Are you ready for data-driven culture?
- March 21, 2022
- Posted by: Jignyasa Bal
- Category: Blogs
Where does the data stand today?
By 2025 the size of data that needs analysis will be more than 150 zettabytes, which is 150 trillion gigabytes for easier understanding.
The big data industry will reach an estimated $77 billion by 2023 and continue the rising curve further. Almost every industry in the world has already embraced big data, the media and entertainment industry taking the first position. This sector uses big data for predictive analytics.
Businesses have reported an increase in profit of 8 to 10 percent and an up to 10 percent reduction in overall cost by employing big data analytics. After predictive maintenance, customer analysis is the second most important big data analytics use case for most organizations.
Thus, it is no wonder that 79 percent of enterprises admit that big data is a must for competitive advantage or companies will risk extinction from the market. 50% of businesses have experienced changes in business practices in their sales and marketing departments after including data analytics. Big-data integration is one of the top priorities for most companies.
Not so easy task
The maximum volume of data generates from the banking sector. However, the adoption rate of Data analytics and Business intelligence for financial service companies stands at a meager 29%.
Despite its importance, only 14% of companies give employees access to data. On top of that, most employees do not have experience in data handling. 63% of employees state their inability to gather insights from the provided data in the given timeframe.
Thus, when it comes to analysis, only 12% of the data is analyzed by most organizations. That points towards a staggering 88% loss of data that goes unanalyzed.
The path to follow
If the data is not clear to people inside the organization, it will never reach its intended audience, who often are outsiders of the company. You can never persuade your outside stakeholders about the values of your product or service if you do not possess a clear knowledge of the data matrices.
Even if your employees are data literate, your investors, customers, or other stakeholders might not be proficient in dealing with large data sets. Then there arises the challenge of communication and information transfer.
Thus, a data-driven culture is built on data literacy, interpretation, and presentation. Data storytelling is one of the emerging necessities that combines data, narrative, and visuals. It is a way of transforming numbers into tales that engage and enlighten the audience. Both internal and external collaborators can come to a common understanding of the organization’s growth.
In the coming decades, Data storytellers will be an integral part of your organization’s data-driven environment as they will unfold the value of your data.
Check out the below trending training programs on Data Storytelling.
The Art of Business & Data Storytelling
Effective Storytelling with Data