Sign in or start a free trial to avail of this feature.
1. How Data Affects Businesses
Data literacy is the key skill of working with data. It’s becoming increasingly important because data is increasingly affecting modern businesses. Learn how this is happening in this lesson.
Lesson Goal (00:10)
The goal of this lesson is to learn about data’s growing impact on business.
What is Data Literacy (00:39)
Data literacy is the ability to read, work with, analyze, and argue with data. If you have data literacy skills, you’ll be able to ask questions of data, build knowledge, make decisions, and communicate meaning to others. The impact of data on business activities can be divided into two groups: activities that can be done faster with data, and new activities that can only be done using data.
Doing Things Faster With Data (01:19)
Many business activities can be greatly accelerated using data. An example of this is recruitment. Job applicants can record themselves answering questions on video, and these responses can be analyzed automatically by computer applications. This allows companies to screen far more applicants than they would without data and analytics.
Companies can also use online aptitude tests to gather information on a variety of skills that would be difficult to capture in a traditional interview. This allows companies to identify a wider range of characteristics than they would have been able to previously.
Doing New Things With Data (02:40)
Data also allows companies to do things they would never have been able to do previously. An example of this would be how companies in the financial sector identify fraud. For example, companies can analyze large amounts of transaction data in real time to identify possible fraudulent activity, or they can combine multiple different sources of information to identify possible inconsistencies that might indicate fraud is taking place.