Why Upskilling for Data Visualization Is Essential in 2023

Businesses used to see data as a byproduct of their operations. Nowadays, they should see it as a valuable asset. Unfortunately, many still leave it to gather dust when it could help them increase efficiency, uncover mistakes, and predict trends. This leads to data loss, which can cost companies between $18,000 to $35,000 for 100 files — according to a Verizon study.

Although stagnant data doesn’t equal lost data, it’s not far off — especially for businesses that could be using it in their favor. To stop this from happening, companies today can take advantage of practices like data visualization to understand the datasets they’re generating by the minute. As their adoption increases, today’s data visualization tools are designed to require minimal training to get you started on creating informative graphs and charts without being an expert.

In 2022, Deloitte reported that 58% of CEOs were already upskilling and reskilling their workforce in different areas to mitigate labor scarcity and skills shortages. Dedicating yourself and your employees to a few hours of data visualization training democratizes data in your company. It allows access for everyone by making data digestible visually, so they can make data-driven decisions and enhance processes.

Reading data has been critical to an enterprise’s success since money was invented — but from target audience reports to pricing models, today, every employee benefits from using data somehow. So, let’s explore why upskilling your workforce for data visualization is crucial in 2023.

Boosts Revenue By Using Your Data

A recent Wakefield Research report found that 96% of executives used data to create revenue; however, only 20% employed all of it. They are struggling to adapt to data’s fast-paced growth — which is where data visualization comes in handy. Businesses don’t need to know how to interpret their massive amounts of data as it rolls in. Visualizations can crunch them down and draw value from them.

Tools like Tableau, Looker Studio, and Microsoft Power BI can recover data’s meaning via graphs, trend lines, heat maps, and pie charts, among other illustrations. So rather than meaningless numbers in Excel sheets, your audience — like your staff, investors, and even yourself — can understand information through digestible and organized visuals.

New data means new dollars for 56% of executives surveyed in the Wakefield Research report. They were able to identify opportunities they hadn’t previously considered. With data visualizations, teams will see what’s working and what’s not, helping them shift for the better. They might realize they’re overspending or that they could benefit by putting their money elsewhere, and redirect it accordingly.

Time is money, but so is data — and knowing how to make it work for you is the secret to improving revenue. By upskilling employees to create data visualizations, many parties will be able to analyze data more easily and put it to good use.

Fulfills The Current Digital Skills Gap

A recent report found that 85 million jobs could go unfulfilled by 2030 due to skills shortages, worsening the current workforce scarcity. While the digital transformation at the workplace marches on, many employees are lagging behind due to outdated skills in emerging technologies.

Business owners were aware of this phenomenon in 2022: 50% of CEOs also expressed to Deloitte that their second biggest concern stemming from external factors is the skills shortage. Data visualization skills aren’t the exception, as the market started growing by leaps and bounds just recently. The industry is expected to go from being worth $9 billion in 2021 to $28 billion in 2028.

A shortage in abilities can be a double-edged sword for everyone in business, and upskilling can turn frowns upside down for both employers and employees. Investing time and money in learning programs means your workers are equipped with the right knowledge to handle new processes. Data visualization skills are a part of this mix, providing the workforce with tools to adopt data-driven practices.

Upskilling also increases employability and workers’ chances to move up the job ladder. And for business owners, well-prepared workers mean enhanced productivity and efficiency, and more motivated employees.

Makes For A Satisfied Workforce

Businesses of all sizes are powered by their workforce, and keeping them happy generates positive results. Upskilling can help make this happen. An Adecco study found that the third biggest reason for employees’ worry is a lack of work progression and training. Workers want to learn and grow and are motivated by this.

Another report found that 75% of workers surveyed were satisfied or very satisfied with their company’s upskilling programs. Equipping employees with new knowledge empowers them and prepares them to tackle incoming technologies. So, instead of outsourcing and hiring candidates to take on the flurry of new tech, upskilling current employees will actually save businesses recruiting costs. Likewise, offering learning programs improves a company’s benefits package and shows workers that employers are willing to invest in their career growth.

Furthermore, according to the World Economic Forum, by 2025 professions will demand analytical thinking, creativity, and flexibility. As artificial intelligence (AI) tools continue to automate processes, human insight will make all the difference when performing tasks.

Data visualization also requires a human touch. However, while automation tools can migrate datasets to a visualization platform, training courses teach you how to better apply and read visuals. Data visualization courses usually include storytelling lessons, so that pictorial representations don’t get lost in translation. AI is evolving rapidly to seem human-like, but it will take years (if not impossible) before it manages to add a deeper meaning to charts and graphs, which only skilled humans can do today.

The bottom line is data visualization upskilling is a win-win situation for companies of all sizes. It forges competent workers while improving process flows, and even creates new revenue streams. As workplaces digitalize, data intake increases, and this gives businesses new opportunities to learn and grow from it. With data visualization, the job is made easier to analyze and understand your data and make it work for you.