59% admit that their level of data literacy is below average, while 66% think that this is true for their business unit in general. 

Alteryx, Inc. (NYSE: AYX), the analytics automation company, today highlights a critical shortfall in the knowledge and skills needed by employees in the financial industry to deliver business value in the post-pandemic economy. 

In a research* of data workers within the European finance sector, commissioned by Alteryx, the majority revealed that they struggle with basic day-to-day data tasks such as data shaping or sorting (53%), data cleansing (54%) and visualisation (61%). That’s despite nearly two thirds (64%) stating that they believe data literacy is important to the success to their organisation.  

More worryingly, nearly half (48%) say their organisation’s employees lack the data literacy skills needed to tackle today’s business challenges. 

Data literacy skills are essential to the success of digital transformation strategies across the finance industry. According to a previous report, using data science and modern analytics would allow finance departments to complete financial forecasts 74% sooner, make decisions 25% faster, and improve financial report accuracy by 16%. And as more accounting processes become automated, data skills will become more valuable and sought-after.  

Unfortunately, the report found that 63% of finance workers don’t have the skills to construct a business case from data, while 66% admit they cannot use predictive analytics to identify or prevent the business from making the same mistake over and over again.  

Leaders in the finance industry may realise that upskilling and training initiatives could help to close this skills gap, but it seems they are failing to encourage their staff to do so: according to the survey, only 38% of finance workers say they are motivated to grow their skills. 

“The fields of data analytics and digital transformation continue to challenge companies to break the mould and deliver new and constantly evolving ways to upskill and deliver ROI.” comments Alan Jacobson, Chief Data and Analytics Officer at Alteryx. “A core feature of digital transformation that is often underconsidered is the human factor, and the development of the foundational skills required to make such projects a success. 

“With data workers entering employment at any and all skill levels across the analytic continuum, leadership must commit with conviction to evolve beyond any antiquated approach to data literacy and analytics upskilling and drive a cultural shift to learning within their organisation that scales with employees.”