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Data-driven storytelling: How numbers are transformed into stories

Data-driven storytelling is based on the great allure of stories. With this in mind, more and more businesses are adopting a narrative approach to internal and external communication in the effort to convey abstract data in vivid ways.

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In times of big data: Presenting complex information in an understandable way

Business intelligence tools, CRM software and the use of artificial intelligence all give marketing and sales departments a wide range of options for data collection and analysis to choose from. But the crux actually lies in the wealth of information available and in the complexity of that information: The mere generation of numbers and data is largely pointless if it does not succeed in communicating the meaning of these numbers and data and putting them in a context people can understand.

Data-driven storytelling, on the other hand, prepares naked figures in such a way that stakeholders and customers experience them as understandable, interesting and appealing.

“Sometimes reality is too complex. Stories give it form.”

Jean-Luc Godard

Storytelling with data as a communication strategy

Basically, data storytelling is not new. For instance, a trend toward data-driven journalism has been emerging for several years now. The term describes not only a certain type of information acquisition but also a particular form of presentation. These aspects are also true of data-driven storytelling in in-house corporate communications and in marketing.

In essence, data-driven storytelling comprises three areas:

  • the analysis of the data
  • the narrative
  • the visualization of the data

Thanks to narrative as well as visual and interactive elements, abstract data sets take shape, and this contributes to greater reach.

Data processing: Here’s how to turn data into a good story

But how do you proceed if you want to illustrate the latest sales figures, or user interactions in the last quarter? First of all, there should be careful consideration of which topic is to be prepared for whom, and on the basis of which data:

  • What point do my data illustrate? How meaningful and representative are they?
  • What target group do I want to address?
  • Which aspects of my data evaluation should be conveyed to the target group?
  • What prior knowledge does the target group have?
  • What misconceptions does the target group possibly assume?

7 typical storylines in data-driven storytelling

Only once the above aspects have been isolated does it make sense to think about what the narrative should look like. First of all, a storyline should be considered that is appropriate to the question at hand and the existing pool of data. According to marketing manager Ben Jones, 7 basic types can be distinguished here:

  1. Change over time: A story is told about a process or transformation.
  2. Drill down: The narrative begins with an overall view and leads to a concrete example.
  3. Zoom out: Over the course of the narrative, a tiny focus is extended to taken in the big picture.
  4. Contrast: Different protagonists, data or issues are compared.
  5. Intersection: At the heart of the narrative lies a crossroads where two or more questions or data points intersect.
  6. Dissection of factors: Data and storylines are interrogated for correlations and causalities. Unclear records are “dissected,” so to speak.
  7. Profile of outliers: The story is dedicated to special cases and statistical outliers.

A meaningful structure of a data story

Like any good story, a data story should captivate its readers or listeners. Taking a cue from the dramaturgy of classic feature films, a structure in at least three parts is recommended:

  1. Exposition: Presentation of the topic and context of the data analysis; what is the occasion for broaching the question?
  2. Confrontation: Presentation of the central question and the challenges involved; what are interesting observations and problems?
  3. Resolution: Concluding wrap-up with recommendation for action; what insights does the data analysis yield, and what things might need to be changed?

Data visualization: Preparing numbers for visual effect

In addition to the actual narration, visual elements also play a decisive role in data-driven storytelling. Infographics, diagrams, animation and highlights make the world of numbers tangible, even for the untrained beholder. The presentation should be as clear and simple as it is precise. The accompanying narrative can pick up on and explain any relationships that cannot be conveyed visually. Combining textual and visual elements makes data stories easy to understand and internalize. This not only bolsters in-house communication processes but can also contribute to improved customer loyalty.

About the author: Cora Eißfeller
Cora Eißfeller works as an online editor at content marketing agency textbest in Berlin. After working for several years in publishing, the literary scholar now devotes herself entirely to digital marketing. Her focuses are e-commerce, new work, and urbanisation trends.

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Investing in bitcoin: Must know about the Digital Wallets

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Healthcare systems and the Blockchain

Bitcoin is one of the most used and famous cryptocurrencies in today’s time. This was announced in the year 2008 and was launched in the year 2009 by the anonymous person who is an anonymous person who is named Satoshi Nakamoto. This was the whole new concept given by him.

Initially, the value of bitcoin was nothing, but later with time, it has earned its existence, and the value of a single bitcoin is around $40000. This is a considerable amount. The persons who had invested in bitcoins in the early stage had become billionaires today. Even this is still the future. And one should start investing in bitcoin.

