’Diversity is better for business’ is a phrase that has entered the common parlance of the business world. How can data and analytics decision-makers recruit and retain a diverse range of employees to help insight businesses to flourish?
There are studies that show that diversity is good for a company’s bottom line. According to the Boston Consulting Group, companies with a diverse management team are 19% more profitable due to innovation. This innovation comes from creativity and good ideas stemming from a range of people putting forward their different ways of thinking.
Furthermore, while diverse teams feel uncomfortable due to the friction and conflict that comes with different types of people working together, they produce the best results, according to a research vice president at Gartner. If this is the view of one of the biggest and most influential insights businesses in the world, we best take heed.
It is especially important that the people involved in drawing insight from data and analytics, as well as those creating algorithms to be used in artificial intelligence and automation, reflect society at large. Without the input of multiple demographics across the lines of race, gender, sexuality, able-bodiedness and other intersections, insights could be missed and algorithms can reinforce inequality and perpetuate injustice.
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