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Poor data literacy crippling businesses

(Image credit: Image Credit: Flickr / janneke staaks)

According to a new report from Experian, the inability to use and analyse data effectively is crippling businesses, and improving data literacy rates among the workforce will be critical to future success.

As part of the report, Experian polled 1,100 data practitioners and data-driven business leaders from around the world.

The company's findings suggest many organisations lack the necessary skills and resources to make the most of their data, despite the fact almost all (84 percent) consider data literacy a “core skill”.

Data literacy (opens in new tab) is described by Experian as “the ability to read, work with, analyse, and form arguments with data”.

The report claims data is one of the most valuable assets for the vast majority of businesses (85 percent), while a third see data literacy as “crucial” for future-proofing the business.

To ensure data literacy improves, 30 percent have set up a formal training programs, and 36 percent plan to do so within the year.

“Over the last decade, it’s clear that data has increasingly become a critical asset in helping businesses thrive, and therefore, there’s a strong desire to take advantage of the opportunities data enables in driving better customer and financial outcomes," said Michael Kilander, Global Managing Director, Data Quality at Experian.

"Unfortunately, a rising level of data debt and a data skills shortage are converging to make data insights harder to achieve," he concluded.

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.