Economalytics – Sherlock of the Business
Economalytics is the analytics blog that shows you in plain and simple which methods are available and how you can use these methods to solve your problem. Here at Economalytics, I do not talk about solving a problem, I rather prefer to tell the story from the gathered data because every good analysis should produce a narrative that explains the solution or the problem you are experiencing. A narrative is the way we make sense of the data and the things we observe in the data.
What you should keep in mind is the importance to tell the best narrative in the right way. If you start to twist facts in order to develop the best narrative, you will end up with the a solution that belongs to another completely different narrative. In other words, my “duty” is to find the narrative that is hidden in these facts. Imagine the following scenario dear Sherlock, you are a detective at a crime scene and you have collected the existent and most visible evidence. Your next step as a detective is to either analyze the already existent evidence or to look out for the “invisible” one. It is all about reconstructing what happened at the crime scene, tell the story the right way so that you are able to draw the right conclusion. Economalytics will show you how to find the right version of events and the “equipment” you can use to analyze your evidence.
There are five core values that distinguish this analytics blog from others. These values are at the heart of telling the right narrative. Let me introduce you to what makes this analytics blog special.
A good narrative makes a complex problem look simple and self-explanatory. There is a reason why it is easier to understand a good story than some concrete descriptions or facts. A story boils down the problem to its core and connects the facts in the way that makes the story have a meaning.
Economalytics applies scientific methods with scientific skepticism. Just like a scalpel in the hand of a surgeon needs the precision in order for the surgeon to perform a surgery right, the same way, the scientific tools that you use to look at your data need to stick to strict objevtive rules so that you can succeed in telling the right story. Every problem solving is pointless if the tools are unreliable or invalid. Unscientific tools will lead you to randomly wrong solutions or to the same wrong narrative all the time. Economalytics works in the same way that a scientific detective does: the truth is everything that is left after you have eliminated all alternatives.
A good narrative consists of a group of simple broken down chunks that are coherent and easy to process. By breaking down a problem in the relevant pieces and looking at the whole picture, you will be able to make sense of the problem. An analytical approach is one of the five important core values of analyzing because it is able to break down the problem in its smaller parts so that you are able to see how they are interconnected. A good narrative has always certain elements that help us understand it, for instance, a hero, a villain and omens.
A mistake can lead to a narrative that is false or that is told in the wrong way. If you tell your story without following your omens in the right way, you will be facing a crossroad without any red light in which your problem has just become more severe. Therefore, it is of utmost importance to process everything cautiously and step by step so that when you are at a crossroad a red light will be able to regulate your walk.
You will never be able to tell the right narrative if you do not understand the subject matter on a deeper level. Likewise, you will never be able to tell your narrative the right way if you do understand the world of the people you are telling it to. You should be able to tell the story in the language that your listeners understand. Only a person that understands the topic he is talking about and the audience he is telling the story to, will be able to successfuly explain and truly tell a narrative.