Data Storytelling: The New Horizon in Business Analytics Dave Wells [email protected].

Data Storytelling:The New Horizon in Business Analytics

Dave [email protected]

© Ted Cuzzillo and David Wells

Data Storytelling Basics


The Power of StoriesWhy Bother with Stories?

Four Reasons to Pursue Storytelling:• Stories are memorable• Stories are passed on and retold• Stories invite personal involvement & engagement• Stories motivate people to take action


The Power of StoriesStatistics vs. Stories

tensionstatistics stories

data

deductive

suspend belief

averages & norms

outside looking in

determinate

context

inductive

suspend disbelief

individuals & actions

point of view

metaphorical

averagemedianmode

standard deviationvariance

probability

correlation

usualtypical

normal

unusualexceptional

chanceodds

relationshipconnection


The Power of StoriesStatistics vs. Stories

tensionstatistics stories

Storytelling in BusinessExplanatory vs. Exploratory Stories


Explanatory

• clear path from start to finish

• telling the story to the audience

• seeking understanding

• influencing actions & behaviors

Exploratory

• uncertain path from start to finish

• asking and involving the audience

• seeking interaction and ideation

• trigger inspiration & engagement

Storytelling with DataVisual with Narrative


Source: boston.com http://www.boston.com/yourtown/specialsstarbucks_vs_dunkin_donuts/

A split country – Dunkin’ vs. StarbucksDunkin’ is orangeStarbucks is greenDunkin’ dominates the eastStarbucks dominates the west

http://www.boston.com/yourtown/specials/starbucks_vs_dunkin_donuts/


The Anatomy of a Story


Story ElementsComponents of Stories

Protagonist

Complication

Struggle

Resolution

Main character. Tries to attain a goal.

An event, tangible or intangible, that complicates the protagonist’s life.

Protagonist's work toward a resolution.

Completion of the struggle.

Setti

ng:

Whe

re &

whe

n.

TRADITIONAL STORY ELEMENTS


Story ElementsComponents of Stories

Protagonist

Complication

Struggle

Resolution

Main character. Tries to attain a goal.

An event, tangible or intangible, that complicates the protagonist’s life.

Protagonist's work toward a resolution.

Completion of the struggle.

Setti

ng:

Whe

re &

whe

n.

TRADITIONAL STORY ELEMENTS

Spark

Search

Surprises

Selections

Trigger or stimulus creates need to change the beginning state

Goal setting. Desired end state.

Discovery. The unexpected.

Choices and decisions.

Setti

ng:

Situ

atio

n, b

egin

ning

sta

te.

BUSINESS STORY ELEMENTS

Solution The end state.


Kinds of StoriesTraditional Forms

boy Meets girl

Man in Hole

Cinderella

https://www.youtube.com/watch?v=9-84vuR1f90


Kinds of StoriesClassic Narrative

Exposition Complication Development Resolution

• protagonist• goal• relationships

• spark• disruption• problem state

• reaction• search & struggle• decisions

• change• goal reached?• conclusion


Kinds of StoriesModern Story Forms

Detective

Inspirational

Transformational


Bringing Stories to LifeThe Intent of a Story

Vision of the Future

Innovation and Creativity

Culture and Values

Collaboration and Relationships

Driving Change

Motivation and Enthusiasm

Goals and Commitment

Problem Solving

Understanding

dete

ct

insp

ire

t

rans

form


What Makes Stories WorkThe Dynamics of Stories

the audience (readers and listeners)

and the storyteller

through the narrative

Strong connection of


What Makes Stories WorkThe Storyteller

Make a human connection

Listen ... don’t just tell

Make the audience care


What Makes Stories WorkThe Audience – Listeners and Readers


What Makes Stories WorkThe Narrative

exposition

complication

crisis/climax

resolution


What Makes Stories WorkOther Principles

Engaging the senses – Don’t just tell the story. Show the story in a way that engages as many senses as practical.

Character development – People must be part of the story, even data stories, to employ the principle of character-centric.

