At present, most technologies are more than able to capture and consolidate large volumes of data. The question is… what are companies doing with it? The challenge most businesses face is how to tap into the massive data at their disposal and deliver key insights to decision-makers. Complex systems and big data leave the average stakeholder craving a simple narrative. In May 2017, PredictX created a unique system highlighting the need humans have felt for millions of years- to tell a story.
We have the Data. Why would we need The Story?
PredictX’s product, The Story, is targeted at stakeholders who do not have the skills or time to wade through scores of data. Analysts desire as much data as possible. Complexity and big data is never a problem.
Stakeholders have different needs. They need insight presented in a way they can understand. The focus has shifted from developing a product that is not only functional but also engaging.
“A key aspect of human development is the ability to pass on history. Storytelling is, in essence, the campfires over dinner where our ancestors told the story of tribe. Learning from our ancestors is how we share our skills across generations. It is fundamental to the human condition and is as important today in business as it has been throughout history,” said our CEO Keesup Choe.
The Story was born when Choe discovered data cannot drive decision-making if it is not understood.
“It is natural for people to be alienated by charts and graphs. Like the headline of a newspaper, The Story gives us the point of the information, making it less confusing,” said Choe.
How it Works
The Story pulls information from the PredictX’s data dashboard, automating a text document or “narrative” where the data is interpreted. It works opposite to the natural language processing used in machine learning. Instead of deriving data from language it creates language from data.
The Story’s Implementation and Success
Since its conception, The Story has been used by two large, global companies: UBS and Roche.
“With 24/7, immediate access to data, I no longer have to wait on Excel reports. I have everything at my fingertips. This is a huge advantage,” said Roche’s Senior Category Manager for Global Travel Christian Guex.
PredictX aims to increase the functionality of The Story by transferring it online. “The Story goes towards constant evolution,” said Keesup. “It transforms the way our customers make decisions.”