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How Data Visualization can help your Business?

Decisions backed with data visualization are driving businesses forward in this digital age. Good data translates into actionable insights. Decision-makers use these insights to check and execute strategies. But how to get from A to B?

Data Visualization is the art of representing key data points in a simple-to-understand format. Ease of data discovery and insights are essential when it comes to visualization. The better the visualization, the easier it will be for decision-makers and stakeholders to gain business-critical insights. It will empower their strategic decisions.

But the term data visualization is being thrown around so many days that it has an aura of confusion. Visualization can take the form of a bar graph, simple pie chart, or a map. But these elements are out of date and have a limited scope of representing all the key data points due to limits in design.

These days, visualization is about creating representational elements. These representations allow the viewer to interact with the data. Also, it will help them to go deeper without losing the core objective. Story-based visualizations enable decision-makers to get the insight they need.

Thus, any business or its stakeholders can understand the importance of data visualization. Whether a small enterprise looking at last quarter’s sales data or a large business going through product launch data. Visualization is relevant for everyone.

Benefits of Data Visualization for your Business

Here are some key benefits your business can derive from data visualization:

1. Reduce the gap between data and insights –

It facilitates data discovery. It bridges the gap between data and the insights it provides. The brain better understands visual representation than any other form of expression. Data visualizations assist you in understanding your data better. So, it leads to actionable insights that power strategies.

2. Find hidden patterns –

The storytelling nature allows you to focus on previously unknown operational patterns. These patterns may impact your business decisions. It puts critical points into context by comparing previous and current data. It results in the rise of new patterns. Also, essential relationships get highlighted during this comparison.

3. Get better at trend spotting –

Discovering historical, new, and emerging trends is one of the key benefits of data visualization. These trends depend on the visual representation you use. For example, an interactive heat map can allow you to discover opportunities for strategic expansions in other locations.

4. Talk to the data –

The real-time nature of data visualization tools allows for interaction with the data. It allows them to sift through tonnes of data in mere seconds to arrive at the insight they need. The customization offered by most data dashboards allows flexibility with the data. Drill-down features will enable you to get deep inside the data.

5. Drive business decisions –

Most data analytics tools offer in-built visualization, which is somehow limited in its scope. Custom-built data dashboards are more flexible. These customized dashboards fulfill your specific business needs. They will also help you drive business decisions and growth with the right insights.

Application of Data Visualization in the Healthcare Industry

Today’s most critical medical studies rely on practical, meaningful data analysis. It is also necessary for physicians, nurses, and other health professionals to use daily.

Data visualization helps us find patterns and correlations in the health business by bringing the essential lessons into focus. As a result, data analysis becomes more efficient.

Hence, today, the health industry could hardly survive without data visualization. Let’s understand how it plays a vital role in the healthcare industry.

Infographics

The most common misconception about sharing large datasets is that the more data there is, the better. It is especially true when conducting a medical study. However, you may want to include visualizations that present key takeaways, which should not attempt to visualize everything — far from it.

Only the most compelling data should be highlighted, and that data should be represented clearly by not being cluttered with other, less persuasive information. You can use these same visualizations to communicate critical information to patients or customers.

Patients don’t need to know every detail of how a study was carried out; they want quick, actionable takeaways. Single data point visualizations or mini-infographics with a small dataset are ideal for social media sharing.

Dashboards that assist medical professionals in quickly analyzing large amounts of data can save time and even lives. In one case study, creating a dashboard to visualize electronic health record data resulted in a 65% reduction. A reduction in time spent on data analysis in the first year alone results in additional gains.

Data visualization highlights the most important takeaways in the health industry, assists us in identifying patterns and correlations, and improves data analysis efficiency.

Interactive widgets

When you have a large amount of data to share, it is not always possible to pick just a few key points to highlight. When examining state-by-state health data across a variety of metrics, this is frequently the case.

After all, certain audience members may value different portions of the material more than others. Interactivity allows the viewer to tailor the dataset to their specific needs. It also helps to locate the information they’re looking for. Businesses need not go through a lot of information they’re not interested in.

Motion graphics

Motion graphic is the best way to present a series of visualizations. These visual graphics work together to tell a larger story. For example – live-action video is an option for good footage. Similarly, the data visualization will necessitate some animation overlay. The type of data you’re working with and your audience will define the optimal visualization.

Final Words

Thinklayer offers industry-leading data visualization services for clients across the business spectrum. Whether in the healthcare industry or any other industry, we provide complete visualization solutions.

Our experts are always there to help you strategize the best data visualization dashboard for your organization. For further details, connect with us at hi@thinklayer.com.

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