In the rapidly expanding world of today, there is ample demand for professionals that can translate data for the business — analyze data and create recommendations for the business to take action from. It is all about taking that extra step to make data palatable for the business.
Data is everywhere. The business wants to leverage that data for better decision-making and to be agile and competitive in the market. Now, when we say business, many of the C-suite executives who make the decisions do not necessarily understand the raw data and how to analyze that. It is on the data professionals to do the job and pass on actionable insights.
Even lower on the hierarchy, your peers may not exactly understand what the accuracy of a predictive model means. I’ve heard people say “This is great information but what should I do next with it?” Therefore, it is quintessential that you not only analyze the data, but you present it in a way that the business too can make sense of.
In this blog, I want to highlight why data transformation and storytelling go together and a six-step process to translate data into actionable business insights
People use data and insights interchangeably whereas there is a huge difference in what they mean
Data is raw and unprocessed. It could be numbers, text, images, audio or video files, etc., that may or may not make sense on its own nor does it provide any valuable inputs to the business
Insights are a result of analyzing information and drawing conclusions by transforming the raw data. Businesses today leverage insights, not data to maximize profitability, be cost-effective, and create value.
1. Learn About The Business & Develop Acumen
The first step to solving any business problem is understanding the business itself. Unless you understand the challenges, needs, demands, and opportunities for a business, how can you optimize the…