Let the audience see themselves in the story – Help them to answer questions such as: Where do I fit? Why do I care?

Show your voice – Don’t be too cautious. Stay away from neutral language and style. Don’t hide your beliefs and feelings.

Metaphors work -- They make the story tangible instead of abstract.

Keep it simple – Simple stories are often more effective than complex stories.


Crafting Stories with Data


Business NeedBusiness Problems and Questions

Business Goal:

• Promote growth and minimize shrinkage of account balances

Business Questions:

• What are the causes of diminishing account balances?• What actions can be taken to minimize diminishing balances?• What opportunities can be found to drive growth of balances?


Business NeedContext for Data Analysis

depositsinvestmentscredit cardsmortgages

loans

locationcredit ratingemployment

tenureage

Accounts Customers


Data SelectionData Sources

ACCOUNT

WITHDRAWAL DEPOSIT

CUSTOMER

ACHTRANSACTION

SOCIALMEDIA


Data SelectionData Understanding

ACCOUNT

WITHDRAWAL DEPOSIT

CUSTOMER

ACHTRANSACTION

SOCIALMEDIA

life eventslife events

customersentiment

customersentiment

transferpatternstransferpatterns

patterns over timepatterns over time

demographiccorrelations

demographiccorrelations


Listener ExperienceIntent of the Story

understand behavior over time of account balances

know why balances diminish

generate ideas to decrease balances shrinkage

gene

rate

idea

s to

incr

ease

bal

ance

s gr

owth


Listener ExperienceListener Engagement

• relevant ... every part of the story connects to the intent• free of noise and unnecessary information• logical, easy to follow flow ... don’t let the listener get lost• avoid rambling and disjoint narrative• avoid getting “in the weeds”• avoid stating the obvious ... give the listener credit• shape the story from listener point of view• narrative doesn’t always have to “tell” ... sometimes it can “ask”• seek opportunities for conversation and interaction


Story ElementsFive W’s as Parts of the Story

setting

spark

search

surprises

selections

solution

what when where who why

which W’s to use for which partsof the story?

contextbeginning state

stimulus to change beginning

state

seeking the goal or desiredend state

discoveriesand the

unexpected

choicesand

decisionsthe end state


Story ElementsThe What of a Story

Patterns in Diminishing Account Balances

Products: Investments


Products: Investments, Savings

Products: Savings & Checking



Sudden Drastic Diminishing

Semi-Steady Diminishing

Steady Diminishing

Uneven Diminishing

Balance-Building Diminishing

Cyclic Diminishing

What? understandingbehavior over time

of account balances


Story ElementsThe When of a Story




Products: Investments, Savings






Steady Diminishing

Uneven Diminishing


Cyclic Diminishing

When? understandingbehavior over time

of account balances


Story ElementsThe Where of a Story


Products: InvestmentLocation: Evenly Spread

Products: InvestmentsLocation: Evenly Spread

Products: Investments, SavingLocation: Evenly Spread

Products: Savings & CheckingLocation: Evenly Spread





Steady Diminishing

Uneven Diminishing


Cyclic Diminishing

Where? understandingbehavior over time

of account balances


Story ElementsThe Who of a Story


Products: InvestmentLocation: Evenly SpreadAge: Evenly Spread

Products: InvestmentsLocation: Evenly SpreadAge: Evenly Spread

Products: Investments, SavingLocation: Evenly SpreadAge: Boomers

Products: Savings & CheckingLocation: Evenly SpreadAge: GenX and Millenial

Products: Savings & CheckingLocation: Evenly SpreadAge: Evenly Spread

Products: Savings & CheckingLocation: Evenly SpreadAge: GenX and Millenial



Steady Diminishing

Uneven Diminishing


Cyclic Diminishing

Who? understandingbehavior over time

of account balances


Story ElementsThe Why of a Story

Patterns in Diminishing Account BalancesProducts: InvestmentLocation: Evenly SpreadAge: Evenly SpreadHypothesis: Dissatisfied CustomerProducts: InvestmentsLocation: Evenly SpreadAge: Evenly SpreadHypothesis: Dissatisfied CustomerProducts: Investments, SavingLocation: Evenly SpreadAge: BoomersHypothesis: Retirement DrawdownProducts: Savings & CheckingLocation: Evenly SpreadAge: GenX and MillenialHypothesis: Life EventsProducts: Savings & CheckingLocation: Evenly SpreadAge: Evenly SpreadHypothesis: Recurring Life EventsProducts: Savings & CheckingLocation: Evenly SpreadAge: GenX and MillenialHypothesis: Life Events



