Data Visualization Overcomes The Business Obstacles

By ridhigrg |Email | Mar 1, 2019 | 7458 Views

There are many things which are way too difficult to grab, but sometimes getting way to this uncomplicated language of data visualization sorts everything to a concept which you can get. The complex data is converted into the graphical format through data visualization, which allows you in understanding the depth of business and patterns are identified to bolster your successful strategies. 

In the early days of data visualization, the best and only way to visualize your data existed within Excels capabilities. You'd start with a handy spreadsheet and slowly and painstakingly create a simplified graphic to help convey a message or understand a business trend.
This is when the modern era of data visualization began. It took off at a steady pace and has only gained steam in the last few years.

Without a doubt, data visualization is a crucial tool in today's data-focused business world. Here are nine ways they help you and reasons why you can't afford to skip out on the trend:

1. Information is absorbed very quickly
A picture is worth a thousand words. Or, in this case, a picture is worth thousands of lines of data. As data volume inevitably increases, visualization manages influxes of new information and makes it easy to find trends.

2. Next steps should be understood
From these visual trends, you can easily understand your best next steps with less time and energy dedicated to data analysis. You can save hours of time by looking at the big picture instead of a thousand puzzle pieces.

3. Dots should be connected
Data visualization doesn't just show patterns and trends. It also brings important but subtle correlations and relationships between business conditions into focus.

4. The interest of the audience should be held for a longer period
Graphics built with your data replay a message quickly before you lose interest. As people now have an attention span shorter than that of goldfish [Microsoft], keeping interested is a crucial goal when sharing insights.

5. Need for data scientist should be kicked
Data visualization makes data more accessible and less confusing. Just years ago, the only professionals who could understand company data worked in the IT department. Now, finance, sales, and marketing teams not only have an avid interest in what they're data tells them, but they have the means to actually go after the answers.

6. Insights should be shared with everyone
It makes data more shareable. Visualizations can be distributed among teams easily, and your teams will be much more receptive to an attractive visual than a massive Excel spreadsheet.

7. Find the outliers
Data visualization quickly reveals the outliers in your data. As outliers tend to drag down data averages in the wrong direction, its crucial to find and eliminate them from your analysis when they skew the results. Graphics quickly shed light on them, allowing you to understand why they're there and ignore them when necessary.

8. Importance Should be memorized
Visuals help commit important concepts to memory. Its easier to remember and memorize a concept if we have a graphic to focus on, not just words or line items.

9. Acts on your findings quickly
Most importantly, data visualization allows you to make decisions faster. Using them, you can review your strategies quickly and make updates efficiently, helping you achieve success with fewer mistakes and greater speed.

Even as data gets more complicated, the key to understanding it isn't always more complex formulas, it's sometimes the simplification of its presentation. Here are ten steps to setting your data visualization up for success:

Here are ten components of successful data visualization:

Remember, graphics rose in popularity because they simplify a complicated message. You turn to data visualization when there's too much data to follow with words. Make sure your visualization conveys the message in an easily-understood way. It should tell a story.

If your audience can't find the end message, your graphics are not effective. If they start trying to follow your methods, you've made it too confusing. Make it so simple that they trust you.

Some people prefer specific visuals. Finance may find comfort in traditional scatterplots and bar graphs. Sales and marketing may need something more creative, such as an infographic. Build what your audience favors to help them better understand the information you are presenting.

You analyze data because you have questions. You make data visualizations because you want to get to these answers faster. If you skip that crucial first step, your graphics serve no purpose.

Data visualizations shouldn't exist in a vacuum. The best visuals can be quickly and easily updated with new data to keep analysis fresh and ongoing. You shouldn't have to build from the ground up every time.

The best way to make your data powerful and efficient without breaking the bank is to combine an intuitive data visualization tool with a powerful analytics application. This allows you to analyze your pricing sales, customer, market, and other data using strategic formulas while visualizing the end results in a way that allows you to understand your best next steps and take action.

Source: HOB