Analytical storytelling: Current state
The current state of data storytelling and its analytical requirements
The ultimate goal of data-driven decision support is to gain tangible benefits from analytics. The value of information and how it is used to save costs (e.g., optimization) or increase revenues (e.g., new offerings) show how effectively organizations use their information assets. The importance of certain aspects of data storytelling serves as the starting point for our analysis to find out what mindset fosters successful storytelling initiatives.
Currently 36 percent of our respondents say they use data as a revenue generator to increase the company’s turnover by enabling new offers or addressing new markets (see Figure 1). For another 38 percent, this is at least partly the case. An astonishing 85 percent say they are able to use data to optimize resource allocation, which allows them to save costs and act more efficiently throughout their value creation chain.
Compared to BARC’s 2014 survey on Information Culture, a greater proportion of respondents in 2016 agreed with all but one of the statements in Figure 1. This verdict doesn’t come as a huge surprise considering the buzz around digitalization and associated topics such as customer experience, IoT, mobility and cloud.
