Why Business Growth and Data Literacy are so Inter-linked
Updated: Aug 18
How can improving your business’s data literacy help with business growth?
If you are looking to make significant changes in your business then take a look at the levels of data literacy within your business, as this could be the key to unlocking effective change.
We believe that data literacy and change management are profoundly intertwined and exceptionally complementary to each other.
For businesses to grow, change management programs are often needed to look at bringing growth into a reality.
Effective change management programs will want to focus on where to focus efforts to deliver the greatest return. Data is key to this, by identifying current pain points, opportunities, and risks. Making data accessible and useable within a business will enable insights to be accessed, that can be turned into actionable strategies for improved performance.
Data supports the change management process by identifying where to focus quantifiable effort, supporting managing risk and prioritising strategies.
However, if a business hasn’t made the data accessible or hasn’t got the skills to be able to access the insight or to use that to be able to spot opportunities then the process will become more subjective and based on gut feel as to where to focus effort, which is harder to manage risk and to prioritise.
Therefore, by addressing data literacy performance within the business is a perfect first step to improved change management.
Here's how data literacy supports change management:
Data-driven decision-making in change management: Change management involves making decisions that impact the business. Data literacy equips individuals with the ability to access, analyze, and interpret data, enabling them to make informed decisions during the change process. Data-driven decision-making ensures that changes are based on evidence and have a higher likelihood of success.
Data as a catalyst for change: Data literacy enables employees to uncover insights and identify areas where change is needed. Through data analysis, individuals can discover patterns, trends, and opportunities that may require organisational adjustments. Data-driven insights serve as a catalyst for change by providing a solid foundation for identifying and prioritising change initiatives.
Monitoring and evaluating change initiatives: Change management involves monitoring and evaluating the progress and impact of implemented changes. Data literacy plays a crucial role in collecting, analysing, and interpreting data to assess the effectiveness of change initiatives. By understanding how to measure and track key performance indicators (KPIs), individuals can determine if the desired outcomes are being achieved and make data-driven adjustments as necessary.
Enhancing communication and stakeholder engagement: Change management often involves engaging and communicating with various stakeholders across the business. Data literacy allows individuals to present complex information in a clear and understandable manner. Visualizations, charts, and reports can be used to convey the rationale, benefits, and progress of the change initiative, facilitating effective communication and engagement with stakeholders.
Addressing resistance to change with data: Resistance to change is a common challenge during change management. Data literacy empowers individuals to use data to address resistance and overcome objections. By providing data-backed evidence and insights, change leaders can effectively communicate the rationale, benefits, and potential outcomes of the proposed changes, reducing resistance and increasing stakeholder buy-in.
Fostering a data-driven culture for change: Data literacy contributes to building a data-driven culture within the business, which is essential for successful change management. A culture that values data literacy encourages employees to engage with data, ask critical questions, and make data-informed decisions. This data-driven mindset supports change management efforts by ensuring that decisions are based on evidence, fostering innovation, and promoting continuous improvement.
If your business is struggling to implement change, take a look at the data literacy in your business, could it be improved?
At MoJo, we understand data like no-one else.
From improving data literacy, to data analysis to deriving insights, we know exactly how to use your business data so that it can benefit you.
Contact us now!