Data literacy is a must, and business leaders need to act on it. For this reason, 49% of these indicate that in the next 12 months they plan to almost double this training in response to the current situation. % of managers working in these areas believe their employees will struggle in the future if they do not improve in this area. “Data literacy is a must, and business leaders need to act on it. To gain a competitive advantage in many cases and to stay afloat in the uncertain business environment in which we are immersed, all decisions must be informed by data”, says Paul Barth, global director of data literacy at Qlik.

Competitive advantages

The report has identified that: Those who consider themselves literate believe that they have a competitive advantage over their peers. Among them, it stands out that: 71% feel more confident when making decisions when they have relevant data at their fingertips 71% also believe more in themselves when presenting any issue to their manager or the senior team if have valuable data to rely on 68% believe that showing that they can work with data will help them in their career progression

Data literacy will be the most in-demand skill in the financial services industry by 2030

Organizational expectations do not match reality

In this industry, the expectations placed on data literacy are high. In fact, 86% of managers in the sector expect their employees to explain how the data has impacted their decisions and proposals. However, only a fraction of people consider that they have these capabilities. Apart from this lack of confidence, financial services teams understand that these types of skills are key to success. The study shows that almost three-quarters of employees (73%) believe they need to be literate to do their current jobs.

Data Literacy Training

The report notes that only 6% of financial services leaders offer data literacy training for their teams. To find a solution, those responsible must plan, on average, to almost double their training offer in the next 12 months.