The great Benjamin Franklin once said, “Time is money”. Even though he uttered these words in the 1700s, the sentence still rings true today. Timing is everything in business. How quickly a can a product be manufactured, shipped and bought, all play vital roles in the direct success of a company. Nevertheless, when that product is put out to the market and sold is crucial.
The same principle applies to analytics – timing is integral to the efficient absorption and utilization of data. For example, if you are in a meeting and interesting but irrelevant data/information is presented then that data is simply a distraction; no matter the quality. If it does not play an active role in pushing the needle forward, then it is inefficient analytics.
“19.8% of business time – the equivalent of one day per work week – is wasted by employees searching for the relevant information they need to do their jobs”.
What are personalized data stories?
Personalized data storytelling is when data is transformed into an easily digestible message that anyone can understand. Advanced machine learning technology and augmented analytics transform this data. This message is usually presented in a customized manner using images, audio or any other creative AI means.
Personalized data stories are an up-and-coming technological advancement. They have been proven to help mitigate inefficiency. According to many experts, this will be the most used analytics method in the future. With the speed of digital transformation, every employee should be empowered with personalized data to make confident data-driven decisions.
Why are personalized data stories important?
Too often we are stuck sifting through data and other insufficient analytics platforms. According to recent research, “19.8% of business time – the equivalent of one day per working week – is wasted by employees searching for the relevant information they need to do their jobs”.
Tools must be aware of users’ contexts – who they are, what they are asking, why they’re asking, and when they are engaging. Contextual understanding is crucial for delivering the most important information. It allows leaders to decide and act at a particular moment. It even reduces the possibility of integral information slipping through the crack.
Advanced data analytics platforms and AI assistants, or data translators, have the ability to understand your goals, user roles, and specific challenges you are tackling at the moment in order to drastically improve your efficiency as an employee as well as the efficiency of the organization as a whole.