How Data Visualization Can Impact Business
Business intelligence (BI), is also known as data analytics and it’s become a hot buzzword. But here is a problem with BI: It typically requires teams of professionals to delve through piles of data in an attempt to locate the key elements that influence the success of a company. In the end, it produces an array of spreadsheets, and numbers that don’t tell the story in a simple way that everyone can understand. In addition, the rows and columns that are presented can often contain critical information that’s needed, but it gets lost in the confusion and becomes difficult to digest. The results? Momentum takes a nosedive, information gets hidden, and decisions get put on the back-burner. Data visualization allows you to plow through the information, correlate it to specific needs, and present it in a colorful image that’s immediately understood by the viewers.
“Data visualization – perhaps the most important vehicle for delivering and transforming data into knowledge is fundamental to gaining understanding of increasingly complex business processes and data, as well as for encouraging better decision making.”
Translating Data: Time is Money
Today’s competitive business environment is now elevated where information needs to get accessed immediately. Too much information can cause distractions, especially when trying to locate the important points that can make or break the direction of a company. Since the economy makes dynamic shifts on a daily basis, you need up-to-date information otherwise you risk lost opportunities.
Find Magic in Pictures
If you think about the last meeting that you attended in a company in which many decision makers were present, you probably saw many spreadsheet slides. Did management really understand the information? Were the numbers out of date? Did the spreadsheets generate conversation? Are you really sure that the message was conveyed?
All of these questions need to be addressed as part of the health of the business. In today’s competitive market, you’re required to supply information that’s current, relevant, and that assists in moving the company towards success. Data visualization transitions the numbers so that the images pop with color and excitement. It taps into realtime information, presents it in a way that everyone can comprehend, and creates magical moments in meetings.
“Identifying patterns, anticipating outcomes and proactively optimizing a response will be the basis for competition in the future. In the next 10 years, the companies that don’t have analytics deeply embedded in their business model will most likely cease to exist.”
As we have seen, BI alone is not enough. We now need to address immediacy in a way that was never before required.
“Visual data discovery tools will be growing 2.5x faster than the rest of the BI market; investing in this enabler of end-user self-service will become a requirement for all enterprises by 2018.”
Challenges and Implications
The amount of big data that’s received on a daily basis, both structured and unstructured, is quite overwhelming. But it’s this information that’s the driving factor for the success of any company. The challenge in today’s complex world is locating the tools and dashboards that can translate the information into new processes and tell the stories that are needed immediately.
“The key to effective analysis of big data is the integration of visualization into analytics tools so that all kinds of users can interpret big data from a wide range of sources – clickstreams, social media, log files, videos, and more.”
Data visualization offers you:
- Effective insights that can have a significant impact on decision making
- Service tools that are easy-to-use and created for the business user
- Analytics of big data into an integrated platform
Creating Your Own Crystal Ball
When data visualization is combined with trends, social and economic conditions, and even internal company status, it can create confusing variables. Without specifics that are relevant to the moment, a business exists in an eternal ‘guessing game’ for current and future conditions.
Predictive analysis through data analytics brought about a first step, but the results were often too little, too late and missed critical information that was hidden.
Data visualization brings the single most refreshing tool that can merge all information streams and translate them into powerful images. When you add in the ability to move the information and immediately reflect the cause-and-effect changes, your business can have a level of insight that never before existed.
“Organizations with real-time visualization are able to obtain critical information within the decision window 78% of the time, or 22% more often than organizations without real-time visualization.”
Putting your fingers on the pulse of what’s occurring in the business environment requires tapping into all areas and sources. From finance to sales, human resources to marketing, everything can affect the success of the company. Using data visualization brings clarity to the confusion so that your future insights can have a strong foundation.
“The ability to visualize data in real time or near real time can make or break a critical decision. Leading companies are using technology at the beginning of this process to help integrate data in real time, such that it can be displayed to the line of business much quicker, ultimately supporting more rapid data-driven decisions.”
Click here to download The Ultimate Guide To Data Visualization.