Home topics technology Jane Crofts, founder of Data To The People and creator of Databilities® Featured Tech Featured Why all businesses need to pay attention to data literacy Isabella Ross March 10, 2020 According to McKinsey Global Institute , data-driven organisations are 23 times more likely to acquire customers, six times more likely to retain customers, and 19 times more likely to be profitable than organisations that don’t leverage their data. Having data literacy is among the most pressing objectives for many executives. With more organisations recognising the importance – and opportunity – of data, we’re seeing significant increases in spending on data and analytics products. Investment in data and analytics products is expected to exceed $200 billion by the end of this year, up from $150 billion in 2019. While new technologies open the door for business improvements – including increased efficiencies, smarter decision-making, enhanced customer experiences and more innovative products – investment in these areas is wasted if the business doesn’t have the right skills to extract the value from its data to push the business forward. Savvy leaders are beginning to realise that it takes more than tools and technology to become a data-driven business, they are now recognising it’s a skills gap that’s preventing them from leveraging data to its full potential. Enter, data literacy. Data literacy is the ability to read, write and comprehend data and is urgently becoming the determinant of success for all businesses, regardless of size or industry. In fact, Gartner predicts