Data Visualization: How it can ameliorate your Business

Petabytes…zettabytes… A decade ago, these terms would have been unheard of. These terms have become mainstream for many businesses, including online retail ventures, as a result of the massive data deluge. As a result, it’s no surprise that, according to IDC, there will be 40 trillion GB (40 zettabytes) of data in 2020. Consider what we could learn from this volume in terms of key takeaways, patterns, and trends. Doesn’t seem possible, does it?

Wrong!

We can grasp large amounts of information using data visualization in a way that our brain can handle and comprehend. It’s no surprise that visualization is becoming more prevalent ineffective business intelligence strategies. This type of implementation aids inefficient business decision-making, which has a direct impact on the company’s bottom line.

How can data visualization help your business?

Are you curious about the significant business benefits that data visualization can provide? Then lets roll ahead!

Large data can be easily digested

When it comes to data visualization, the adage “a picture is worth a thousand words” holds true. It’s the most effective way to use visuals and graphics to present complex issues in an easy-to-understand manner. Readers prefer digestible, bite-sized visual representations of large stacks of data in this age of social media and the internet.

And it is at this point that data visualization comes in handy. You’ve taken a big step toward becoming a data-driven eCommerce company with this powerful tool. With this method, many complex trends become readily apparent.

Consider a supply chain strategy to see how a company can use data visualization to spot new trends. Using appropriate data visualization will assist you in determining which products are required at which times of the year (for seasonal products). Such insights help people make better decisions by breaking down data into digestible chunks while retaining its essence and underlying meaning.

Enables quicker response

Every department has executives who require real-time data. Sales directors, on-site field support, marketing managers, and customer service teams can use tools to make faster decisions.

To see how data visualization is used, consider the sales manager role. When making a pitch in front of prospects, they can quickly encapsulate key points from previous success stories. They won’t have to deal with prospects who ask for previous case studies, and sales managers tell them that they must go get the information. They can have the numbers at their fingertips thanks to data visualization. This makes a good impression on the prospects and increases their chances of landing the job.

Trends are easier to spot

Imagine trying to find a trend among thousands of lines of just numbers in an excel file. The brain would tire of going over and over the same set of numbers. Cut to a different scenario in which all trends are visually displayed to assist the analyst in comparing and spotting trends. That’s the impact of data isolation on your company.

Data visualization aids users in comprehending the meaning behind the numbers and uncovering hidden patterns that indicate business growth opportunities. KRAs and performance are presented to decision-makers using graphical representations such as charts, mind maps, info graphics, animations, bubble, pie, and heat maps.

Users can see the big picture without being distracted by the numbers. Data visualization simplifies data so that users can interact with only the parts of the overall data that are relevant to them.

Enhances inter-team collaboration

In real-time, data that affects the entire organization is shown to the authorized group of people. This is in line with the synergies that exist among various teams. They know what steps they need to take as a group to move the organization in the right direction. Every team has the information it requires to work together more effectively.

Collaboration allows teams to learn about the strengths and skill sets of individual team members. Magic happens when these disparate teams come together.

And this is precisely what data visualization in your company aims to achieve. Their combined abilities make it simple to solve problems quickly, introduce more innovations, and avoid reinventing the wheel’ by utilizing team-based data.

The data visualization of customer and field support teams is a classic example. This data can be used by CMOs and marketing managers to fine-tune their marketing and outreach campaigns. This allows them to identify the issues that are eroding brand performance and market share, and take corrective action based on the information they have access to. Such an example demonstrates how data visualization can be used by one team to benefit another.

Better accuracy in decision making

Guesses and biases cannot be used to make high-impact decisions. Decision-makers will require a large amount of data to justify the proposed paths for the next few years. It is true that decision-makers may benefit from the use of big data. But, in its raw form, how effective is big data? It adds almost no value to the equation.

C-level executives and business executives simply cannot devote their entire time to sifting through thousands of lines of Excel spreadsheets in order to spot patterns and determine the next steps. With such laborious methods, it will be too time-consuming and an unreasonable expectation.

The data must be presented in an easy-to-digest, simple-to-understand format that encourages decision-makers to make the best decision possible. This is exactly what a good data visualization solution is built on.

To sign off

Simply put, data visualization aids in real-time decision-making, trend detection, and risk mitigation. These points demonstrate how data visualization can help you make better decisions.