It wouldn’t be an exaggeration to say that data is the lifeblood of modern businesses. To be more specific, big data has effectively transformed how we do things in the digital age. As defined by Open Source, big data are data sets that are too large for humans to manually interpret. This is why big data services have become more important than they have ever been before, as companies can use this information to help position themselves to ensure business success.
Big data is used in just about every industry today, as it can help inform the decisions that companies and organizations make. Now, one of the best examples of how this can be used comes in the form of data storytelling.
We understand if it’s your first time encountering this term. To help shed some light on this subject, we thought it would be beneficial to have a brief discussion on data storytelling and what it can do for you. If this is something that you’re interested in, read on as we breakdown how effective data storytelling can help your business:
What is Data Storytelling?
Data storytelling is a methodology for communicating information to make it easy for a specific audience to understand. This all goes back to how big data can’t really be understood by people who aren’t in the know when it comes to data science. So, how does this work?
Data storytelling relies on a compelling narrative to make data and figures significantly more accessible. It essentially hinges on three key fields of expertise working in harmony, as it takes a combination of data science, storytelling, and visualization to make big data more understandable.
To help you get a clearer picture, here’s a short summary of the role that these three fields play in data storytelling:
Data Science: The data is the content in data storytelling. It serves as the backbone of the narrative that you’re trying to convey.
Visualization: Even with a great narrative, your audience won’t be able to comprehend complex data. This is why good visuals are needed to better understand the data that’s being presented. Through the use of charts and graphs, abstract data becomes easier for the audience to digest.
Storytelling: You’ll need to be able to explain the data in terms that are palatable for your target audience. This part may be the most important of all, as data won’t mean anything if you can’t get your audience to buy into it.
How Can Data Storytelling Positively Impact Your Business?
Because of data storytelling’s ability to make abstract concepts more understandable, it opens up many different possibilities for your business. One of the major ways that it can help your business comes in the form of securing funding.
No matter the industry that you are in, you will need funds and investors to turn your vision into a reality. And while you can try to sell your ideas to the investors, they’ll want tangible proof that their investments will pay off. This is where data storytelling comes in.
By presenting data in an understandable way, you put your investors at ease as they’ll know what they can expect after investing in your company. This also helps set the appropriate expectations, which means that they won’t be spooked easily if your company takes a little longer to flourish.
We hope this information proves to be useful when it comes to helping you understand the importance of data. Because the world is becoming more and more reliant on information, data storytelling will surely cement its place as one of the most important aspects of big data services.
If you want to see how Gemini Data can help you tell stories with your data, contact us to set up a discussion with our data professionals in California to learn more about how big data services can help you. Visit our website or send us an email at email@example.com to schedule a consultation!