Image Source: Klaus Taschler, Data Pile
Did you know that everyday we create roughly 2.5 quintillion bytes of data…? For those like me that don’t know what a quintillion is – it’s a billion billion; a measure that, unless talking about mass data, I will probably never use again. In other words – it’s a heck-of-a-lot. The data revolution has brought a large variety of high-volume data at extreme velocity; the 3Vs.
Now, the question is how to use, store, govern and transform this data into actionable insights?
Visualising data is a great way of applying statistical knowledge to present something through a creative lens, which broadens the audience who can understand, interpret, and act on the information. In recent months I’ve spent time exploring the capabilities and limitations of software like Power Bi, which is a powerful tool for data storytelling and analysis.
The beauty of data is that it can be collected from virtually anywhere – however it often lives in different places, creating data silos. This can prove to be a big issue for large projects and problems that span multiple areas. For example, if sales data and cost data live in separate silos, how can you understand data on profitability? Enter Power Bi, which lets you connect siloed data tables through relationships.
Previously, when I thought of data analytics, I’d think business intelligence, corporate attire, dollar-driven decisions made in the engine room of a corporate-entity. However, data is simply defined as a collection of discrete values that convey basic units of meaning, that can be used to gain knowledge. There are many instances that you collect data unknowingly and analyse it internally to make everyday decisions.
Take the idea of buying a house, for example. The journey to becoming a homeowner can be problematic – littered with a scattering of variable data points, particularly with current interest rate hikes. But, through analysis of the right information, you can take action to reach your end goal and navigate the variables and setbacks involved. A few years ago, I started seriously thinking about how I could get into the property market. I’d had some failed attempts at making it big from stock market tips, and shockingly, I still hadn’t won a prize home in the lottery draws I’d entered.
So, I thought realistically and started gathering data.
I had everything from personal expenses down to the dollar, separated into categories. I had sums running left and right that gave me total discretionary spend available at the end of each month. I knew that if I walked to and from work, I’d save $40/week on public transport, which my SUM function tallied to $2080 annually in my spreadsheet. Slowly, the data values were stacking up and I had a timeline, steps and logical approaches in front of me to help me get from A to B; from home-lender to home-owner. That’s not to say this is how everyone would solve this same problem, but gathering and visualizing this data in a document helped me combine silos of information to create an actionable solution. How much could I realistically save, over how long, what property options would this give me, how much could I borrow, and at what rate?
Knowing what I do now about software like Power Bi, it could have helped me further interrogate information and visualise it through adaptable, interactive graphs – nerdy, but cool! This may seem a little over-the-top for a personal decision like home ownership, but the principles remain the same, and there’s always potential to be unlocked through the power of data insights. Whether you’re organising a hens party, tracking life admin expenses, managing a side hustle or running a big business – data and spreadsheets are a great way to organise logistics on a page. Now, imagine if you could take that spreadsheet, clean and connect the data sets to track changes over time – showing gaps, risks or areas for improvement?
No matter the application, there’s always a story that a set of information – numerical or textual – can tell. So, what are you doing to unlock the door to your data?
This article is the third in a series called ‘Old Ways Won’t Open New Doors’ – read the second article here.
Brand Rebellion employs a team with a broad set of decision-making skills across people, strategy, marketing and design. We have green hat creative thinkers, and white and blue information and organisation brains. Here’s what some of our team had to say about the importance of data visualisation:
“Data visualisation creates opportunities for organisations to review their current context, assess areas for improvement and prioritise areas to support workplace and people initiatives.”
– Maddy (Manager, People and Strategy):
“For any businesses that are trying to prove something (to show outcomes of the end of a project or to get support to start a project) data visualisations are handy to get people to wrap their heads around the concept faster and easier. I think for businesses it’s all about communication and translation – it’s about delivering crucial information to the decision makers in a way that makes them feel safe and smart, and equipped with that proof.”
– Britt (Senior Design and Creative Strategist):
“Data is complex and can be messy. Organising, structuring and presenting data in an easy to understand way creates relationships and engagement with data and provides the shift from data to information and insights (plus when things look visually appealing you are already on board).”
– David (Partner, People and Strategy)
