Data is the new oil. This is the new jagron that companies are following. Back in 2015, the amount of data generated was pegged at 5.6 Zettabyte. Let that sink in. Now imagine the deluge of data that will be generated in 2017. For decision makers, this poses a statistical nightmare as they need to interpret data in real-time to gain and implement actionable insights.
This is where data visualization comes in. Data visualization tools make data discovery easier, making sure that business-critical information doesn’t slip through the cracks. Based on custom or industry-defined KPIs, managers can develop custom dashboards that interpret and present data relevant to business, in real-time.
The importance of data visualization can’t be stressed enough. So here are 5 reasons why you should invest in data visualizations right now, if you are not doing it already.
- Key Business Trends can impact product or service pipeline
Data visualization brings out hidden facets in your data sets to reveal relevant past or future business trends that are critical to your decision making process. Relevant insights into customer behaviour or market landscape can allow you to tweak your service or product pipeline to generate a measurable impact. Not only this, data visualization could open up new business or product avenues by bringing out the relevant information that might have escaped you in the past.
- New ways to discover data
Data visualization tools offer you new formats or techniques with which you can visualize and discover the information you need. Data visualization in the form of heat maps, fever charts or other forms of graphical visualization can bring out hidden data points that might have been absent in previous representations, giving instant actionable information to decision makers. Data discovery is key when it comes to analytics and data visualizations facilitates that better than simple reports.
- Identiy business patterns
Spotting critical business patterns or relationships is key when it comes to decision making. Data visualization enables you to have a 360 view of business and operational data to help you spot patterns or relationships that are affecting your business processes. For example, dipping customer satisfaction could be tied to rising exit rate of customer care executives. By viewing this data, a decision maker could implement strategies to stem the exit rate and hire more executives to service customers.
- Direct Interaction
With data visualization, your data doesn’t hide behind 1D charts and reports, but is out there on the dashboard for you to discover, digest and gain actionable insights that can be pivotal in decision making. Data visualization allows a direct, one-on-one interaction with the data, tapping in multiple resources and working around set parameters to represent data in the most easy-to-understand manner.
- Make decisions faster
The real-time nature of data visualization allows you to discover valuable insights almost instantly, making decision making a much faster process. Key business opportunities are lost if the right information is not available in the right time and data visualization plays a major role in this. Data points like customer sentiment, sales volume of a particular product, performance of competitor’s products can be viewed instantly and acted upon swiftly.
- Run What-If Analysis
The key essence of data visualization is that it gives you future prespective. You can run various What-If analysis on dashboards and based on current data you can see the various cases that can be possible.
Thinklayer offers tailor made visualization services based on your organization sector which decides the key KPI’s essential for your organization. Learn more about our visualization services here.