Steady Diminishing

Uneven Diminishing


Cyclic Diminishing

Why? understandingbehavior over time

of account balances


Telling the StorySetting and Spark

Cyclic Diminishing

Balance-Building DiminishingProducts: Savings & CheckingAge: GenX and MillenialHypothesis: Life Events

Products: Savings & CheckingAge: Evenly SpreadHypothesis: Recurring Life Events

college tuition& expenses?

purchase ofa home?

quarterly tax payments?

monthly mortgage pymts?


Telling the StorySearch and Surprises

Balance-Building Diminishing Cyclic Diminishing

escrow at time of offer?

payment at closing?

ACH transfer tomortgage lender?


Telling the StorySelections and Solutions


escrow at time of offer?

payment at closing?

ACH transfer tomortgage lender?

reco

gnize

the

patte

rnpu

rsue

the

mor

tgag

e

secu

re th

e es

crow

acc

ount

own

the

mor

tgag

e

rece

ive th

e pa

ymen

ts&

earn

the

inte

rest




Total Assets

Deposit Accounts

Investment Accounts

Mortgage Accounts beforeafter

when investment accounts diminish

and deposit accounts diminish

total of managed assets shrinks

With No Action Taken ...




beforeafter

With Positive Action Taken ...

Total Assets

Deposit Accounts

Investment Accounts

Mortgage Accounts

total of managed assets grows

with conversionto mortgages

and deposit accounts diminish

when investment accounts diminish


Telling the StoryThe Power of Contrast


Telling the StoryThe Power of Consolidation

beforeafter (no action)after (positive action)


Data Storytelling and Visualization


Visual StorytellingVisualization and Story Elements

z

zcomparisons

proportions

distributions

locations

relationships

probabilities

setting spark search surprises selections solution

behavior over time

whatwhen

wherewho

why


Visualizing WhatChoosing Charts and Graphs

COMPARISONS

RELATIONSHIPS

PROPORTIONS

PROBABILITIES

DISTRIBUTIONS

DATA OVER TIME

LOCATIONS

WH

AT

WH

EN

WH

ER

E

WH

O

WH

Y

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Visual LanguageVariety of Charts and Graphs

www.datavizcatalogue.com

www.dataviscatalogue.com

http://www.datavizcatalogue.com/


Visual StorytellingInfographics

01

02

03

04

Balance building diminishmentis a distinct pattern in deposit accountswith high frequency in millennial and GenX customers.

Recog

nize

the

Patter

n

Early recognition ofthe pattern is thekey to action that

supports customergoals without

shrinkage of assetsunder management.

Pursue the

Mortgage

When the pattern is recognizedstart contact withthe customer to make them awareof the bank’s various mortgageprograms and current customer incentives.

Own

the

Mor

tgag

e

When successfulin pursing the

mortgage we gainmanaged assets.Although deposit

balances diminish,total managed

assets grow.

Earn the

Interest

When we own the mortgage wereceive the payments instead of seeing them astransfers to anotherlender. Much of themortgage paymentis earned interest with direct bottom line impact.


Visual StorytellingVisual Choices and the Listener


Thank You

to see what I consider to be the “gold standard” in data storytelling visit http://www.ted.com/talks/hans_rosling_shows_the_best_stats_you_ve_ever_seen?language=en

Data Storytelling: The New Horizon in Business Analytics Dave Wells [email protected].

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Transcript of Data Storytelling: The New Horizon in Business Analytics Dave Wells [email protected].