- September 22, 2016
- Posted by: Nabler Marketing
- Category: Analytics, Data Visualization
Data is the new oil of the digital economy. What used to be simpler uni-channel data before has now transformed into big data that requires multi-channel data integration, even deeper analytics, and newer technologies. A report from Capgemini and co-sponsored by EMC, Big & Fast Data: The Rise of Insight-Driven Business validates this statement. Some conclusions from that study:
- 64% indicated that big data is changing traditional business boundaries and enabling new providers to move into their industry.
- 54% reported that their big data investments over the next three years will outstrip past investments.
- 43% already have or are currently reorganizing in order to exploit new big data opportunities.
- 61% acknowledge that big data is now a driver of revenues in its own right and is becoming as valuable to their businesses as their existing products and services.
The report puts into perspective the significance of data today and by that extension, data visualization tools and their ability to consolidate and manage large amounts of business data into understandable visual formats.
By integrating data into comprehensible dashboards, organizations are able to identify business trends, business opportunities and focus areas. Whether they are metrics that haven’t been met or hidden prospects that have not been explored, data visualization is a powerful solution to help leaders make improved business decisions. Complex business problems can be understood and addressed more quickly because of the visualization tools and their ability to tell a compelling story out of raw data. So how can Data Visualization benefit your business?
- Data is converted into result-driven insights
Data by itself serves no purpose, but when it is analyzed and strategic decisions are derived from the analysis, businesses are able to quickly point out trade flaws and discover hidden business opportunities. As your data is growing, so is the need for a visualization tool that will help you extract meaning out of data and assist you to devise a plan of actionable outcomes that will further your business goals.
- Inform and engage the user through visuals
The human mind is capable of processing visual images better than reading information or numbers. Data visualization not only provides a combination of visuals and data interactivity but it also eliminates the need to labor over reports, rows and spreadsheets in order to understand factors that are influencing the business. Taking things a notch up – data visualization tools can inform and engage the user with its technology to drill down data or create unique correlations into charts and graphs that make difficult concepts easy to comprehend.
- Enormous, mind-boggling data is simplified
With big data, comes big challenges. The larger the volume of the data, the more imperative it becomes for businesses to transform the data into interactive data visualizations. The interaction capabilities of data visualization allow the user to interact with real-time data – thereby accelerating the analysis process. Analysts are then able to acquire the right operational insight and formulate solutions accordingly.
- Minimized dependence on IT teams to generate reports/dashboards
In the past, organizations were heavily dependent on IT teams for reports on critical business data. The challenges due to this dependency were outdated reports, and the huge amount of time it took to process a new combination of query or data. Visualization tools are altering the landscape through its self-service and quick user adoption capabilities. Businesses are able to derive more value today because of the visualization tools’ potential to enable the building of self-service dashboards and providing the users with the ability to handle dynamic data by themselves.
- Relevant business solutions for relevant users
Customized dashboards are prevalent today. And rightly so – every business executive must have dashboards and visualizations that are relevant to them. Not only is it time saving, but dashboards can provide appropriate and valuable insights to executives, thereby aiding quick and accurate decision-making. Data on dashboards can be categorized into strategic, tactical, and operational, depending on the users and the area of use. This could reduce the time that the user would have to spend on browsing through irrelevant data.
Decision-makers today play a very important role in managing dynamic business environments. Sound business conclusions can only be arrived at with relevant facts and figures. Visualization tools and business leaders are fast becoming inseparable because of the former’s capacity to analyze complex data and identify hidden business opportunities. Overlooking crucial data can spell disaster for your business. Thankfully, data visualization tools have been on the rescue for a while now.
With their incredible capacity to assimilate information in fresher ways, pinpoint patterns between operational and strategic activities and identify emerging trends, it would be hard to imagine how organizations plan on paving the way forward without investing in visualization tools.