Drowning in Data: The Need for Effective Storytelling with Big Data
by Paul McLaughlin, on Mar 27, 2017 1:46:12 PM
Living in the information age can be at once illuminating and daunting. From a business perspective, modern companies now have unparalleled abilities to gather information to keep them smart in their respective fields such as health care fraud, waste, and abuse. However, in the process, many Fraud Investigation Units are finding themselves inundated with medicaid related information — and are as thought leaders in big data have long noticed — drowning in the data.
The implications of this are undeniable: from mountains of data there is little practical insight generated for Fraud Investigators to act proactively.
Enter effective storytelling.
Storytellers aren’t mere analysts. They accurately take data and transform information into insight. Blending science and art, Storytellers distill big data down to its bare essence, making it clear, engaging, and thought provoking. Most importantly, their insights can inform the Fraud Unit and other departments on what to do differently and what specific actions are needed.
The technology has been invented. Big data and the ability to cross reference large data sets aren’t going away. The exciting challenge for businesses going forward will be the relationship between technology (big data and powerful display tools) and artistry (the storyteller). The companies that will maximize the value of big data will depend upon on having a clear understanding of big data sets and being able to transform them into actionable stories.
At a time when many companies are drowning in data, consider the Storyteller your information lifesaver. If you’re a Fraud Investigation Unit Leader, you can view Data Scientists and Storytellers as two sides of the same coin. Data Scientists produce the data then Storytellers work to ensure that the information is actionable, cogent, and able to be socialized within organizations.
In this new age of big data, this partnership may well be vital to writing the next chapter in your organization’s story.
For a good read on effective storytelling, check this out:
Paul McLaughlin is the Chief Strategy Officer at Alivia Analytics. Alivia offers predictive and cognitive analytics to transform big data into action. Its cutting-edge platform, Absolute Insight, harnesses the power of distributed technologies, machine learning, and predictive analytics to address real business issues and challenges in the areas such as risk identification, fraud detection (e.g., healthcare, fraud, waste, and abuse), and big data visualization.