Homework answers / question archive / Learning Objectives In this assignment you will: • • • Read, analyze, and argue with data – Using the provided descriptive statistics (the Tables), you will learn to read tables to understand what they are saying, and determine which information you can use from them to support your message

Learning Objectives In this assignment you will: • • • Read, analyze, and argue with data – Using the provided descriptive statistics (the Tables), you will learn to read tables to understand what they are saying, and determine which information you can use from them to support your message

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Learning Objectives In this assignment you will: • • • Read, analyze, and argue with data – Using the provided descriptive statistics (the Tables), you will learn to read tables to understand what they are saying, and determine which information you can use from them to support your message. Critical thinking & problem-solving - You will review sources from the literature to identify the use of statistics in your field. Communication - You will present a clear message to the specific assigned audience. Your message will in part be based on integrating the appropriate content from the assigned descriptive statistics. Required Reading/Viewing • • • downloadby House, Layton, Livingston & Moseley from The Engineering Communication Manual. This brief chapter will provide an introduction to communicating with Executives, or as this chapter refers to them as "Authorizers." Professional Tone. This Canvas page provides a description of 'professional tone' and aspects of writing you can work with to accomplish it. Figures and Charts (Links to an external site.) on the UNC Writing Center Tips and Tools website. For the assignment read starting at "Using Figures" through to the end of the document. Executives Extra Reading, not required. This reading is provided for those of you that want to get a step ahead with writing about data. It goes beyond what you will be expected to do for this assignment but will be a useful resource for future work. • Chapter 5 Data: The Foundation of Your data Story in Effective Data Storytelling: How to Drive change with data, narrative, and visuals. (Links to an external site.) White Paper Assignment Steps Description In this assignment, you will work on writing about the same core content as in IDL 1 - what your field does with probability and statistics, but with a different audience and purpose. As a professional, it is common to have to communicate with a range of audiences on the work you are doing, where each audience has different knowledge of and interest in your work. To effectively communicate with each audience, you need to think about this and adjust your message to each audience. In this assignment, you will be presenting the importance of probability and statistics to executives in a consulting firm in your field. Their need to know this information is reviewed in the reading you were assigned. As their need for this information is different than the students' need in IDL 1, you will be working with different data to argue your point. Audience: Organizational Leaders. You will position yourself as an employee in a large consulting organization in your field. This is a firm that does the full breadth of work that your field does for a wide range of clients and project types. As this is a new type of audience to speak to for many of you, this assignment's writing will add an additional element - an appropriate professional tone. Please note: while some of you will go to work in organizations where your professional capabilities support the main goal of the organization, rather than being the focused purpose, this assignment is NOT structured for that type of work. As an example, you will not present this as an engineer working in a manufacturing facility. Purpose: Making a case for the organization to invest more money to 1) hire new employees with probability and statistics literacy, and 2) train existing employees to be able to find, interpret, and apply data to the problems they are addressing for clients. Deliverable: An internal report 700 words minimum, using the structure described in this assignment and the appropriate template, provided below Complete and Synthesize Research For this assignment, you will have two types of input information, statistical data and literature review. Please notice the order of this input is reversed from the sequence used in the first assignment. Data. With this report, you are looking to support a case to senior leadership in your fictitious company that they need to invest in hiring and training existing employees for increased ability to use probability and statistics in their work; in other words that there is a benefit to the organization for employees to be data literate so they can find data, complete analysis of data, use it productively, and present it to the relevant audiences. For this assignment, you will review the following document looking for data in the text and its graphs that can support the case you are making to your company executives. At the least, you must integrate into your text information from Figures 2, 3, and 5. Required Source: Analytics and AI-driven enterprises thrive in the age of with: The culture catalyst downloadby Tim Smith, Ben Stiller, Jim Guszcza, and Tom Davenport from Deloitte Insights. Using other Data: for the first assignment, several students decided to use alternative data. You may opt, to find additional data, but MUST use the required data from the document provided. Additional credit will not be given for additional sources however, it will be considered (if from a credible source) as part of the case you are making. This does mean you will need to use both an in-text citation and a correctly formatted reference, so the grader can tell if your source is credible. Literature