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Literacy usually refers to the ability to read and write; however, literacy is really competence or knowledge in a specific area, such as data literacy. To be data literate, individuals need a skill set that includes reading, manipulating, communicating, and producing data for critical use. These are skills that 82% of all employers expect their employees to have. Yet, few educational systems spend time teaching data skills across the curriculum. As a result, less than 30% of the US workforce feels data literate.

While employers expect data-literate employees, 68% of business executives struggle to create measurable value from data. Almost 75% of executives said their data analytic projects failed to produce actionable insights. The lack of data literacy has a significant impact on productivity. According to a recent study, companies lose an average of 43 hours of work per employee per year because of data-induced procrastination and absenteeism.

What is even more concerning is how few employees rely on data when making decisions. Almost half of employees trust their "gut" over data when making a decision. More than 65% of C-suite executives and senior management go with their gut over data-driven insights. Such weak data literacy skills are impeding business growth. For example, 36% of employees avoid using data and find an alternative method to complete a task. Almost 15% of workers would avoid doing the data-driven task completely.

Gavin Wood coined the phrase Web3 in 2014 to refer to the next iteration of the internet. In his view, decentralized data secured with blockchain technology would lessen big tech's control over the data generated on the internet. Why should Facebook and Google make millions off consumer data? Shouldn't people have more say in how their data is being used?

Although Wood's vision of democratized data is open to debate, the technology that underlies Web3 is not. Organizations are already looking to decentralize their data as part of edge computing initiatives. Many are implementing artificial intelligence tools to help assemble and analyze data faster and more accurately. The following technologies are what will fuel the move to Web3.

Once upon a time, organizations created an annual plan that included budgeting and forecasting. Every quarter actual numbers were compared to plan and adjustments were made if needed. Stock prices rose and fell based on how well a company met its forecasts. Then, 2020 happened.

Suddenly, annual plans were useless. Sometimes, it was difficult to plan the next hour. There were workforce disruptions, supply chain failures, and technology limitations. To adapt, businesses needed real-time data to guide decisions. Unfortunately, many organizations were not equipped to deliver information quickly. They lacked the capabilities that tools such as power BI reporting provide.

Faced with another year of unpredictability, how should organizations prioritize their technology spend? What technologies are best suited to propel them forward, but allow them to pivot if the world changes? For many companies, choosing between on-premise, cloud-only, or a hybrid infrastructure is the primary financial decision for 2022.

Sustained growth requires resilience. If companies want to maintain consistent growth, they need to survive the unexpected. Whether it is a labor shortage or a supply chain disruption, organizations must have the flexibility to pivot resources to counter unexpected change. This institutional resilience requires more than ample cash reserves or a business continuity plan. It needs an in-depth assessment of the following areas:

• Finance
• Operations
• Technology
• Culture

Sustained growth means building resilience in each area. If a company cannot bounce back from an unexpected event, it cannot sustain growth. And sustained growth requires Power BI Reporting to ensure information is readily available.

When Walker Info conducted a survey on purchasing habits, they found that 86% of customers rate the experience they had as the most important reason for choosing that company to make a purchase. With access to large pools of goods and services through technology, most purchases are no longer price-driven, but rather hinge on the experience that the consumer has while shopping. If a customer finds it difficult to access information, obtain pricing or shipping discrepancies, or cannot get the help they need when trying to make a purchase, they simply go elsewhere to find a similar product at a similar price with a more enjoyable experience.  

In order to optimize a customer's experience, it is critical to use data and analytics to create a product or service journey that is more responsive and personalized. Power BI Reporting offers solutions that help collect and distribute valuable customer data to help businesses improve these critical touchpoints.