Page 30 - Banking Finance July 2023

ARTICLE

Data Science has emerged, utilizing Machine Learning and conflicts, address issues, and overcome challenges.
other Artificial Intelligence methods to apply analytic Narrative discourse can serve as a useful approach to
techniques to Big Data efficiently. resolving conflicts when direct action may not be
feasible or recommended.
What is data storytelling, and how is it During a group discussion, a collective storytelling

different from traditional storytelling? process can effectively inspire and unite group members
by connecting past experiences to future goals. This
The idea of data storytelling involves creating a captivating
approach can be used to transform problems, requests,
storyline using complex Data and Analytics to convey a
and issues into compelling narratives that engage and
message and influence a specific audience. The process is
motivate the team.
akin to human narration but has the advantage of
The art of storytelling holds significant value in decision-
presenting in-depth analysis and factual evidence using
making and persuasion. In corporate settings, managers
graphs and charts. The information is presented in a
and officials often rely on storytelling rather than
simplified manner to engage the audience, enabling them
abstract arguments or statistical data.
to make critical decisions with greater confidence and
efficiency. When communication is effective, it allows for
insights to be perceived and remembered by the audience. To effectively tell a story with data, there
are three crucial components.
The phrase "Data is the new oil" has led to significant
Data: To gain a comprehensive understanding, utilizing
changes in the business world. We have seen organizations
switch up their models; new companies emerge based on
data platforms, and the popularity of data products that
have become a regular part of our daily routines. It is crucial
to convey our perspectives clearly and efficiently to create
significant change. The advancement of digital technology
and the importance of data-driven decision-making have
made data storytelling a crucial skill, particularly in Data
Science and Business Analytics. The aim is to narrow the
divide between complex data analysis and decision-makers
who may require the ability to comprehend the data. By
utilizing deliberate techniques in crafting data stories, the
Chief Data Officer/Chief Analytics Officer and their teams
can effectively increase business value and enhance their
influence and impact on stakeholders.

Creating a Data Story
Creating a narrative based on data that leads to informed
decisions and actions can be a highly effective tool. There
are several benefits of effectively communicating data
Descriptive, Diagnostic, Predictive, and Prescriptive
through storytelling, including: Analysis methods is crucial for data analysis.
This tool assists in generating valuable insights.
Narrative: While sharing insights from data, it is
This tool helps simplify complicated information and
essential to use a plain narrative, whether spoken or
emphasizes the essential details for the intended
written. This narrative should provide context,
audience.
recommendations, and persuasive reasons for those
Enhancing credibility by establishing oneself as an recommendations to communicate with the audience
industry and thought leader. effectively.
Storytelling can be a valuable tool to effectively handle Visualizations: To effectively convey the story behind

28 | 2023 | JULY | BANKING FINANCE