Review. The purpose of this assignment is to work with the same core material you reviewed for IDL 1 but to revise your content to be appropriate for this audience and purpose. Therefore, you will start with the same core research, from 'Role of Probability and Statistics in the Work of Your Field' page. As with the first paper, you are not limited to these sources, however, they should provide a good foundation for initiating this work. Remember the questions you considered for the first assignment BUT, view them as a member of a company reporting to senior leadership. • • What can a professional consulting firm in your field do with probability and statistics to help clients? What range of services can you provide to clients using probability and statistics? What type of input into the work of your field statistics provides. By this, I mean is it used for defining problems, evaluating systems and products, and/or creating products and tools. Some of these may be general aspects of work and some may be specific product types. Connecting to the USF Library from off-campus. (Links to an external site.) Connecting to the Library from off-campus requires a few specific steps that allow the Library systems to see you as a student, and allow you full access to USF Library resources. If you do not complete these steps you will not have access to the materials you will need. Please review the hyperlinked library skills guide. Compose Content See the hyperlinks below for links to the templates to be used for the document you will create for this assignment. Writing a professional document. Tone - Appropriate tone is always important in professional writing. It involves your choice of document organization, and wording as resources to connect to your audience so that they engage with the communication you are sharing. Organization – a professional document must be organized clearly and consistently. Topic sentences, inform readers what is coming in the text and how it logically fits together. Readers will expect you to tell them a logical sequence in which you will present the material in this sentence and then follow it in your document. Flow – your writing must connect one idea to the next throughout the document. Paragraphs and sentences – You will write this document in paragraphs, using full sentences. Language – Use precise language, stating exactly what you are talking about. Do not use slang, shortened forms of words, or figures of speech. Acronyms may only be used after first spelling out the words with the initials behind them in parenthesis after the words. Grammar and punctuation – Use grammar editing tools to assure that your grammar and punctuation are correct. This is a necessary professional habit. You will lose points if the grader has to struggle to understand what you are saying. No quotations and NO plagiarism – They are not acceptable practices in professional engineering writing to use direct quotations. The words in your document must represent your own thinking, based on the information you have gathered. Citing credible sources from which you got ideas gives you credibility and it is required in this work. If you are unclear on plagiarism or are from a region of the world that may think about it differently, review the Plagiarism page. Document Structure Your document's purpose is to persuade executives in your fictitious consulting firm (in your field) that they need to invest in hiring and training employees to be probability and statistics literate in order to be competitive and profitable. The linked example downloadillustrates an approach to the content and the required appearance of the document. As you are speaking to people that are higher in rank than you in the organization, this document must be more formal in tone than IDL 1 when you were writing to other students. You will include the following headings/subheadings: • A Document Title. Document titles must briefly and precisely indicate the topic of the document. When writing for an internal audience, particularly people of higher status in the organization, it is critical that the title clearly, succinctly, and specifically identifies the scope of the document. Clever titles are less important for this type of internal document. • • Introduction. As with any professional document, the beginning of the document needs to provide readers with an overview of why this is important to them and what it will address. Start with the purpose of the document and what it is being presented for. Then state what is important to the audience when it comes to agreeing with what you are arguing for. You will support this in two ways – 1) You will use data to argue that doing this will meet the audience's needs and 2) you will discuss the important ways in which probability and statistics are used in the work of the organization (field). The Importance of Probability and Statistics Literacy for Our Company's Success. In this section, you will include a discussion of the relevant parts of the data you reviewed earlier to indicate to your organization's executives why probability and statistical literacy are important for the organization's competitiveness and financial success - Analytics and AI-driven enterprises thrive in the age of with: The culture catalyst downloadby Tim Smith, Ben Stiller, Jim Guszcza, and Tom Davenport from Deloitte Insights. In-text citations are required in this section. No direct quotations are allowed, the work must be in your own words. o Extra Credit Option: Review The Data Literacy Index: The $500m • • Enterprise Value Opportunity - Results Summary. downloadThis document includes important resources that can be used in this argument. For the extra credit, you will find data in the text that speaks to the financial benefit to an organization in being a data literate business and include this in your argument. In addition, there is a graphical presentation of data by