August 28, 2018, by Erik Larson

Where is the story in your data?

Unless you're one of the biggest cities, you probably don't have an economist on staff to make sense of economic and demographic data. This makes it challenging, or even out of reach to answer important questions such as:
How is our community progressing? Are we going forwards or backwards in terms of quality of life and economic growth? Which industries are growing the quickest, and do we have the workforce pipeline to support future expansion?
Going without a tailored data narrative means operating at a disadvantage: while the bigger markets have all the data and expertise to create a compelling picture, smaller communities in need of a concise angle go without, leaving missed opportunity on the table.
One way to think of eImpact's data reporting service, is like an out-sourced economist. Only we bring the added advantage of technology to make these data stories come to life.

3 Key Components of a Good Data Story

#1: How we got here

To understand the present, it is essential to know about the past. When talking about the economy, jobs and wages, a very important view is how things have recovered (or not) since the Great Recession. Even better, let's go back 20 years to get a fuller picture:

#2: Where are we going?

People generally know that a forecast is going to be wrong – whether too high or too low, we don't know. Despite this, it is essential to produce a projection of one or more possible future scenarios. Without it, we may be seen as not having a plan and a belief in the promise of the future.

#3: How do we stack up?

Competition. It's getting harder to get attention when businesses have a choice on where to locate or expand, and lots of willing parties scrambling for their vote. Cut right to the chase with a stack-ranked benchmark. Focus on the story in your data that differentiates you:

Check out a live example of eImpact's data story dashboard:

Interested in learning more?

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