In today’s market, supply chain leaders use data and multiple different quantifiable methods to improve decision making processes across all sectors of their business. Insights and analytics have become an integral ingredient for any business to succeed in their industry. Whether they utilize spreadsheets, dashboards, augmented or predictive analytics, every company can benefit from observing their data through an analytical lense, however, the extent to which they understand that data and then put it to use will determine how accurate and agile their decision making is.
According to recent research, “82% of supply chain employees have used or use dashboards frequently in the workplace”. Why is this particular method used so often? How do dashboards enrich the decision making processes? Simply displaying data in charts or graphs just isn’t enough to get an advantage in today’s challenging supply chain ecosystem, especially since too often these dashboards are disregarded or revolve around stale or inaccurate data.
Many data and analytics experts say, in the future, data storytelling will be the most utilized analytics method. Why?
1. It enables users to absorb and understand data with more efficiency than ever before. By directing the user to the most important aspects of data, deeper analytics offers interpretations that may have missed or never seen previously.
2. Data storytelling makes insights more accessible than ever. Previously, this type of analysis was exclusively reserved for the massive or lucrative corporations that have the resources to employ data analysts that spend hours drafting up visuals and presentations in order to convey the important values that they see within the huge amounts of data that they sort through on a daily basis. Now, with the aid of advanced technologies like AI assistants, voice and visual storytelling relays only the most important data through bite-sized insights that are both personalized and contextualized to the user.
3. Advanced artificial intelligence and natural language processing has transformed data storytelling into a more efficient analytical method. By combining these two technologies, people are able to talk to their systems directly and extract significant values from their data without the need of a data analyst nor the skills of one – bridging the gap in markets and giving even small businesses the chance to harness their data and make better business decisions from it.