industry from which you will find and use the only elements that support your case. You must read the document well enough to present both components accurately. What Our Company Can do with Probability and Statistics. Using the understanding of the uses of probability and statistics in your field you developed in assignment IDL 1, revise your thinking and presentation of this material to support the arguments you are making to executives. To assist you with this remember the roles of executives within the organization as described in your reading. Be sure you explain these in terms of their priorities. In-text citations are required in this section. No direct quotations are allowed, the work must be in your own words. Conclusion. In this section, you start with the summary of the ways probability and statistics are used by your organization, then remind the audience why what you are asking for is important for them, then state that you have completed the objective of showing why they should invest in hiring and training employees to be probability and statistics literate. • • Signature. While for an externally published report it is typical to include the contributors/authors at the front end of a document, for an internal document, you may include this information along with your signature at the end of the document. Reference List. The document will end with an APA formatted reference list (Links to an external site.) with a minimum of 5 sources. Only include items on the reference list for which you have made an APA in-text citation (Links to an external site.) in your document. However, the required reading for your field/Department must be included. Citations are required any place in your document where you have used the ideas, data, or images of others requires an intext citation. You may not quote your sources, you must develop your own words. Revising and editing, and proofreading: Professional documents must be readable, clear, well organized, and concise. They must also be free of errors. Two approaches may help you with finding typos and grammar and word errors. First, read your work out loud to yourself after having stepped away from it for a while (at least a day). Doing this will help you catch wording errors or omissions and poorly constructed sentences. Second, you should use advanced grammar-checking software to review for grammar, punctuation, or other writing errors. The base paid platform of Grammarly is one option; however, others are available as well. Document Format Use the template provided for the field (Department) you are in. Engineering Template download- Use this if you are majoring in biomedical engineering, chemical engineering, civil engineering, computer engineering, electrical engineering, industrial engineering, or mechanical engineering Probability & Statistics Report to Leadership Business Role of Probability and Statistics Literacy Report to Leadership Introduction Section Text Probability and Statistics Literacy Role in Organizational Success Section Text Role of Probability and Statistics in [Your Field] Engineering Section Sub-Title Section Text Conclusion Section Text Report Completed by: Your Name Your Email Your Signature References Section Text Complex Integration Engineering Consultancy June 24, 2021 1 Learning Objectives In this assignment you will: • • • Read, analyze, and argue with data – Using the provided descriptive statistics (the Tables), you will learn to read tables to understand what they are saying, and determine which information you can use from them to support your message. Critical thinking & problem-solving - You will review sources from the literature to identify the use of statistics in your field. Communication - You will present a clear message to the specific assigned audience. Your message will in part be based on integrating the appropriate content from the assigned descriptive statistics. Required Reading/Viewing • • • downloadby House, Layton, Livingston & Moseley from The Engineering Communication Manual. This brief chapter will provide an introduction to communicating with Executives, or as this chapter refers to them as "Authorizers." Professional Tone. This Canvas page provides a description of 'professional tone' and aspects of writing you can work with to accomplish it. Figures and Charts (Links to an external site.) on the UNC Writing Center Tips and Tools website. For the assignment read starting at "Using Figures" through to the end of the document. Executives Extra Reading, not required. This reading is provided for those of you that want to get a step ahead with writing about data. It goes beyond what you will be expected to do for this assignment but will be a useful resource for future work. • Chapter 5 Data: The Foundation of Your data Story in Effective Data Storytelling: How to Drive change with data, narrative, and visuals. (Links to an external site.) White Paper Assignment Steps Description In this assignment, you will work on writing about the same core content as in IDL 1 - what your field does with probability and statistics, but with a different audience and purpose. As a professional, it is common to have to communicate with a range of audiences on the work you are doing, where each audience has different knowledge of and interest in your work. To effectively communicate with each audience, you need to think about this and adjust your message to each audience. In this assignment, you will be presenting the importance of probability and statistics to executives in a consulting firm in your field. Their need to know this information is reviewed in the reading you were assigned. As their need for this information is different than the students' need in IDL 1, you will be working with different data to argue your point. Audience: Organizational Leaders. You will position yourself as an employee in a large consulting organization in your field. This is a firm that does