performance,
– incentivising other colleagues on KPIs
In the meantime, their access to data remained limited and even when made accessible, their lack of confidence is preventing them to work as smoothly as they should.
The study shows that the lack of confidence pushes some employees to avoid data related tasks, with 36% of them trying to find an alternative method to complete the task without using data and 14% avoiding the task completely, creating lack of transparency inside organizations.
2. Low data trust impacts business decisions outcomes
of employees frequently defer to making decisions based on gut feeling over data-driven insight 🧠
As a result of poor self-adoption of data analytics among business users, people keep on making decisions based on their gut feelings.
The study states that this is even more prevalent at senior levels:
% of trust into gut felling decision over data-driven ones depending on Management level:
- C-suite executives, senior managers and directors 66% 66%
- Junior managers and below 41% 41%
3. Data stress brings important productivity issues 📉
While companies have largely embrace the digital transformation regarding data, the study shows that they mostly miss onbording the employees in the journey.
As a result, this lack of competency has created a decrease into productivity, with employees feeling overwhelmed and/or unhappy when they need to work with data, impacting their overall performance.
36% of overwhelmed employees globally report spending at least one hour per week procrastinating over data-related tasks
4. Estimating the lack of data literacy (human) costs
💸 $ 9.8Bn
This is the cost of data overload in France per year🇨🇵data productivity overload cost worldwide (B$)
In the Report, Accenture states that to succeed in the data revolution, business leaders enable their employees to become more confident and comfortable in using data insights to make decisions.
Firms that unlock data literacy will gain up to 5% growth in enterprise value associated with data-driven businesses, while also removing the productivity cost of data illiteracy in their organizations