Initially, when there was no digitalization, it was very difficult for people to know the concept of cryptocurrency. Still, now, with time, modernization is there, and most people today are using smartphones and digital devices. So, it is now straightforward to do transactions with the cryptocurrencies as now there are a large number of digital wallets present that can be used to earn, sell or can be used to know the statistics of the particular cryptocurrency. This is a great thing.

Basically, what are digital wallets?

Digital wallets are the ones that have been used to do transactions with bitcoins or any other cryptocurrencies. In early times, everyone had to go to the bank to do their transactions of deposit withdrawals, but now this is not the case. Digital wallets have made the life of people very easy.

There are so many benefits of using digital wallets:

  • Digital wallets have made the life of people very easy as everything can be managed very easily with just a single click. The whole thing is in their hands which can be managed very easily.
  • These can be used to check the prices and the price difference in the cryptocurrencies between specific periods.
  • Digital wallets can be used to transfer money from one person to another in a significantly less time period.
  • The transaction charges which are charged from the user are significantly less.

Even today, the technology has moved so fast that the user can make transactions with the help of debit cards. Yes, that’s true today; the user can use debit cards full of cryptocurrencies to make the transactions. The person can load his debit card on btcrevolution.io with the help of digital wallets. Digital wallets are beneficial for these purposes.

If a person wants to start investing in bitcoins, he needs his PAN card for the proof, and then he can easily sign up in his account in the application. Then he can start investing in bitcoins very easily. 

Benefits of Investing in Bitcoins or any other Cryptocurrencies

  • These provide users with profits in a very less time period.
  • The transaction charges are very less.
  • There are no middlemen in between.
  • It takes very little time for the transaction to take place.
  • All the transactions are completely secure and can take place very easily.
  • All the transactions are made private; no one can take a view of your transactions.

Some drawbacks of using the Bitcoin Platform

There are some drawbacks to using this platform which can be easily prevented by just taking care of a few things. In this, as we know that all transactions made are private, so if the person sends the money to the wrong account, then the money cannot be retrieved at any cost. This is one of the biggest and major drawbacks. But this can be prevented if the user does the transactions carefully.

Conclusion

Cryptocurrencies are prevalent in today’s time. Even now, the crypto transactions can be made at ease as earlier we have discussed that there are various digital wallets that can be used to make the transactions. These are very helpful as all the features are so interesting and can be easily managed just by using your smartphone. 

There are various exciting features like sending the money from one user to the other, receiving the money, and even making international transactions. As these are the universal currencies all over the world, then they can be used at any place and can be sent to anyone at your ease.

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Is it Possible to Make Money On a Mining Farm in 2021?

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Crypto as Leading Industry in 2021

Mining cryptocurrencies used to be a viable choice for making profits in the past. But crypto entrepreneurs have swayed away from this method of acquiring crypto. They now buy bitcoins (BTC) or other cryptocurrencies and sell them for a higher price instead. 

With large mining operations dominating the landscape, mining has become an increasingly difficult venture to partake in. Some may even think of it as a defunct way to acquire crypto. 

However, with the recent bull run, a lot of us are asking ourselves – is crypto mining still worth it in 2021?

In this article, we will try to answer that exact question. We will consider equipment and running costs, and how to determine the profitability of your mining farm.  

Before we begin, let’s go through some basics of cryptocurrency mining. 

What is Cryptocurrency mining?

Mining is the process of validating transactions on the blockchain by using computing power. To do this, high-powered computers (miners) solve increasingly difficult math problems and create new data blocks of transactions. 

In exchange for their efforts, miners are rewarded with new coins created through the process. This is known as a proof-of-work (PoW) consensus mechanism. 

Today, mining rigs have evolved into two main categories: 

  • ASICs – which are expensive, specialized computers that can be used only to mine cryptocurrencies. 
  • GPU Rigs – Computers that contain one or more graphic cards where GPU power is used to mine cryptocurrencies. The more cards, the higher the computational power will be. 

Keep in mind that certain cryptocurrencies like Bitcoin are mineable only with ASICs, while others like Ethereum can only be mined with GPUs (ASIC resistant). 

Crypto Mining Global Trend

What to consider when mining cryptocurrencies?

When trying to calculate mining profitability, there are three main aspects that you need to consider: 

  1. Revenue

There are several criteria to watch out for to increase your mining revenue: 

  • Mining Difficulty – as more miners join the network, the difficulty to mine new coins increases. If your hardware computing power (hashrate) can’t keep up, you will be mining at a loss. 
  • Coin switching – cryptocurrencies are a volatile asset and their price fluctuates by the minute. Miners often switch to a different coin to optimize their revenues. 
  1. Running Costs

Maybe the most important of all three pillars in cryptocurrency mining is the operational expenses you will be facing on a daily basis. This mainly includes the costs of electricity in your region, as mining rigs are power-hungry machines. 

