Why Data Storytelling?
"Data doesn't speak for itself; it needs a storyteller", says Nancy Duarte in her book, Data Story*. For some time now, my mission as a trusted business adviser (aka The Storytelling BeanCounter) has been focused on finding ways to become a better financial data storyteller. One who can identify the story emerging from financial and other business data to transform and interpret it into meaningful, powerful stories that communicate to the audience what the numbers really mean.
Why Stories? There is something intrinsic in storytelling that naturally engages and inspires. Story has the ability to help the listener embrace how they may need to change, because the messages transfer to the heart and mind. Because stories are based on fact and the numbers presented are based on historical data, it becomes crucial to tell the story well. Good Communication is key. Communicating data effectively is about knowing the right amount of information to share, in what way, and with whom. It allows us to take insights from data in the past to inform the direction we need to move in and the actions we need to take. Knowledge without action is futile. Most data insights reveal the need for a recommendation. It can take the form of a proposal, action plan or report. Effective storytelling makes data concise and clearly structured while telling a convincing and memorable story.
The goal in effective financial storytelling is to Explore, Explain and Inspire