The Data and The Narrative

This week is Back to College at the Gokhale Institute. A podcast that I started a couple of years ago has become a tradition of sorts at the start of each semester at the BSc programme.

For about a week, we have people come and speak to us. All of them answer a simple question in a variety of ways. And that question is this: what would you do differently if you got the chance to go back to college? It’s a simple question, and can be answered in myriad ways. Here are some of the past talks, if you’re interested.

There’s one theme that has come up in all of the talks so far, and often enough for me to want to emphasize on it further. All of the speakers have spoken about the importance of doing the analysis, but also having the ability to build a story around it. Most folks are perhaps good at one, but not the other, and rarely both.

As an economist, almost all of the speakers have said, we have nowadays the ability to build models and run regressions. Building out a more sophisticated model, tweaking it, refining it, is either already possible, or can be learnt relatively easily. But where we lose out on, as young economists entering the workforce, is in our ability to explain what we’ve done.

I often say in my classes on statistics that the most underrated skill that a statistician possesses is the English language. I usually get confused laughter by way of response, but I am, of course, getting at much the same point. Unless you have the ability to explain what your model implies for the business problem at hand, you haven’t really done your work. And when I say explain, I mean using the English language.

Each of our speakers for the week so far have made the same point in their own way. Technical ability is table stakes. The differentiator is the ability to expand on what you’ve done, in a way that resonates with the listener. And resonance means the ability to tell a story about how what you’ve done is A Good Thing For The Business.

There are many other lessons to have come out of this week’s talks, and more, I’m sure, to come. But this is worth internalizing and working upon for all of us (myself included): it’s about the analysis and the narrative.

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