There are also additional expenses to consider like mining pool fees, cooling fees, mining software fees, and maintenance costs. 

  1. Investment Costs

The required equipment is the initial paywall to start cryptocurrency mining. For example, a top-of-the-line ASIC miner can cost anywhere between $1,000 and $3,000. 

Older ASICs might be cost-friendly, but their inefficiency will diminish your profits considerably. 

Building a GPU rig can be a more democratic venture for beginners as they are cheaper and more versatile solutions. 

So is mining still profitable in 2021?

Is it profitable to mine crypto in 2021?

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The answer to this question cannot be answered by a simple yes or no. Making profits from mining depends on a combination of all the factors previously stated. 

Let’s illustrate this by a couple of examples using the calculator found on CryptoCompare:

Bitcoin Mining Cost

Bitcoin mining for individual investors is rarely worth it anymore because of the highly competitive mining sphere. 

Here’s an example of a $1500 initial investment: 

  • Coin Mined: Bitcoin
  • ASIC : $1500
  • Hashrate: 85TH/s 
  • Power draw: 3000 watts
  • Electricity Cost:  $0.12 per kWh
$6700 in march 2021

With these parameters, the calculator gives us a projected profit of around $5600/year. Even in this bull market, you would need a short of 3 months just to break even with your initial investment making this an extremely risky venture. 

Altcoin Mining (Ethereum)

The other option is to invest in a GPU rig. GPU mining can be quite profitable if done right. 

Let’s consider the same initial investment of $1500. 

  • Coin Mined: Ethereum Classic
  • GPU Rig : $1500
  • Hashrate: 170 MH/s 
  • Power draw: 1000 watts
  • Electricity Cost:  $0.12 per kWh
$755 in march 2021

The results are much more appealing, with over $755 per annum. Your investment should be returning profits in just over a year. 

Wrapping up

To summarize, if you avoid ASICs, you can still make profits with a mining farm. For the average consumer, it would be unrealistic to try and compete with Bitcoin mining giants.

However, mining alternative cryptocurrencies with a GPU can still be quite profitable. Make sure you do your due diligence and use tools like BetterHash to calculate your profitability and stay on top of the competition. 

Worth noting that there’s a new generation of GPUs just around the corner. Combined with the ongoing cryptocurrency bull market, it might be just the right time to start a mining farm.

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Digital Transformation as a Way to Increase a Company’s Revenue

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Digital Transformation as a Way to Increase a Company’s Revenue

Digital transformation of business is nothing new in the business world, but with the pandemic’s onset, we are seeing an incredible surge in this direction. The need to organize employees’ remote work has become a hassle, but a prerequisite for the survival of a business.

Digital Transformation as a Way to Increase a Company’s Revenue

Box yesterday released its Q4 2020 report, which said the company had revenues of $199 million. According to the company, this is 12% more than in the previous year. As a reminder, the company provides cloud content management and file sharing for businesses. The company uses a freemium business model to provide cloud storage and file hosting for personal accounts and businesses.

Such indicators of profit indicate that the business of the company is going up. Also, keep in mind that last year, Starboard Value bought a 7.5% stake in Box. Now we can say that the company lives up to the expectations of the investor.

I believe that digital transformation services and solutions are the main reason for this kind of development these days for a lot of different businesses.

Box CEO Aaron Levy said the pandemic was an excellent trigger for companies to move to the cloud much faster than anyone imagined. He said that being a digital company, he quickly moved his employees to work from home WFH. Maintain efficiency with tools such as Slack, Zoom, Okta, and of course, Box.

The digital tool has helped businesses

The digital tool has helped businesses operate and demonstrate performance in difficult times. “We are fortunate to have been able to work in this environment. It helps that we have 100% SaaS, and we have a great digital engine for doing business,” he said.

He added: “And at the same time, as we said, we have achieved greater profitability. Thus, the enterprises’ efficiency also improved significantly, and as a result, we had an outstanding quarter with higher growth rates than expected and higher profitability than expected. As a result, we were able to raise our targets for revenue growth and profitability for the rest of the year,” Levy told TechCrunch.

Box decided to build its suite of products on a service platform. This allowed customers to take advantage of these essential services like encryption, workflow, and metadata and create their customizations or even full-featured applications using the tools Box has already built.

Time to switch to Cloud Solutions

I agree with the vision of Aaron Levy and also recommend our clients to switch to cloud solutions. If they already have a desktop application for business – the cloud is a good solution. You can read how to make a smooth transition from a desktop app to a cloud-based application in our article. Written on my experience with such projects. If you are considering the option of developing a cloud solution, then our specialist is ready to help you with the implementation of your project.

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