A few years ago I met Walter Isaacson, former Chairman of CNN, Editor of TIME, and author of Steve Jobs’ biography. If you can’t tell from his pedigree, Isaacson is a great storyteller. He also wrote about other famous innovators including Benjamin Franklin, Albert Einstein and Leonardo Da Vinci. I only had time to ask him one question, so I made it a good one,
“What did Jobs, Franklin, Einstein, and Da Vinci have in common that made them such great visionaries?”
Isaacson smiled and responded, “All great innovators operate at the intersection of Art and Science.” I think Isaacson would agree this balance applies to data storytelling as well. Truly effective storytelling drives business action, and this occurs with the right mix of facts, visual presentation, and contextual narrative. Finding this balance is a challenge, but with the right tools and methodology you can go from creating flashy dashboards to actually informing decisions.
3 Components of Data Storytelling
Over the past decade there has been a massive push for companies to leverage data.We are starting to see the Rise of Chief Data Officers. Humans are visual by nature, so we have also seen increased adoption of user-friendly visualization tools like Tableau, Qlik, Power BI, and ThoughtSpot. As the push for data democratization and access to data continues to increase, we need to ensure data is being effectively communicated and consumed – not just put into a pretty dashboard.
Enter Stage Left: Data Storytelling.
What is Data Storytelling? Data Storytelling is translating data in an easy to understand way to help people take action on the business. There are three main components to data storytelling:
The final component, the art of communication, is still on the starting block. However, by establishing a methodology and using new technologies to support us, we can realize the full value of our data, inspire action, and transform Data Storytelling from an industry buzzword into an effective boardroom practice.
Creating a Stronger Narrative
Capturing Business Context
All BI and Analytics initiatives should aim to do the following: make money, save money, or protect against risk. However, only 20% of analytics insights are predicted to produce a business outcome through 2022 according to Gartner. To unlock greater value, analytics teams and business leaders must radically change the way they communicate.
Rather than just deliver report requests, analytics teams must establish a dialogue with the business to understand context. Context includes goals, challenges, and potential decisions that the business will make. In creating this dialogue, gaps in understanding will appear. These gaps will highlight the best questions to ask of the data. Ultimately, the answers to these questions will deliver the value business leaders have been seeking.
Using Technology for Storytelling
Once context has been established and the right questions are being asked, analytics teams can use technology to help communicate information with a narrative to increase understanding. We use reports and data visualization tools now. Data visualization helps us see blatant patterns, but it isn’t ideal for communicating context and situational nuances. We also shouldn’t assume interpreting a visualization is easy for everyone. With the global Data Literacy rate struggling around 24%, delivering an isolated report or visualization is risky – the information can easily be misinterpreted and lead to costly decisions.
New technology, like Theia’s Analytics Hub, enables companies to easily balance the art and science of data storytelling so they can communicate and understand the entire business narrative – and ultimately make the best decisions.
By bringing together reports, visualizations, and dashboards from all of your different BI tools into a single storyboard, you can mix best-of-breed technology to deliver all of the facts. Contextually, you can incorporate video, custom messaging, presentations, and data literacy support assets to complete the narrative and inspire action.
The ideal balance of data, visualization, and narrative can now be achieved without the limitations of any one tool or technology, because you can use all of your tools together seamlessly.
Theia storyboard incorporating visualizations from 2 different BI tools, context from Google Drive, and custom messaging.
To increase the value of analytics for the business, we must find a greater balance between the art and science of data storytelling. When looking to improve the art, we must change the way analytics teams and the business communicate context. Then, we need to ask impactful questions of our data. Finally, when delivering our findings, we should leverage technology to support us by using data visualization and data storytelling tools to communicate insight within a narrative.
What is Theia?
Theia is an Enterprise Analytics Hub which dynamically displays content from any information system seamlessly in one unified platform – providing the easiest, most efficient, and customizable experience for the delivery and consumption of data stories on the market today.
Behind the scenes, Theia defends users from change-disruption, tracks analytics adoption, and reduces the IT backlog.
If your company wants to make more data-informed decisions in 2020, an Analytics Hub is a must. Request a demo of Theia and one of our team members will reach out.