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Data storytelling is a crucial element of the data strategy mix — without context, data insights fall flat, and most leaders will rely purely on gut instinct and past experience instead. In a new survey from analytics database management software company Exasol, 93% of business leaders said that successfully leveraging data storytelling helps increase revenue.
Modern organizations should be incorporating data storytelling throughout 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 help increase revenue. Not only that, 92% of business leaders agreed that data storytelling is an effective way of communicating or delivering data and analytics results. Nearly three-quarters, or 71%, of the business leaders said data storytelling skills are very important when reporting results to the C-suite or other stakeholders.
Data storytelling is key to organizational success, as it explains what the data is showing and provides much needed context that paints a clear picture on why it matters. It translates data insights into a story that anyone can relate to and understand, making it easier for people to buy into data-driven decision making. Actionable data insights empower everyone to tackle complex problems and make better strategic decisions that impact the bottom line.
Effectively, data storytelling bridges the gap between obtaining insights and interpreting them.
Organizations should strive to be data-driven in decision making, and data storytelling can create data-driven organizations. To that, 87% of respondents said their organization’s leadership team would make more data-driven decisions if insights were presented in a simpler and more easily understood way.
While nearly all (90%) business leaders said achieving data democratization is a priority for their business, getting there is still a work in progress. In the survey, 82% of respondents said they used outdated dashboards that aren’t as effective at delivering the kinds of insights they are looking for. Lack of context was the biggest problem with dashboards for 61% of the respondents, and 53% said dashboards are often disregarded because of the time it takes to interpret them.
The data for Exasol‘s report was drawn from a survey of 500 decision makers from enterprises located in the U.S. with more than 1,000 employees.
Read the full How data storytelling is key to success survey from Exasol.
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