the full breadth of work that your field does for a wide range of clients and project types. As this is a new type of audience to speak to for many of you, this assignment's writing will add an additional element - an appropriate professional tone. Please note: while some of you will go to work in organizations where your professional capabilities support the main goal of the organization, rather than being the focused purpose, this assignment is NOT structured for that type of work. As an example, you will not present this as an engineer working in a manufacturing facility. Purpose: Making a case for the organization to invest more money to 1) hire new employees with probability and statistics literacy, and 2) train existing employees to be able to find, interpret, and apply data to the problems they are addressing for clients. Deliverable: An internal report 700 words minimum, using the structure described in this assignment and the appropriate template, provided below Complete and Synthesize Research For this assignment, you will have two types of input information, statistical data and literature review. Please notice the order of this input is reversed from the sequence used in the first assignment. Data. With this report, you are looking to support a case to senior leadership in your fictitious company that they need to invest in hiring and training existing employees for increased ability to use probability and statistics in their work; in other words that there is a benefit to the organization for employees to be data literate so they can find data, complete analysis of data, use it productively, and present it to the relevant audiences. For this assignment, you will review the following document looking for data in the text and its graphs that can support the case you are making to your company executives. At the least, you must integrate into your text information from Figures 2, 3, and 5. Required Source: Analytics and AI-driven enterprises thrive in the age of with: The culture catalyst downloadby Tim Smith, Ben Stiller, Jim Guszcza, and Tom Davenport from Deloitte Insights. Using other Data: for the first assignment, several students decided to use alternative data. You may opt, to find additional data, but MUST use the required data from the document provided. Additional credit will not be given for additional sources however, it will be considered (if from a credible source) as part of the case you are making. This does mean you will need to use both an in-text citation and a correctly formatted reference, so the grader can tell if your source is credible. Literature Review. The purpose of this assignment is to work with the same core material you reviewed for IDL 1 but to revise your content to be appropriate for this audience and purpose. Therefore, you will start with the same core research, from 'Role of Probability and Statistics in the Work of Your Field' page. As with the first paper, you are not limited to these sources, however, they should provide a good foundation for initiating this work. Remember the questions you considered for the first assignment BUT, view them as a member of a company reporting to senior leadership. • • What can a professional consulting firm in your field do with probability and statistics to help clients? What range of services can you provide to clients using probability and statistics? What type of input into the work of your field statistics provides. By this, I mean is it used for defining problems, evaluating systems and products, and/or creating products and tools. Some of these may be general aspects of work and some may be specific product types. Connecting to the USF Library from off-campus. (Links to an external site.) Connecting to the Library from off-campus requires a few specific steps that allow the Library systems to see you as a student, and allow you full access to USF Library resources. If you do not complete these steps you will not have access to the materials you will need. Please review the hyperlinked library skills guide. Compose Content See the hyperlinks below for links to the templates to be used for the document you will create for this assignment. Writing a professional document. Tone - Appropriate tone is always important in professional writing. It involves your choice of document organization, and wording as resources to connect to your audience so that they engage with the communication you are sharing. Organization – a professional document must be organized clearly and consistently. Topic sentences, inform readers what is coming in the text and how it logically fits together. Readers will expect you to tell them a logical sequence in which you will present the material in this sentence and then follow it in your document. Flow – your writing must connect one idea to the next throughout the document. Paragraphs and sentences – You will write this document in paragraphs, using full sentences. Language – Use precise language, stating exactly what you are talking about. Do not use slang, shortened forms of words, or figures of speech. Acronyms may only be used after first spelling out the words with the initials behind them in parenthesis after the words. Grammar and punctuation – Use grammar editing tools to assure that your grammar and punctuation are correct. This is a necessary professional habit. You will lose points if the grader has to struggle to understand what you are saying. No quotations and NO plagiarism – They are not acceptable practices in professional engineering writing to use direct quotations. The words in your document must represent your own thinking, based on the information you have gathered. Citing credible sources from which you got ideas gives you credibility and it is required in this work. If you are unclear on plagiarism or are from a region of the world that may think about it differently, review the Plagiarism page. Document Structure Your