Building Data Fluency in an Organization

WebinarNovember 2021

Data science has fundamentally changed how we make decisions, build products, and evaluate a project’s success. Yet despite the explosion of data collected in recent years, many organizations—from financial institutions and health care firms to management consultancies and governments—are simply not equipped to learn from their data in an efficient and effective manner, and build the data fluency needed to enable their growth. This talk will dive into the value of data fluency in an organization, how different organizational models can hinder or facilitate data fluency, and different ways to achieve it.

Summary

Data fluency has become a vital skill for organizations to succeed in today's data-centric world. Demand for data skills continues to rise, with data science jobs growing by 650% since 2012. Organizations now view data fluency as necessary rather than optional. The webinar tackled how data fluency can be achieved by understanding current data science trends, the importance of data literacy, and the necessary steps to build a data-proficient organization. It underlined the benefits of transitioning from a centralized to a hybrid data team model, which combines the strengths of centralized and embedded models. The discussion also stressed the need for a high-level data strategy, fundamental data skills, and a culture shift to encourage data-driven decision-making. The role of tools like Datacamp Signal in assessing and developing data skills was also discussed, as well as the importance of executive support and the value of early victories in driving data literacy initiatives.

Key Takeaways:

Data fluency is now a necessary skill for organizations, not a future consideration.
The demand for data science jobs has surged, indicating a shift in organizational priorities toward data skills.
A hybrid data team model can maximize the benefits of data science across an organization.
Building data fluency requires a high-level data strategy, fundamental skills, and an organization-wide culture shift.
Early victories and executive support are critical in driving a successful data fluency initiative.

Deep Dives

Current State of Data Science

Data science has quickly evolved from a futuristic conce ...
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pt to a mature field with significant implications for organizations. The demand for data science jobs has increased by 650% since 2012, reflecting its growing importance. Organizations now view data skills as necessary rather than optional, as evidenced by the U.S. Bureau of Labor Statistics projecting 11.5 million new data-related jobs by 2026. The growth of open-source tools like Python and R, alongside proprietary tools such as Tableau and Power BI, indicates the widespread adoption of data-driven methodologies. As Adele Nehmeh noted, "Data literacy is becoming an essential life skill, especially as we digitize more and more information in society." The COVID-19 pandemic has further highlighted the need for data literacy, with visualizations and statistical knowledge becoming vital for understanding global trends.

The Importance of a Hybrid Data Team Model

The centralized data team model, while effective in some aspects, often treats data science as a support function rather than an organizational priority. This can lead to bottlenecks and reduced strategic impact. An embedded model, where data scientists are integrated into various departments, offers more autonomy but can limit their growth and strategic influence. Datacamp adopts a hybrid model, which combines the strengths of both approaches. By embedding data scientists within departments while maintaining a centralized data team, organizations can ensure that data science is a strategic priority and empower different teams to use data effectively. This model encourages a culture of data democratization and strategic alignment, allowing organizations to maximize the benefits of data science across all departments.

Building a Data-Fluent Organization

Achieving data fluency requires a structured approach including a high-level data strategy, fundamental data skills, and a culture shift. A high-level data strategy involves defining the organization's data goals and aligning them with business objectives. This can be achieved through descriptive, prescriptive, and predictive analytics. Building fundamental data skills is vital, as 72% of organizations believe it is the most important aspect of a data fluency strategy. Skills in data manipulation, programming, and statistics are necessary for realizing analytics opportunities. Culture change is equally important—organizations must encourage a learning environment where data-driven decision-making is encouraged. Executive support plays a vital role in driving this cultural shift, ensuring that resources and vision align with data fluency goals. As Adele emphasized, "Building data fluency is the most essential thing organizations can do now."

Driving Executive Support and Early Victories

Executive support is vital for building data fluency, as leadership buy-in ensures that resources and strategic priorities align with data initiatives. Organizations must demonstrate early victories to maintain momentum and justify continued investment in data fluency. These early victories can be achieved by identifying low-hanging fruit in analytics projects, such as creating unified data dashboards or implementing customer churn prediction models. These projects not only demonstrate the tangible benefits of data initiatives but also help build a culture of data-driven decision-making. As one participant noted, "Showcasing early victories in return on investment is vital for convincing stakeholders of the value of a data strategy." By focusing on achievable projects and demonstrating their impact, organizations can encourage enthusiasm and drive organization-wide buy-in for their data fluency efforts.