Good data is only half the story. The real value of data is the ability to be able to democratise it and make it easy to use and understand across an entire organisation - not just in the IT department.
Sadly, much data collected today is meaningless because users lack the context to understand it or articulate it in an easy-to-digest way. This is where data storytelling comes in, as data becomes democratised, shared, and no longer siloed across an organisation.
Data storytelling is about breaking down vital business data and presenting it in an easy to understand visual format.
In this 'fun factsheet', we take a look at the key trends and insights to help you understand the importance of data-driven storytelling, some of the challenges and roadblocks, as well as what it takes to scale better data-driven decision making.
AI
97.2% of big organisations are investing in big data and AI. Why? Because AI makes collecting, understanding and disseminating data faster and easier.
Analytics
Companies with the most advanced analytics capabilities are 2 times more likely to be in the top quartile of financial performance within their industries, 2 times more likely to use data very frequently when making decisions, 3 times more likely to execute decisions as intended, and 5 times more likely to make decisions much faster than market peers says Bain & Company.
BI
According to Gartner, at a typical company data analytics and business intelligence tools only have about 25% penetration, suggesting three-quarters of employees find them ‘too difficult’ to use.
Business
99.5% of businesses are developing new use cases for data to maintain business continuity, 47% are using data to improve efficiency, 40% to identify new revenue streams, 29% to optimise supply chains, and 29% to reduce expenses.
Colour
Messages in colour are 39% more likely to be remembered than messages in black and white.
Data
The big data analytics market is set to reach US$103 billion by 2023.
Efficient
A study found the use of data visualisations could shorten business meetings by 24% - who doesn’t get excited by that efficiency prospect?
Forbes
Forbes reports a good data storyteller will define the next decade of data because
they will be responsible for the ‘last mile’ of data delivery.
Growth
The market of Big Data analytics in banking could rise to US$62.10 billion by 2025.
Healthcare
The market of Big Data analytics in healthcare could be worth US$67.82 billion by 2025.
Internet
Internet users generate about 2.5 quintillion bytes of data each day!
Infographics
Infographics are the fourth most used type of content marketing, says HubSpot. Infographics have had the biggest increase in usage among B2B marketers in the last four years, now at 67% says the Content Marketing Institute. High-quality infographics are 30 times more likely to be read than plain text says Kissmetrics.
Jobs
Job listings for data science and analytics reached 2.7 million in 2020 globally.
Knowledge
Managers in organisations with visual data recovery tools are 28% more likely to find timely information than those who rely on managed reporting and dashboards, and 48% of these managers can find the data they need without the help of IT staff.
Lousy
80-90% of the data we generate today is unstructured, making it almost impossible to be used or useful.
Marketing
Marketing is leading the analytics and BI charge, with more than 50% of organisations reporting the marketing department is currently performing analytics or employing BI solutions, followed by operations (40%), finance (33%), and HR (31%). 40% of respondents also pointed to marketing as the department to be adding BI and analytics solutions as a result of COVID-19. Sisense expects marketing to continue to lead this charge well into the coming years.
More
55% of companies are using data sources, analytics and dashboards more often or much more often than before COVID-19.
Need
Organisations that use data visualisation are 28% more likely to find the information they need quickly.
Non-verbal
Psychologist Albert Mehrabian has shown that 93% of communication between human beings is in the nonverbal area of the brain.
Operation
A Sisense survey revealed 67% of respondents view BI and analytics programs as more or much more important to business operations now than before the pandemic.
Problem
95% of businesses cite the need to manage unstructured data as a problem for their business.
Quality
Poor data quality costs the US economy up to US$3.1 trillion yearly.
Retention
People only remember 10% of the information they hear out loud, compared to 65%
of the information they see in a visual.
ROI
Business intelligence with data visualisation capabilities will offer an ROI of $13.01 back on every dollar spent says Nucleus Research.
Savings
Using big data, Netflix saves $1 billion per year on customer retention.
Text
People following directions with text and illustrations do 323% better than people following text without illustrations.
Universe
The size of the data universe doubles every two years and 90% per cent of the world’s data was created in the last two years.
Visualisation
Sisense reports 5% of listeners remember the statistics and the concepts they described, but 63% will remember stories used to illustrate key concepts, and 50% of the human brain is used for processing visual information.
Web
In 2019, internet users spent 1.2 billion years online, and this was pre-pandemic!
X Marks the Spot
If a scientific claim is presented in pure words or numbers, 68% of people will believe that the information is accurate and truthful. But if you put a simple graph with the claim, the number rises to 97% says Cornell university.
Years
Today it would take a person approximately 181 million years to download all the data from the internet.
Zettabytes
In 2020, there was around 40 trillion gigabytes of data (40 zettabytes).
Let your data tell your story. At AZK Media we have a proven track record of bringing data to life in so many exciting ways. Contact us to find out how we can help.