data storytelling: the new horizon in business analytics dave wells [email protected]
TRANSCRIPT
© Ted Cuzzillo and David Wells
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
© Ted Cuzzillo and David Wells
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
© Ted Cuzzillo and David Wells
The Power of StoriesStatistics vs. Stories
tensionstatistics stories
Storytelling in BusinessExplanatory vs. Exploratory Stories
© Ted Cuzzillo and David Wells
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
© Ted Cuzzillo and David Wells
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
© Ted Cuzzillo and David Wells
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
© Ted Cuzzillo and David Wells
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.
© Ted Cuzzillo and David Wells
Kinds of StoriesTraditional Forms
boy Meets girl
Man in Hole
Cinderella
© Ted Cuzzillo and David Wells
Kinds of StoriesClassic Narrative
Exposition Complication Development Resolution
• protagonist• goal• relationships
• spark• disruption• problem state
• reaction• search & struggle• decisions
• change• goal reached?• conclusion
© Ted Cuzzillo and David Wells
Kinds of StoriesModern Story Forms
Detective
Inspirational
Transformational
© Ted Cuzzillo and David Wells
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
© Ted Cuzzillo and David Wells
What Makes Stories WorkThe Dynamics of Stories
the audience (readers and listeners)
and the storyteller
through the narrative
Strong connection of
© Ted Cuzzillo and David Wells
What Makes Stories WorkThe Storyteller
Make a human connection
Listen ... don’t just tell
Make the audience care
© Ted Cuzzillo and David Wells
What Makes Stories WorkThe Narrative
exposition
complication
crisis/climax
resolution
© Ted Cuzzillo and David Wells
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.
© Ted Cuzzillo and David Wells
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?
© Ted Cuzzillo and David Wells
Business NeedContext for Data Analysis
depositsinvestmentscredit cardsmortgages
loans
locationcredit ratingemployment
tenureage
Accounts Customers
© Ted Cuzzillo and David Wells
Data SelectionData Sources
ACCOUNT
WITHDRAWAL DEPOSIT
CUSTOMER
ACHTRANSACTION
SOCIALMEDIA
© Ted Cuzzillo and David Wells
Data SelectionData Understanding
ACCOUNT
WITHDRAWAL DEPOSIT
CUSTOMER
ACHTRANSACTION
SOCIALMEDIA
life eventslife events
customersentiment
customersentiment
transferpatternstransferpatterns
patterns over timepatterns over time
demographiccorrelations
demographiccorrelations
© Ted Cuzzillo and David Wells
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
© Ted Cuzzillo and David Wells
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
© Ted Cuzzillo and David Wells
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
© Ted Cuzzillo and David Wells
Story ElementsThe What of a Story
Patterns in Diminishing Account Balances
Products: Investments
Products: Investments
Products: Investments, Savings
Products: Savings & Checking
Products: Savings & Checking
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
© Ted Cuzzillo and David Wells
Story ElementsThe When of a Story
Patterns in Diminishing Account Balances
Products: Investments
Products: Investments
Products: Investments, Savings
Products: Savings & Checking
Products: Savings & Checking
Products: Savings & Checking
Sudden Drastic Diminishing
Semi-Steady Diminishing
Steady Diminishing
Uneven Diminishing
Balance-Building Diminishing
Cyclic Diminishing
When? understandingbehavior over time
of account balances
© Ted Cuzzillo and David Wells
Story ElementsThe Where of a Story
Patterns in Diminishing Account Balances
Products: InvestmentLocation: Evenly Spread
Products: InvestmentsLocation: Evenly Spread
Products: Investments, SavingLocation: Evenly Spread
Products: Savings & CheckingLocation: Evenly Spread
Products: Savings & CheckingLocation: Evenly Spread
Products: Savings & CheckingLocation: Evenly Spread
Sudden Drastic Diminishing
Semi-Steady Diminishing
Steady Diminishing
Uneven Diminishing
Balance-Building Diminishing
Cyclic Diminishing
Where? understandingbehavior over time
of account balances
© Ted Cuzzillo and David Wells
Story ElementsThe Who of a Story
Patterns in Diminishing Account Balances
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
Sudden Drastic Diminishing
Semi-Steady Diminishing
Steady Diminishing
Uneven Diminishing
Balance-Building Diminishing
Cyclic Diminishing
Who? understandingbehavior over time
of account balances
© Ted Cuzzillo and David Wells
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
Sudden Drastic Diminishing
Semi-Steady Diminishing
Steady Diminishing
Uneven Diminishing
Balance-Building Diminishing
Cyclic Diminishing
Why? understandingbehavior over time
of account balances
© Ted Cuzzillo and David Wells
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?
© Ted Cuzzillo and David Wells
Telling the StorySearch and Surprises
Balance-Building Diminishing Cyclic Diminishing
escrow at time of offer?
payment at closing?
ACH transfer tomortgage lender?
© Ted Cuzzillo and David Wells
Telling the StorySelections and Solutions
Balance-Building Diminishing Cyclic Diminishing
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
© Ted Cuzzillo and David Wells
Telling the StorySelections and Solutions
Balance-Building Diminishing Cyclic Diminishing
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 ...
© Ted Cuzzillo and David Wells
Telling the StorySelections and Solutions
Balance-Building Diminishing Cyclic Diminishing
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
© Ted Cuzzillo and David Wells
Telling the StoryThe Power of Consolidation
beforeafter (no action)after (positive action)
© Ted Cuzzillo and David Wells
Visual StorytellingVisualization and Story Elements
z
zcomparisons
proportions
distributions
locations
relationships
probabilities
setting spark search surprises selections solution
behavior over time
whatwhen
wherewho
why
© Ted Cuzzillo and David Wells
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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© Ted Cuzzillo and David Wells
Visual LanguageVariety of Charts and Graphs
www.datavizcatalogue.com
www.dataviscatalogue.com
© Ted Cuzzillo and David Wells
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.