document's purpose is to persuade executives in your fictitious consulting firm (in your field) that they need to invest in hiring and training employees to be probability and statistics literate in order to be competitive and profitable. The linked example downloadillustrates an approach to the content and the required appearance of the document. As you are speaking to people that are higher in rank than you in the organization, this document must be more formal in tone than IDL 1 when you were writing to other students. You will include the following headings/subheadings: • A Document Title. Document titles must briefly and precisely indicate the topic of the document. When writing for an internal audience, particularly people of higher status in the organization, it is critical that the title clearly, succinctly, and specifically identifies the scope of the document. Clever titles are less important for this type of internal document. • • Introduction. As with any professional document, the beginning of the document needs to provide readers with an overview of why this is important to them and what it will address. Start with the purpose of the document and what it is being presented for. Then state what is important to the audience when it comes to agreeing with what you are arguing for. You will support this in two ways – 1) You will use data to argue that doing this will meet the audience's needs and 2) you will discuss the important ways in which probability and statistics are used in the work of the organization (field). The Importance of Probability and Statistics Literacy for Our Company's Success. In this section, you will include a discussion of the relevant parts of the data you reviewed earlier to indicate to your organization's executives why probability and statistical literacy are important for the organization's competitiveness and financial success - Analytics and AI-driven enterprises thrive in the age of with: The culture catalyst downloadby Tim Smith, Ben Stiller, Jim Guszcza, and Tom Davenport from Deloitte Insights. In-text citations are required in this section. No direct quotations are allowed, the work must be in your own words. o Extra Credit Option: Review The Data Literacy Index: The $500m • • Enterprise Value Opportunity - Results Summary. downloadThis document includes important resources that can be used in this argument. For the extra credit, you will find data in the text that speaks to the financial benefit to an organization in being a data literate business and include this in your argument. In addition, there is a graphical presentation of data by industry from which you will find and use the only elements that support your case. You must read the document well enough to present both components accurately. What Our Company Can do with Probability and Statistics. Using the understanding of the uses of probability and statistics in your field you developed in assignment IDL 1, revise your thinking and presentation of this material to support the arguments you are making to executives. To assist you with this remember the roles of executives within the organization as described in your reading. Be sure you explain these in terms of their priorities. In-text citations are required in this section. No direct quotations are allowed, the work must be in your own words. Conclusion. In this section, you start with the summary of the ways probability and statistics are used by your organization, then remind the audience why what you are asking for is important for them, then state that you have completed the objective of showing why they should invest in hiring and training employees to be probability and statistics literate. • • Signature. While for an externally published report it is typical to include the contributors/authors at the front end of a document, for an internal document, you may include this information along with your signature at the end of the document. Reference List. The document will end with an APA formatted reference list (Links to an external site.) with a minimum of 5 sources. Only include items on the reference list for which you have made an APA in-text citation (Links to an external site.) in your document. However, the required reading for your field/Department must be included. Citations are required any place in your document where you have used the ideas, data, or images of others requires an intext citation. You may not quote your sources, you must develop your own words. Revising and editing, and proofreading: Professional documents must be readable, clear, well organized, and concise. They must also be free of errors. Two approaches may help you with finding typos and grammar and word errors. First, read your work out loud to yourself after having stepped away from it for a while (at least a day). Doing this will help you catch wording errors or omissions and poorly constructed sentences. Second, you should use advanced grammar-checking software to review for grammar, punctuation, or other writing errors. The base paid platform of Grammarly is one option; however, others are available as well. Document Format Use the template provided for the field (Department) you are in. Engineering Template download- Use this if you are majoring in biomedical engineering, chemical engineering, civil engineering, computer engineering, electrical engineering, industrial engineering, or mechanical engineering The Data Literacy Index The $500m Enterprise Value Opportunity Results Summary Foreword In every industry across the globe there has been an explosion in the data available for decision making. Yet for too long, so much of the value held within data has been left out of the hands of those who can derive meaning from it. Automation, robotics and artificial intelligence are creating fundamental changes in how we live and work. And data is the universal language of this fourth industrial revolution. Mike Capone