Investing in data and analytics is no longer optional for companies looking to grow their revenue. And for the past few years, IT investment in data and analytics have boomed.
But now a new era of data literacy– the ability for employees within an organization to understand and use data effectively in their roles – has begun. And data literacy has become the new normal for forward-thinking companies. Data democratization and the rise of the citizen data professional can fuel innovative business solutions and provide big ROI for enterprises of every size.
How do you become data literate?
Creating a data literate organization requires an investment in modern data architecture, one that uses the latest technologies and approaches to empower business users to make use of their data. But more than simply updating hardware and software, data culture and data literacy require a shift in how organizations think about using data.
Changing the way you think about using data
In a recent survey from McKinsey Global, many companies reported that they limit analytics to ad hoc initiatives or one-off actions. Using analytics sparingly to solve only a few business challenges won’t move your company forward.
Using analytics across the organization can keep businesses relevant and growing. In fact, 47 percent of companies surveyed by McKinsey said that data and analytics have significantly or fundamentally changed the nature of competition in their industries in the past three years.
So what can companies do to create a culture of data literacy?
Silos hide useful data from analysis
In order to continuously keep data top of mind for business projects, business users need access to that data to make it useful. But because of growing volumes and varieties of data, from different sources spread across the enterprise, a single source of truth is often hard to achieve. We surveyed 200 data professionals to understand the struggle to make data useful. A staggering 90 percent of those surveyed found it challenging to make data available in a format that is useful for analytics, citing large data volumes, data silos, and complex environments as their biggest challenges.
The McKinsey Global survey reported that for respondents across companies, the most critical practice for promoting data literacy is having employees consistently use data as a basis for their decision making. Those that have succeeded in doing so are nearly 1.5 times more likely to report revenue growth of at least 10 percent in the past three years. But with data trapped in silos, businesses can’t make effective data-driven decisions because employees don’t have access to the full story.
Free your data from silos with modern data integration
Disparate data silos exist in all businesses, with different data formatted in different ways inside of different systems. That’s why we created Matillion Data Loader, a lightweight data integration tool that supports a variety of data sources. Matillion Data Loader brings data together and unifies it within a central location–a cloud data warehouse. For companies with complex environments and data transformation needs, our flagship product, Matillion ETL, can join together disparate data and make it analytics-ready.
Creating a data-literate work culture is no easy feat, but many Matillion customers have achieved it successfully. Kai Wolffram, Head of Analytics at TUI, the largest tour operator and leisure company in the world, improved the department’s data management strategy to provide better insights to their business users.
Watch this on-demand webinar to see how TUI’s new approach to data management helped centralize data and improve analysis across multiple brands and data sources.