Data Storytelling
There is an increasing use of analytics in many organizations these days. Today’s businesses need timely information that helps people to take important decisions in business. Finance plays an important role. As a matter of fact, data science and finance go hand in hand.
Finance industries perceive data as an essential commodity and fuel. It turns raw data into a meaningful product. Finance is the hub of data and financial institutions were among the earliest users and pioneers of data analytics.
Big data, data visualization, and storytelling. You have probably heard these terms, and you’re likely to hear often in the finance world. Data is everywhere, but it’s what we do with that data, what insights we tap into that make it so valuable.
Data storytelling is the blending of two worlds; hard data and human communication. It’s a compelling narrative crafted around compelling data.
- It Provides Meaning and Value
In a world where we are besieged by data but desperate for meaning, data storytelling helps connect the dots. It is an incredibly effective way to communicate valuable insights and assign meaning and context to data that otherwise lives as numbers in an excel spreadsheet.
All content is interpreted as data by the brain, but the highest-value content provides more than knowledge; it provides insight. Data storytelling allows us to extract and communicate insight through compelling stories.
To use as an example, I decided to combine the data from financial statements, ratio analysis, stock prices and volume of HubSpot. I created a financial dashboard using Tableau, the narrative guides you through the data, and the data supports the narrative, giving you the best of both the analytical and emotional experience.
- Comprehension: Our brains are hardwired to process visuals faster than language.
- Retention: Information visually processed makes it easier to remember.
- Appeal: Data visualization is visually stimulating, making the content more attractive for decision-makers.