The Power Of Data Storytelling
With the advent of the data economy, that organisation which can harness data and use it effectively, will flourish the most.
Hence only data storytelling can help here and that will be the power of data storytelling.
Biggest failure of most organisation is their inability to simplify complex data and present it in a compelling manner, so that it remains memorable and concerned people take the rights actions based on the data’s actionable insights
This is exactly the superpower of data storytelling.
How data storytelling is important especially in Pune
It is a myth that data storytelling is restricted to IT or data analytics companies. In fact, data storytelling has been in our organisations since decades, across all professionals and verticals.
Eg – HR has to monthly present her data of expenses, recruitments, attrition, etc to her CEO
Eg – Sales team has present their data of target chased, target achieved, etc to their boss
Eg – Junior has to present his data of weekly hours spent on the project, future time to finish a module, etc to his manager
And so on
Pune being a vibrant business hub consisting of automobile, manufacturing, IT, etc companies and thus consisting of a huge variety of professionals.
Thus Data Storytelling becomes an essential skill to almost every professional in Pune across any kind of company.
Why data storytelling is crucial for all types of business in Pune
Assume a huge manufacturing company in Pune has 23 Strategic Business Units (SBUs). They study the data of the performance of these SBUs in the past 5 years, to decide their future.
But imagine this: due to poor data storytelling, they end up closing the good SBUs and continue with the wrong SBUs!
Good data storytelling will always help in the right decision making.
This applies for any kinds of industries including FMCG, Pharma, food, electric, BFSI, automobile, manufacturing and most importantly IT
What are various challenges in data storytelling
The challenges are of 3 types:
- From the organisation
- They don’t understand the importance of data and data storytelling
- Thus face lot of losses due to poor communication of data, wrong plotting of future trends and most importantly wrong decision making
- From the individual working on the data
- That data analyst or any person working on the data, will have his own bias, while working on the data. This will always badly affect the data storytelling
- From the person to whom the data is presented
- This person, mostly the decision maker, will have his own world view and bias. Thus it will be difficult to convince him
- This person will thus take the wrong decision, if the wrong data storytelling takes place
Tools, tech and future trends for data storytelling
The top tools are Power BI, Tableau, QlikView, etc.
However, post 2023 a lot of AI tools have come up, which will play an important part in future.
Future only belongs to those who can tell better data stories.
Data storytelling will be most needed skill on earth
Conclusion
In Spite of the huge importance of data storytelling, still many organisations are taking it lightly. They are confusing data visualisation as data storytelling.
Data Storytelling is huge and quite complex and difficult to master.
Reach out to us for data storytelling workshops
View our other blog for more details on the basics of data storytelling – https://deepeshchandran.com/data-storytelling-training-pune/