CEO, Qlik We need a workforce that can ask questions of machines and use data to build knowledge, make decisions and communicate its meaning with others. The ability to translate data into useable information that inspires action still eludes many of us: widespread data skills do not exist across today’s workforce, data is not democratized, and data-driven decision-making is neither incentivized nor encouraged. Why? There remains a persistent gap between how organizations perceive the importance and relevance of data, and the appreciation for what’s become known as data literacy – the ability of an organization to read, analyze, use for decisions and communicate data and insights throughout their organization. It’s this burning challenge for many organizations to effectively harness the huge data opportunity that sparked us to commission a much-needed study into corporate data literacy. The Data Literacy Index is the result of an investigation that aims to explore the relationship between data literacy and the value a business can derive from it. For the first time, we revealed the correlation between company performance and workforce data literacy and established a measure that organizations can benchmark themselves against. The Data Literacy Index is not just intended to be an interesting analysis of the current state of affairs. It is a call to arms to business leaders to defend their market share and ensure the data revolution does not leave them in its wake. Read on to find out how your organization could enjoy up to $500m in higher enterprise value with data literacy and what global business decision makers feel about the data literacy opportunity. The Data Literacy Index was commissioned by Qlik on behalf of the Data Literacy Project. The research and analysis were conducted by IHS Markit, PSB Research and academics from the Wharton School, University of Pennsylvania. 2 The Data Literacy Index Defining ‘Corporate’ Data Literacy The term data literacy has typically been applied when referring to individuals. It does not demand a highly technical understanding of data, which might be required of a data scientist or analyst, but measures a person’s ability to read, work with, analyze and argue with data. To the same end, Corporate Data Literacy is not limited to scientific or technical organizations or simply achieved through hiring data specialists. We established the first definition for Corporate Data Literacy as the ability of an organization to read, analyze, utilize for decisions, argue with and communicate data throughout the organization. When determining what this looks like across an organization, we identified three core pillars of data literacy. THE PILLARS OF CORPORATE DATA LITERACY Corporate Data Literacy Score Data Literacy Skills (Human Capital) Hiring Training Data Driven Decision Making Data Decentralization Data Resources Data Dispersion Skill Dispersion Data Dispersion Source: IHS Markit Data Literacy Skills ata literate organizations require employees who are themselves data literate. While most organizations D obtain data skills through hires, education programmes are also needed to help everyone understand and use data in their role. Data Driven Decision Making Data driven decision making is measured by two different aspects: Data Decentralization, so individuals have access to the necessary data they need to make decisions in their role; and Data Resources, which ensures insights are captured and presented in a way that supports data-driven decision making. Data Dispersion Data skills dispersion measures how widespread the use of data is throughout the organization, as every department, beyond clusters of specialist functions, must be able to derive insight and act on it. ESTABLISHING CORPORATE DATA LITERACY SCORES Using this definition, IHS Markit and Wharton academics have developed a new measurement system – Corporate Data Literacy (CDL) Scores – based on the performance of an organization against the three dimensions of corporate data literacy: the data skills of the employees (human capital); data driven decision making; and data skill dispersion (how widespread is the use of data throughout the organization). For the global sample, the distribution of CDL scores range from a low of 0 to a high of 100. The Data Literacy Index 3 The Data Literacy Index: Revealing the $500 million opportunity When engaged with properly, we know data is a critical asset for an organization to stay competitive. Yet, a significant empirical effort to quantify the impact of data literacy on financial performance was missing. With The Data Literacy Index, we address this. It is a rigorous model that ranks companies against Corporate Data Literacy scores and attempts to correlate literacy levels to measures of corporate performance. The findings were startling. The Data Literacy Index discovered: • Workforce data literacy has a proven correlation with corporate performance. Organizations ranked in the top third of the Data Literacy Index are associated with three to five percent greater enterprise value (market capitalization) • Based on the average organization size of this study ($10.7b enterprise value), enterprises that have higher corporate data literacy scores can have $320-$534 million in higher enterprise value • Improved corporate data literacy positively impacts other measures of corporate performance as well, including gross margin, Return-on-Assets, Return-on-Equity and Return-on-Sales THE GLOBAL PICTURE While the positive relationship between Corporate Data Literacy and corporate performance is consistent across every region and industry analyzed, the breakdown provides a clear benchmark for business leaders. Regional excellence • Europe holds the highest Data Literacy score globally, with the UK, Germany and France among the most mature nations for corporate Data Literacy • This reflects a greater recognition that European business decision