How Data Visualization Can Help Your Business
Decisions backed with data are driving businesses forward in this digital age. Good data translates into actionable insights that decision makers use to evaluate and execute strategies. But how to get from A to B?
Data Visualization is the art of representing key data points in simple-to-understand format. Ease of data discovery and insights are key when it comes to visualization. Better the visualization, easier it will be for decision makers and stakeholders to arrive at business-critical insights that can power their strategic decisions.
But the term data visualization is being thrown around so much these days that it has an aura of confusion around it. A visualization can take the form of a bar graph, simple pie chart or a map. But these elements are hopelessly out of date and have limited scope of representing all the key data points due to limits in design.
Data visualization these days is about creating representational elements that allow the viewer to interact with the data, to go deeper into the data without loosing the core objective. Story-based data visualizations unfold in real-time to allow decision makers to get the insight that they need.
Therefore, the importance of data visualization can’t be stressed enough. Be it a small enterprise looking at last quarter’s sales data or a large conglomerate going through multi-geo product launch data, data visualization is relevant for everyone.
Here are some key benefits your business can derive from data visualization:
- Bridge the gap between data and insights – Data visualization makes data discovery easier. It effectively bridges the gap between data and the insights you derive from it. The brain comprehends visual representation better than anything else. Data visualizations helps you understand your data better and leads to actionable insights that power strategies.
- Discover hidden patterns – The storytelling nature of data visualization helps you zero-in on previously undiscovered operational patterns that could impact business decisions. Data visualization puts key data points into perspective, like comparing historical data with the present. This way, not only new patterns emerge but also important relationships get highlighted.
- Get better at trend spotting – Discovering historical, new and emerging trends is one of the key benefits of data visualization. Trends can be unearthed through data visualization depending on the type of visual representation you use. For example, an interactive heat map can allow you to discover opportunities for strategic expansions in other locations.
- Talk to the data – The real-time nature of most data visualization tools allows decision makers to interact with the data, allowing them to sift through tonnes of data in mere seconds to arrive at the insight they need. The on-the-go customization functionalities offered by most data dashboards allow flexibility when you interact with the data. Drill down features, which are a core component of a dashboard, allow you get deep inside the data and emerge with actionable insights.
- Drive business decisions – Most data analytics tools offer in-built data visualization which is somehow limited in its scope. Custom built data dashboards are more flexible and made for your specific business needs, helping you drive business decisions and growth with the right insights.
Thinklayer offers industry-leading data visualization solutions for clients across the business spectrum. Click here to learn more: