- August 22, 2016
- Posted by: Nabler Marketing
- Category: Data Visualization
In today’s competitive world, CEOs have to devise impactful strategies to beat the competition, keep their market share, and even grab competitors’ customers. Data is the vital tool that helps them in achieving this goal. Data that is organized and narrates an interesting account of the overall business performance in an interesting, and engaging manner helps business leaders in understanding the customer behavior, industry and market trends, and much more, so they can easily tailor their strategies in line with their business goals.
However, in the digital world, organizations gather an overwhelming amount of data from various sources that are often complex and seemingly disconnected. Dealing with such heaps of unorganized data is a challenge for most analysts. Occasionally, such large pools of data might be confusing, and difficult to understand for even the most experienced corporate heads. In addition, sheets of papers filled with numbers do not convey a compelling message in an engaging way to help the busy corporate bosses get a feel of the market pulse without having to waste their time and efforts in organizing the data, doing the math, finding useful insights that impact the business, and more.
The visual presentation of the data in the form of graphs, charts, and dashboards offer actionable insights for CEOs. It helps them understand the key performance indicators, set goals, and devise action plan in pursuit of those business goals. Here are some benefits that CEOs can reap from data visualization:
Connect the dots to see the bigger picture
Dashboards offer a quick overview of the different departments such as finance, marketing, sales, HR, supply chain, etc. Data visualized with interesting and simple graphs and charts depict the relation between different departments in the organization, patterns in consumer behavior, sales, market movements, and relationship with suppliers, competitors’ strategies, and more. Overall, with the help of an engaging story, it offers great insights into the business performance in relation to the set goals. When it becomes easier to see the correlations and patterns arising from the data, the decision-making process becomes natural and faster too.
With data visualization offering a complete overview of the organization, its key performance indicators, and the performance of various departments, suppliers, etc., the CEOs gain valuable insights. Visualization is a great solution for everyday decision-making too. All the decisions can be based on data and not gut-feel. Improved collaboration, quick review, immediate resolution, and quick decision-making save time for CEOs as well as the organization. Traditionally, the request for generating the monthly dashboard was sent to the business intelligence team in the IT department and they would take a few weeks to generate the report and send it back to the team leaders or the CEO. This approach consumed a lot of time and often small tweaking required even more time and resources. But now, with modern data visualization tools, the road has become smoother for the CEOs. The data and insights are always at their fingertips and once a dashboard is designed, they can view or play with it anytime to catch the latest bite on what’s happening in the organization.
Get instant alerts
Dashboards with data visualizations help in tracking key performance indicators, and setting the thresholds for those indicators. CEOs can set instant alerts, so they know when these KPIs go awry. Visualization makes it easy to identify the occurrence of any such issues. You can keep track of sales data and compare it against previous week’s performance or against the set targets. Alerts help you take instant corrective steps in case of any deviation from the set goals. No need to wait until the end of the month or the week to get the reports; get instant answers with data visualization.
Present ideas effectively during meetings
Data visualization helps you narrate an engaging and compelling story with the help of infographics, charts, graphs, etc. With these tools, CEOs can present the performance of the various departments of the organization in an interesting and easy-to-understand manner to the stakeholders by transforming the complex numbers to simple visualizations. Such presentations are highly impactful and can help the CEOs in putting their point across with finesse.
Play with the interactive data
Data visualization solutions are comparatively easier to use than traditional analytics tools. Users can drill-down, dice, splice and play with various sets of data in any way they like in a simple and interactive manner. Such data helps business executives understand the reasons for a dip in the sales figures for a particular month or for a specific geographical region, the competitors’ strategies that did well, and so on. Interactive data helps businesses devise an impactful action plan to help the business grow. This data fluidity can help CEOs to generate new and creative business ideas and enable the organization to reach greater heights.
Data visualization saves the valuable time and efforts of corporate executives as well as busy CEOs in decoding the impactful information hidden within the complex maze of numbers. Many corporates have realized how effective data visualization could be for their businesses, both for internal meetings, and external presentations. With data-visualization, executives can make even dull-looking information and data into compelling and interesting stories. For CEOs, seeing the whole picture is vital, and they don’t have the luxury of time to dwell for too long on any issue. They need to take quick decisions that are effective and turn out to be successful in the long run and data visualization can be their helpful ally in this journey.