makers have for the value of data. 72 percent affirm that it is “very important”, compared with just 60 percent in Asia and 52 percent in the US. It also appears to positively impact the proportion of decisions that are made using data and encouragement for employees to become comfortable with data • The Data Literacy scores for the US and APAC regions were slightly lower, but were not statistically different from each other • Singapore performed exceptionally for its region and is the most data literate nation globally • The US is experiencing a different situation, with nearly half of business leaders reporting that at least “quite a few” changes have been made to their companies’ use of data – the highest of all regions. However, organizational changes are not matched by investment US business leaders report lowest levels of both data literacy training (30%) and only 16% report that their companies “significantly encourage” employees to become more comfortable with data. 4 The Data Literacy Index Regional excellence UK Median Score: 81.3 Germany Median Score: 79.0 Japan Median Score: 54.9 Italy Median Score: 71.9 Singapore Median Score: 84.1 Australia Median Score: 72.4 US Median Score: 72.6 France Median Score: 77.3 Spain Median Score: 71.5 India Median Score: 76.2 Source: IHS Markit Industry leaders There are far greater differences in corporate data literacy between different industries than between regions. 77.4 77.1 76.9 76.3 76.2 75.4 75.4 74.8 72.8 70.9 70.7 Accommodation and Food Services Finance and Insurance Construction Professional, Scientific, and Technical Services Information Mining, Quarrying, and Oil and Gas Extraction Transportation and Warehousing Management of Companies and Enterprises Manufacturing Utilities Wholesale Trade Real Estate and Rental and Leasing 69.2 67.1 Health Care and Social Assistance 80.2 Retail Trade 81.1 Admin, Support, and Waste Management and Remed Services Median CDL Score by Industry Source: IHS Markit The Data Literacy Index 5 Where are Enterprises falling short when it comes to Data Literacy? While there are regional and industry differences in the understanding, adoption of and investment in data literacy, the survey of global business decision makers used to inform The Data Literacy Index has identified areas that may be holding organizations back from effectively harnessing the data opportunity. HAVING DATA VS. UNDERSTANDING IT There is a gap between the importance that companies put on data, and their appreciation for it to drive business and economic outcomes: 93 percent of business decision makers believe that data literacy is relevant to their industry and it is important for employees to be data literate, yet less than a third see data literacy as an important factor in a successful economy. THE VALUE OF DATA SKILLS Companies recognize they need more data skills, with 63 percent of large businesses planning on increasing the number of data literacy employees. However, there is a significant skills gap, with just 24 percent of the global workforce fully confident in their ability to read, work with, analyze and argue with data. Despite 78 percent of the global workforce being willing to invest more time and energy into improving their data skill set, just 34 percent of firms currently provide data literacy training and just 17 percent “significantly encourage” employees to become more comfortable with data. Companies also aren’t incentivizing upskilling, with only 36 percent of business leaders willing to pay higher salaries to employees who are data literate. THE DATA GAP IN DECISION MAKING Nearly all business leaders acknowledge that data is important to their industry and in how their company currently makes decisions. But shockingly, just eight percent of firms have made major changes in the way the data is used over the past five years. In fact, data driven decision making has the lowest score of the three dimensions of Corporate Data Literacy measured. So, even companies that have data literate employees across every business unit are not likely to be turning data into useable information as effectively as they could. DATA TECHNOLOGIES GO HAND-IN-HAND While not included in the measure of Corporate Data Literacy, our research has revealed that certain technologies - such as business intelligence, advanced analytics and visualization - also have a positive effect on corporate performance. Unprecedented amounts of data are now being created by the Internet of Things including sensors, edge devices and more powerful computing. Data technologies simplify data, enabling employees to analyze and interpret it more quickly. However, a tool is only as effective as whoever uses it. Companies need a workforce that know how to input data, generate better insights, and are empowered to use it to inform decision making. 6 The Data Literacy Index What’s next? In a world increasingly powered by data, data literacy is as important as literacy itself. Organizations that want to stay competitive in a data rich world must prepare themselves to take advantage of every opportunity for it to inform their business practices and decisions. However, as the value of data literacy is not currently seen in the context of the wider economy, many businesses are not making the necessary changes to their workforce, resources or processes. The Data Literacy Index now helps show the importance of Corporate Data Literacy for company performance. To help organizations navigate their data literacy journey, we are committed to: • Working with global industry leaders from The Data Literacy Project to compile a comprehensive report that provides organizations with expert perspectives, content and a definitive approach to improving Corporate Data Literacy • Developing an online tool that will allow organizations to discover their own Corporate Data Literacy score, against which companies can benchmark themselves The Data Literacy Index 7