Digital transformation has captured much enthusiasm from both academia and industry. It is essential for any organization to incorporate digitalization into its strategy. The state-of-the-art technologies have enhanced the data storage and processing capabilities. Together with the exponentially increased data enabled by digitalization, firms have unprecedented opportunities to make decisions based on a large scale and diversified data, making more informed decisions. Companies can monetize data through three main paths: revenue growth, cost reduction and new business models. The continuous development of technologies will further augment the amount of data and improve the data users’ experiences. However, the challenges of ethical use, security and quality of data are salient. While machines will extensively assist humans in data-driven decision-making, humans’ data literacy is crucial to optimize the partnership between human and machines. Therefore, education has the obligations to enhance students’ competences of working with data, namely data literacy, to better live and work in this evolutionary digital world.