Business Benefits of Data Visualization

As an enterprise dealing with big files & numbers daily, you would usually find it hard to read the data and spot patterns easily. And in many cases, information alone is not enough for efficient decision-making. Therefore next-gen organizations rely on developing visual reports that are focused on creating stories.

Luckily, there’s a technology interface available that can help visualize all the company facts into dashboards, graphs and reports. Nowadays, companies across domains are utilizing this mechanism to identify trends, patterns, anything to gain insight into their target market and make appropriate business decisions and improve their overall performance.

As a subset of Business Intelligence, the exploration of this invaluable user interaction takes the form of Data Visualization. It can help transform your data into an engaging story with details and patterns. To make it a bit easier, we’ve demonstrated one set of data in two different ways to showcase how the graph is easier to understand at a glance.

Keep reading as we try to uncover and discover, how by taking advantage of data visualization, companies like you stand a chance to reap transformation benefits from the insight-driven reports.

Here’s What We’ll Cover:

• Why Data Visualization?
• Top Data Visualization Trends
• Data Visualization Benefits For Businesses
• Top Data Visualization Tools
• Rishabh’s Approach to Data Visualization

As one of the essential steps, it takes into account the raw input, models it, and delivers it across to enable users to conclude.

• With advanced analytics, data scientists create machine learning algorithms to compile essential information into visualizations that are easier to understand and interpret. Moreover, by using visual data to communicate information in a manner that is universal, fast, and effective.
• The charts and graphs communicate better because perhaps we as humans are preprogrammed to process visual cues faster than written language – as suggested by neuroscience experts.
• Visualization helps companies identify improvement areas, factors affecting customer satisfaction/dissatisfaction and plan out specific product strategies. Further, it supports stakeholders, business owners, and decision-makers with a prediction mechanism for sales volumes and future growth.

Don’t go by our word, here’s a testimony from the real world on why data visualization is important and it is making strides;

Data beyond visuals;

• Gartner suggests, data stories that are explained using graphics will become the most common way to consume analytics by
• A study from Wharton School of Business suggested that effective data visualizations can shorten business meetings by 24%
• The use of data visualization tools has increased by more than 10% in the past three years with brands like GE & Walmart investing heavily to understand market dynamics on a global scale.
• According to the University of Minnesota, the human brain processes visual information 60,000 times faster than text.

With an interactive visual representation of information, a business can now recognize patterns more quickly. Here are some of the more specific ways how data viz can benefit businesses;

Supporting Visual Learning for Everyone

• Moving past the spreadsheet era, modern technology tools are transforming information – from generic sheets into appealing and easy-to-read charts and graphs. They present data visually to gain insights.
• Enables anyone from salespeople to CEOs to greatly benefit from the ability to quickly grasp the pulse of the organization and at the right time.

Data Correlations

• The ability to find unobvious correlations & dependencies is one of the biggest benefit of data visualisation.
• By arranging several data sets on one map or chart, you can spot relationships between them, discover certain conditions for specific events or results, find relevant links & more.

Powerful Storytelling

• The purpose of the dashboard is to promote data stories in the most compelling ways.
• With visual designs, your target audience can grasp the right message through a story in a single glance.

Examines Market

• Identifies which audiences to target and even which ones to drop using data from numerous marketplaces.
• Displays information in different visual forms such as charts & graphs that provide a clearer understanding of the opportunities within the markets.

Customer-focused Data

• Allows you to dive deeper and examine consumers and their purchase patterns.
• Such insights can help you shape different marketing and customer acquisition strategies, tailor brand outreach, enhance the customer journey, and optimize your sales funnel for higher conversions.

Identify Errors and Inaccuracies

• Helps spot errors in the data quickly and easily with effective visualization.
• Saves time as you can eliminate errors from the analysis at a faster pace and ensure the accuracy of the extracted outcomes.

Microsoft Power BI

• An inclusive platform from Microsoft enables the creation of a data-driven business intelligence culture
• Includes built-in AI capabilities, data security features, and can easily scale with your business need.
• Best suited for businesses that are already plugged into the Microsoft Office ecosystem.

Features

• Customizable dashboards
• Multiple data source integration
• Navigation pane
• Dataset(s) filtration
• Interactive reports

You can leverage our comprehensive Power BI services to extract intelligent insights and make decisions on the go.

Further, do read this blog, if you wish to learn how to harness PowerBI’s potential to extract useful & actionable insights.

Tableau

• Another powerful enterprise-level tool that can seamlessly integrate with hundreds of sources to import data and output dozens of visualization types—from charts to maps and more in a very short time.
• Allows formulation, cleaning and arranging data to create intuitive visualizations.

Features

• Real-time analytics
• Role-based permissions
• Mobile accessibility
• Intuitive Dashboard Creation and UX
• Connect to a variety of data sources (and easily integrate with existing technology)

Qlik Sense

• A modern analytics platform that offers a full range of interactive visualization and enables the creation of visual stories – using just drag and drop option.
• Features a unique “associative” data engine, sophisticated AI system, and scalable multi-cloud architecture that enables companies to deploy any combination of SaaS, on-premises, or private cloud.

Features

• Data storytelling functionality
• Enterprise-level security
• Managed data connections
• Progressive creation
• Efficient data modeling methods

Apache Superset

• An open-source cloud-native data exploration & visualization tool with an easy-to-use interface.
• Provides code-free visualization builder to extract and present datasets.

Features

• Create and share dashboards
• Rich set of data visualizations
• Enterprise authentication
• Notification alerts and scheduled reports
• API for programmatic customization
• Maps and geo support leveraging Mapbox

An information visualization tool enables monitoring events or activities in real-time by providing insights on one or more pages or screens. Though unlike an infographic, which presents a static graphical representation, a dashboard pulls complex input points directly from large data sets. Further, an interactive console can make it easy to sort, filter, or drill into different types as needed.

Explore our process on how we try to break down the larger chunks into smaller actionable pieces while creating any visualization solution for your challenges;

1) Define Intent
Identify the problem we’re trying to solve. The goal is to clearly understand what sort of representation is required and based on the same – types, elements and data sets are identified that would prove to be effective in the long run

2) Refining and cleansing of data
Based on the data set structure typology it is vital to analyze rows and columns to understand inconsistencies. Further, it involves removing unnecessary variables, deleting duplicate rows/columns, addressing inconsistencies, standardization, fixing missing values, correcting typographical errors, and more.

3) Modeling of data by checking visual validity
Based on basic visual models, we try to understand enormous data sets – ID patterns and trends to fine-tune the message ( in the form of fields, parameters and more) that needs to be communicated to be conveyed to the end-users.

4) Experiment – with style & structure
Our team works with different draft design versions to test out a variety of visualization options (charts and more) to represent data while staying within the identified visual standards.

5) Test, iterate and refine
With step 4, we try to gather user impressions and opinions to further research how to influence the visualization method with iterations to justify changes. An essential component of this would be to also check for bugs, functional errors and possible inconsistencies with design elements.

6) Implementation
Finally, the prepared data set in charts or graphs format with informational insights is put to use.