Data Literacy Service
BI – Literate: same data, better decisions
Better decision making across sales & marketing through improved data literacy
Your company undoubtedly invests significant time and resources in acquiring, processing, and disseminating data to a variety of users, but how confident are you that those data are used to their full potential?
Our new and innovative data literacy service, Bi-Literate, is designed to assess, improve, and support managers, representatives and marketers in their use of data to confidently make evidence-based decisions.
We start by gaining a better understanding of the user-base’s comfort level with data and work with your team to recommend and implement improvements, benchmark progress, and provide expert support to users to increase their data confidence.
What’s the return on investment?
Data Literacy skills are especially important for those who do not work primarily in an analytics role, as these empower employees to join the data culture and take data analysis into their own hands.
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Overcoming data literacy limitations within organisations is key to unlocking the full potential of Business Intelligence. As well as helping to maximise returns on substantial investments made in data, it also helps balance the influence of a diverse team, ensuring everyone is able to build a case for action on facts, not just the most analytical.
As AI based services like Next Best Action (NBA) software start to proliferate, a confident understanding of the data used in such systems allows individuals to make sensible decisions about when to be confident in results, and when to be sceptical.
Benefits
It is important for as many people as possible in an organisation to have a basic understanding of data. Some of the many benefits of being able to read and interpret data sets include the following:
- More individuals within the organisation being able to make informed decisions – Gain competitive advantage
- The ability to ask more intelligent questions and receive better answers regarding your organisation’s operations – Act on issues sooner
- Less reliance on others or BI departments to interpret data – Faster decision making
- Reduce the risk of poor interpretation leading to misinformation – Mitigate risks more effectively and enhance reputation
The rise of the data-driven enterprise | Accenture, 2021. This report highlights the following statistics for organisations that are data driven.:
• OVER 30% Annual growth experienced by data-driven organisations
• 87% of employees believe in the value of data, ONLY 25% think they’d be capable of leveraging that data effectively
• OVER 48% of employees indicate they tend to follow their gut instinct rather than relying on data-driven insights
• Data is a source of stress for 6 out of 10 employees
With BI-Literate, you can monitor the progress being made within your organisation, as well as comparing it anonymously to other similar organisations. This helps you to understand relative strengths and weaknesses, so that effort can be focused on the areas where you are likely to see the biggest return.
How does the service work?
The service is a partnership between you and CSL and is delivered over a 12-month period initially, covering the four key areas affecting data literacy.
DATA STRATEGY
• Interpret data in-line with objectives
• Data sources & their pros & cons in the industry
DATA CONSUMERS
• Support in using data
• Decision-making capacity
BUSINESS INTELLIGENCE
• Strategies to improve dissemination
DATA SYSTEMS
• Adoption
• Understanding
Step 1 – We gain an understanding of your data strategy and goals
Step 2 – We evaluate how effectively your strategy translates through various mechanisms into what’s available to users, and how it is understood and interpreted.
Step 3 – Using the data collated from the evaluation stage, we provide a comprehensive analysis of the findings, and enable you to compare data literacy internally, and anonymously externally to give you a feel for your relative strengths and opportunities for improvement.
Step 4 – Our experts take the findings and analysis and use their experience to provide recommendations to the business going forward. We can also help you to deliver those recommendations if you wish.
Ongoing – Our analyst team provide ongoing support and advice to your team to build their confidence and understanding over time.
Improvement is an evolution
CSL offers continuous support to data consumers, conducts industry-specific data training for sales rep inductions and provides a helpline for data interpretation guidance.
Contact us for a discussion on enhancing data literacy in your company.