We spend a lot of time talking about Big Data, a tool that has been credited to helping businesses improve profits and increase efficiency, while helping lenders make stronger decisions about their borrowers. Though these advantages are expected to continue to be available, there are still other factors Big Data users should consider, namely communicating their new findings.
An article in Harvard Business Review talks about the importance of actually being able to discuss quantitative research. While the ability to run the data programs and analyze the information is important, and will continue to become more necessary as Big Data takes up a larger portion of a company, so are the skills needed to communicate new findings with other members of a business to actually implement the changes.
While a manger of a business doesn’t necessarily need to be the person doing the number crunching, and likely won’t be, the better a manger understands the process of data analysis, the easier it will be for him or her to communicate the findings with those making adaptations due to Big Data findings, the article wrote.
To do this, businesses can work with data engine software. As the manager or team better understands the data, the gap between understanding the information and communicating with those who will make the relevant changes can be closed.
“Most audiences neither understand nor appreciate those details; they care about results and implications,” author Tom Davenport wrote. “It may be useful to make such information available in an appendix to a report or presentation, but don’t let it get in the way of telling a good story with your data — starting with what your audience really needs to know.”