Data Visualization: How is it helping businesses?

Data Visualization

What is Data Visualization?

Data visualization refers to techniques used to communicate insights from data through visual representation instead of just numbers.

It is to distill large datasets into visual graphics to allow for an easy understanding of complex relationships within the data. It is often used interchangeably with terms such as information graphics, statistical graphics, and information visualization.

Modern business intelligence (BI) platforms will automatically connect the data sources and layer on data visualizations so that the users can slice and dice the data with ease and quickly come to conclusions about the sales performance of the product

Data Visualization: Why Is It Important? 

Using charts or graphs to visualize large amounts of complex data will be much easier for business executives to understand and make decisions than relying on spreadsheets or reports. It is a quick, easy way to convey concepts universally. By making slight adjustments to the data, you can experiment with different scenarios.

Data visualization can also help with: 

  • Identify areas that need focus or improvement.
  • Identify customer behavior patterns.
  • Predict sales volume.
  • In deriving Improved Insights, thus faster decision making.
  • Increased awareness of the next steps to be taken to improve the organization.
  • Increased the ability to act on findings quickly and, therefore, achieve success with speed and fewer mistakes.

How is data visualization helping businesses?

1. Grasp the information quickly:

Businesses will be able to conclude more quickly from the information by using graphical representations. Leaders and decision-makers can see large amounts of data in clear and cohesive ways. Businesses will be able to conclude more quickly from the information by using graphical representations. Leaders and decision-makers can see large amounts of data in clear and cohesive ways.

2. Identify the key patterns and relations:

When the data, presented graphically, whatever the amount of data it may be, makes more sense to the users. Users will be able to identify highly correlated parameters that aren’t obvious. Identifying any relationship between data points can help in focusing on areas that are most likely to influence business goals.

3. Exploring emerging trends:

Both in the business and the market, using data visualization to discover trends can give businesses an edge over the competition, and ultimately affect the bottom line. It is easy to spot outliers that affect product quality or customer churn, and address issues before they become complex problems.

4. Change the way of data delivery and communication:

After uncovering the hidden insights under the data, the next step is to communicate it to the latter. Using charts, graphs, and other visually impactful representations of data is Important because they are appealing and gets the message across quickly.

Laying the groundwork for data visualization

Before implementing it, there are some steps you need to take. You need to have a solid grasp of the data and a better understanding of your goals, needs, and audience. Preparing your organization for data visualization technology requires:

  • Good understanding of the data which you are trying to visualize with its size and cardinality.
  • Determine what you aim to visualize and what type of information you want to communicate.
  • Choose a visual that conveys the information in the best and simplest form for your audience.

Data visualization use cases 

Common use cases for data visualization include:

Sales and Marketing: 

With online advertising on the rise, marketing teams must pay close attention to their sources of web traffic and how their web properties generate revenue. In this case, Data visualization makes it easy to see traffic trends over time as a result of marketing efforts.

Healthcare:

Choropleth maps are frequently used by healthcare professionals to visualize health data. It displays divided geographical areas or regions where each region has a different color with a numeric variable. Those maps allow professionals to see how a variable, such as the mortality rate of heart disease, changes across specific territories.

Finance:  

While choosing to buy or sell an asset, finance professionals must track the performance of their investment decisions.
Candlestick charts are used as trading tools and help finance professionals analyze price movements over time, displaying important information, such as securities, derivatives, currencies, stocks, bonds, and commodities. Data analysts and finance professionals can detect trends by analyzing how the price has changed over time.

Available Tools:

Many tools provide sophisticated abilities to visualize data. There is tough competition among data visualization tools in the market. Examples include:

  • IBM Cognos Analytics
  • Qlik Sense and QlikView
  • Microsoft Power BI
  • Oracle Visual Analyzer
  • SAP Lumira
  • SAS Visual Analytics
  • Tibco Spotfire
  • Zoho Analytics
  • D3.js
  • Jupyter
  • MicroStrategy
  • Google Charts

About Technovert:

Technovert offers comprehensive Data Analytics consulting services inclusive of Power BI solutions, Data Visualization, Dashboard Design & Development along with DBA support services.

Gain a competitive edge in the market by leveraging valuable and business-critical insights with the help of BI.

Contact us or schedule a meeting with our data visualization experts now.

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