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Data storytelling is a crucial part of the mix of data strategies – without context, insight into data falls flat, and most leaders will instead rely on instinct and past experience. In a new survey from analytical database management software company Exasol, 93% of business leaders said that successfully harnessing data storytelling helps increase revenue.
Modern organizations should integrate data storytelling into all of their operations. An overwhelming 93% of business leaders and data professionals surveyed said that decisions made as a result of successful data storytelling have the potential to increase revenue. Additionally, 92% of business leaders agreed that data storytelling is an effective way to communicate or deliver data and analysis results. Almost three-quarters, or 71%, of business leaders said data storytelling skills are very important when communicating results to management or other stakeholders.
Data storytelling is the key to organizational success because it explains what the data shows and provides much-needed context that clearly describes why it matters. It translates information about data into a story that anyone can relate to and understand, making it easier for people to buy into data-driven decision making. Actionable insights into data empower anyone to tackle complex problems and make better strategic decisions that impact bottom lines.
Indeed, data storytelling bridges the gap between obtaining information and interpreting it.
Organizations should strive to be data-driven in decision making, and data storytelling can create data-driven organizations. At that, 87% of those surveyed said their organization’s leadership team would make more data-driven decisions if information was presented in a simpler and easier to understand way.
While almost all (90%) business leaders said democratizing data is a priority for their business, getting there is still a work in progress. In the survey, 82% of people said they used outdated dashboards that are not as effective at delivering the types of information they are looking for. Lack of context was the biggest problem with dashboards for 61% of those surveyed, and 53% said dashboards are often ignored due to the time it takes to interpret them.
The data for the Exasol report was drawn from a survey of 500 decision makers from companies located in the United States with more than 1,000 employees.
Read the full Exasol survey on the importance of data storytelling.
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