“Everybody needs data literacy, because data is everywhere. It’s the new currency, it’s the language of the business. We need to be able to speak that.”
So said author and data science expert Piyanka Jain, in speaking with MIT Sloan on the importance of building data literacy within organizations.
Data literacy is a hot topic, but just one of many as the fields of data and analytics continue to rapidly remake almost every industry. Here are other data and analytics quotes and statistics from scientists and practitioners that resonate with readers:
“You can have all of the fancy tools, but if [your] data quality is not good, you’re nowhere.” — Veda Bawo, director of data governance, Raymond James.
“In most cases, you can’t build high-quality predictive models with just internal data.” — Asif Syed, vice president of data strategy, Hartford Steam Boiler.
“Most companies have an IT organization, but they haven’t thought of the possibilities of decoupling the ‘I’ from the ‘T’ and managing information and technology as separate assets.” — Doug Laney, author, “Infonomics”
Only 20% of analytics insights will deliver business outcomes through 2022, according to Gartner research.
“Executive management is more likely to invest in data initiatives when they understand the ‘why.’” — Della Shea, vice president of privacy and data governance, Symcor
“If you want people to make the right decisions with data, you have to get in their head in a way they understand.” — Miro Kazakoff, senior lecturer, MIT Sloan
“People spend 60% to 80% of their time trying to find data. It’s a huge productivity loss.” — Dan Vesset, group vice president, IDC
“Since most of the world’s data is unstructured, an ability to analyze and act on it presents a big opportunity.” — Michael Shulman, head of machine learning, Kensho
“Companies have tons and tons of data, but [success] isn’t about data collection, it’s about data management and insight.” — Prashanth Southekal, business analytics author, professor, head of the Data for Business Performance Institute
In a recent survey of analytics leaders, 67% said organizational culture is the biggest barrier to becoming a data-oriented company.
“Without clean data, or clean enough data, your data science is worthless.” — Michael Stonebraker, adjunct professor, MIT
“The skill of data storytelling is removing the noise and focusing people’s attention on the key insights.” — Brent Dykes, data strategy consultant, and author, “Effective Data Storytelling”
“In a world of more data, the companies with more data-literate people are the ones that are going to win.” — Miro Kazakoff, senior lecturer, MIT Sloan