C2-M2 Follow the Evidence

Importance of Data Communication

• Data alone is not useful if the story it tells isn't communicated effectively.

• Organizing data is vital in turning it into actionable information.

Tools for Data Presentation

• Various tools are available to visualize and share data analysis with stakeholders.

• Major tools discussed: Reports and Dashboards.

Reports

• Definition: A static collection of data provided to stakeholders periodically (e.g., monthly, weekly).

• Pros:

  • Offers snapshots of historical data (e.g., monthly sales summaries for finance firms).

  • Organized and easy to reference.

  • Quick to create and user-friendly, requiring ongoing maintenance.

  • Reflects cleaned and sorted static data.

• Cons:

  • Requires regular updates and maintenance.

  • Less visually appealing than dashboards.

  • Does not display real-time evolving data.

Dashboards

• Definition: Monitors live incoming data, allowing for dynamic updates.

• Pros:

  • Provides real-time access to information.

  • Allows interaction through filters and adjustments.

  • Saves time by reducing the need for repeated reports access.

  • Visually engaging which helps with understanding.

• Cons:

  • Time-consuming to design; can be less efficient if rarely used.

  • Requires significant maintenance if data sources change or if the design breaks.

  • Can be overwhelming due to information overload if users aren't accustomed to dashboards.

Choosing Between Reports and Dashboards

• Consider the needs of stakeholders when deciding which tool to use:

  • For historical trends, use reports.

  • For real-time data monitoring, utilize dashboards.

Example of a Report Creation

• A spreadsheet containing order details could be summarized using a pivot table to show revenue by salesperson:

  • Pivot Table: A data summarization tool that reorganizes and summarizes the data.

  • Produces easier-to-read reports (e.g., revenue charts).

Example of a Dashboard Creation

• Dashboards using tools like Tableau can present dynamic data visualizations:

  • Users can interact by changing parameters like date or location.

  • Dashboards should effectively engage users and convey information clearly.

Differentiating Data and Metrics

• Data: Raw facts collected.

• Metrics: Quantifiable representations used for measurement; provides clarity.

  • Example: Revenue as a metric represents sales performance.

  • Metrics are critical for interpreting data and achieving specific business goals.

• Different industries utilize various metrics for goals such as ROI (Return on Investment) or customer retention rates.

Tools for Visualization

Spreadsheets (Google Sheets, Excel)

• Commonly used for static charts and data manipulations.

  • Features include pivot tables, data filtering, and a variety of chart types.

  • Easy integration with documents and presentations in suites.

Tableau

• Designed for interactive visualizations and dashboards:

  • Handles large datasets effectively and offers advanced analytic capabilities.

  • Takes time to learn, but rewards with powerful, engaging visual outputs.

Creating Effective Dashboards

1. Identify Stakeholders: Understand their needs for specific data.

2. Design the Dashboard: Ensure clarity in layout and visualizations.

3. Consider Mock-ups: Optional sketches for planning the dashboard.

4. Select Visualizations: Choose appropriate types based on data story (e.g., line charts for trends).

5. Set Filters: Help manage data visibility and explore deeper insights.

Key Takeaways

• Understanding how to engage users through dashboards is crucial for data storytelling.

• The right mix of tools can optimize data visibility, interactivity, and user experience.

• Practice with both spreadsheets and Tableau to become adept in data visualization.