Help Elevate Your Data Storytelling for More Impact

Many C-suite executives still struggle to transform their data into actionable and compelling insights. Plus, more than half of organizations are working without a Chief Data Officer, meaning business leaders, particularly CFOs, often helm initiatives aimed to improve technology, talent, and skills that drive data-driven decisions. 

In this environment, executives who transform data into compelling narratives can change the game. Elevated data storytelling can help increase engagement with your audience, facilitate organizational decision-making, and inspire teams to take action. 

Data narratives are a “critical part of analytics,” says Adam Ante, CFO of Paycor, an HR and benefits solutions company.

“Most analysts spend 90% of their time on the analysis and 10% on communication, but even the most well-formed analysis will fail if it’s not properly communicated," he says. “Our best data stories ground stakeholders in the KPIs and goals with which they’re familiar and turn complex issues into actionable insights. The best insights lead to a decision."

Finding the most compelling story in the data can be especially essential for large-market C-suite executives. In this digital era, the CFO role has evolved beyond the finance realm and requires a skill set that's equal parts finance expertise, technology prowess, and strategy. CFOs are the beating heart of the company's finances, but they can also convey their insights in a way that empowers the business to succeed. Elevating your data storytelling skills can make all the difference.

Compelling Data Stories Matter

You can get more from your organization's data initiatives by understanding what turns a data story from good to great. Your KPI dashboards provide an appropriate starting place, but the dashboard is not the story. In fact, KPIs reported on executive dashboards may be too complex or specific for a broader audience. 

Executives who improve their data storytelling capabilities can bridge these gaps and help ensure valuable insights aren't lost in the fray. You don't have to sidestep dashboards altogether. Instead, you can elevate how you leverage the data provided to increase engagement with your intended audience. 

Creating a compelling data story begins with identifying the narrative rooted in complex data and analytics. Then, as a storyteller, you want to simplify the complicated information so your audience can leverage it to make critical decisions quicker and more confidently. For instance, adding visualizations can help convey the timeliness of your message or the impact that KPI has on business performance. 

Key Ingredients of a Great Data Story

How well you tell your data story depends on the quality of the data and the narrative and visuals you choose. Here are three components to consider to help elevate data storytelling. 

1. Key data points

Your job as a data storyteller is communicating not just the “what” but the “so what?” What are the key insights? As the foundation of your story, the data should be descriptive and prescriptive to create a more holistic picture. You can select key points that stand out: a few powerful data points can be better than a bunch of less impactful ones. 

2. A compelling narrative

This is the storyline that communicates the context for your story, the insights, and the recommended actions. Think of it as the “plot” or the main message thread you want to pull through. You can find something catchy or exciting, perhaps focused on one key data point that helps paint a broader picture for your audience.

"Say what you mean upfront, keep it concise, and ensure any actions needed are super clear,” says Ante. “Don't just show me the data, tell me a story.”

3. Effective visuals

Narratives can be written or visual and often use charts, graphs, pictures, videos, infographics, or other visual media to help make them more memorable. 

The key is to use visuals that add clarity to the story and emphasize the message you're trying to impart. Too many graphics or charts that are overly complex can be ineffective, causing your audiences to focus on the wrong factors or get stuck in the details. Instead, you need them to understand the big picture and move forward. 

Build Better Data Stories

Once the data, narrative, and visuals are selected, you can start building a compelling data story in a format or pattern that's easy to understand and captivates your audience. You can consider the below:

1. Think about your audience.

How you create and tell your story should largely depend on your audience. Consider who you're telling your story to and what they need to glean from the narrative. As with many other things in business, understanding your market and tailoring your message can help ensure you provide the right material. For example, you may want a deeper dive for an engineering team than for the sales team. 

2. Set the scene. 

Putting data into the appropriate context can be key for elevating your data storytelling skills. Is there a “universal truth” to establish as a foundation for the rest of the story or a cause and effect that can tee up the narrative for more impact? It can help to aim for a scene that's clear and easy to digest.

3. Describe the issue or challenge.

Great stories rest on conflict. What is the core issue or problem to solve? If there isn’t a conflict – say your digital transformation plan exceeds all goals – then you may recommend staying the course, make additional suggestions for improvement, or justify a new initiative.

4. Offer a solution.

You can help ensure your narrative has a satisfying resolution. What are the next steps? What predictions can you make months or years down the road? How does the data inform what's next for marketing, manufacturing, employee retention, or other parts of the business? This can be especially important as the C-suite players act as the connector between teams and business lines. 

5. Iterate your message. 

If possible, you can select a small focus group with whom to share your story and get constructive feedback. Is the story truthful and is the data speaking for itself? Does the story get confusing or stuck in the weeds? Are your conclusions clear and actionable? You can make improvements to your story as you garner feedback. The more it’s tested, the better the final product will likely be. 

The Takeaway

Data storytelling is a powerful tool executives can use to convey complex information in a clear and effective narrative. But the last thing you want is for your story to get lost in the digital fray. You can consider these ideas to transform your data into effective narratives that deepen understanding with your audience and spur decisive action.