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 product can be manufactured, shipped and bought, all play vital roles in the direct success of a company. 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 you are presented with interesting data/information but it is not relevant to the current topic or project at hand, then that data is simply a distraction in the moment; no matter the quality of that information. If it does not play an active role in pushing the needle forward, then it is inefficient analytics.
What are personalized data stories?
Personalized data storytelling is when data is transformed into an easily digestible message that anyone can understand, using advanced machine learning technology and augmented analytics. 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 that has proven to help mitigate this inefficiency and according to many experts, will be the most used analytics method in future. With the speed of digital transformation, now more than ever, every employee should be empowered with some sort of 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 looking for what we need at any given time. According to recentresearch, “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 so leaders can decide and act at a particular moment. It also mitigates 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.