Page 32 - Banking Finance July 2023

ARTICLE

For example, Microsoft Power BI dashboards include a data These dynamic data stories will provide insights in the form
storytelling narrative tool. of Narratives, highlighting the most meaningful business
changes for each user and providing root
causes, predictions, and prescriptions
tailored to their roles and contexts. This
approach dramatically reduces the risk of
misinterpreting financial analysis, creating
contextualized Narratives that drive data-
driven decision-making. Automated data
storytelling will also save time by reducing
the need for manual authoring and
reconfiguring of dashboards while still
allowing users to generate personalized data
stories automatically.

When presenting decision-ready data, it is
essential to use a classic three-act narrative structure and
Creating Dynamic Visualization of
story arc. How the information is conveyed can significantly
Stories affect how it is perceived, comprehended, and necessary
Finance analysts and decision-makers are currently facing action is initiated.
an overwhelming amount of complex data. According to
Gartner, by 2025, the most prevalent method of consuming
Key components of the story arc
analytics will be through Data Stories. 75% of these stories
Stimulus
are expected to be automatically generated using
Augmented Analytics techniques. Organizations will Identifying a fascinating pattern or trend through the
increasingly incorporate dynamic storytelling tools powered available data can open doors to new opportunities and
by Artificial Intelligence and Machine Learning into their benefits. For example, a Data Scientist on the team creates
traditional dashboards to keep up with this trend. a data model that surfaces a previously unidentified
subsegment of highly
profitable customers at
risk of churning. This
finding is the stimulus
that prompts us to
recognize that
significant changes are
required in the sales
strategy and marketing
campaigns that have
been running unchanged
for a period.

Evaluation
To effectively manage a
business scenario, it is
crucial to measure
Ref: zoho.com progress. Continual measurement is necessary to gauge any

30 | 2023 | JULY | BANKING FINANCE