Blog

SYCARDA 1.1: Storytelling Through Data

Snippet: Data is only valuable when you can figure out the hidden story behind it and translate it into an actionable business strategy — which is what data storytelling is all about. 

When you hear the word data, what is the first thing that comes to your mind?

It could be statistics, color-coded spreadsheets, or even sleep (if data’s not your thing) — but what most people don’t know is there’s a story to be found in your data.

“What do you mean by story?”. Glad you asked.

Nowadays, it’s easy for businesses to collect data using different methods and tools available. And this data you’ve collected can be extremely valuable — but only if you can actually figure out the hidden story behind it and translate it into an actionable business strategy.

Let’s put it this way, your tools can easily track that you’re selling 5x more hot chocolate than last month and present it to you in a well-organized chart. What it cannot do is create a narrative regarding the data.

Simply put, your data spreadsheets can only tell you what is happening — but they do not tell you why.

Data Storytelling: Why Is It Important?

In order for you to understand the importance of data storytelling, you need to understand the role of the 3 different elements in data storytelling: Data, visuals, and narrative.

The data tells you WHAT has already happened.

The visuals show you WHEN things happened over a period of time.

The narrative explains WHY certain events happen.

When you combine all three — comprehensive data, the right visuals, and a powerful narrative, your data story can be highly influential and possibly able to drive change. It provides you with actionable insights to foster improvements in your business.

This is why data storytelling is extremely important. It ensures that your team actually understands the insights gained from the data, able to identify certain patterns and plan the best strategy for your business moving forward.

Need help collecting data for your business? We’re here to help.

Source: https://www.forbes.com/sites/brentdykes/2016/03/31/data-storytelling-the-essential-data-science-skill-everyone-needs/?sh=3fefe8eb52ad

https://www.nugit.co/what-is-data-storytelling/

 

To Read More:
SYCARDA 1.2: Consumer Behavior & F&B Business