- September 26, 2016
- Posted by: Nabler Marketing
- Category: Data Visualization
In today’s competitive era, businesses are always trying to increase efficiency by cutting costs and leveraging resources to the optimum levels. To achieve these goals, they must collect and gather intelligence on every functional department ranging from sales and marketing to human resources, from a wide variety of online and offline sources. As businesses are bombarded with huge volumes of complex data, key decision-makers face the arduous task of interpreting and analyzing it to make smart business decisions. Failure of even one department within an organization, to absorb, assimilate, comprehend, and analyze the data, can spell disaster across the enterprise.
Fortunately, companies today have many tools and resources at their disposal that can help them to organize the seemingly complex data, understand the important factors that contribute to the business success, and devise an appropriate strategy to achieve business goals.
Data visualization contributes greatly to the analysis and interpretation of the multifaceted and intricate datasets by depicting them in visually appealing charts and infographics that tell the story with ease. Business users across the organization can use data visualizations to study the correlation among different functional groups, predict business trends, understand anomalies, track performance, and do much more. Here’s a list of top five data visualizations or dashboards that can be highly useful for any organization:
Sales Data Visualization
Sales related data visualizations offer insights into the performance of your sales teams, individual members, office/store locations, geographies, and so on, with the help of visually appealing graphs, charts, meters, etc. Users can easily study actual sales v/s targets, current industry trends, customer preferences, predict the long-term trends, set targets for sales teams, set benchmarks for performance, and analyze other key metrics for the sales staff. Dynamic dashboards help sales representatives to assess their performance with detailed data on their individual sales numbers at any given time. For sales leaders, dashboards for sales quotas, individual performance, KPI maps, seasonality trends, sales vs. profit margins, acquisition costs, regional patterns, are some of the important ones.
Marketing Data Visualization
Marketing dashboards help marketers understand which strategies and campaigns are working and which are not performing as expected. In the digital world, marketing campaigns are highly quantifiable which makes them easy to measure, track, and compare with the other marketing campaigns. Marketers can use data visualization to get quick insights on the source of visitors, conversion rates, customer behavior, campaign performance, lead generation, conversion funnels, channel attribution, cross-channel customer journeys, cost vs. conversion, and much more. Marketers can also use data visualization to study correlations between marketing and sales.
Finance Data Visualization
With the help of interactive and intuitive dashboards, finance executives can get an overview of the financial health of the organization. Financial dashboards offer daily, weekly, quarterly, half-yearly, yearly or real-time financial performance of the various segments of the business. Data visualizations can offer insights into the key metrics such as net profit, net sales, profit margins, costs, revenue, revenue over time, revenue by divisions or regions or departments, and so on. Finance managers can view the performance of various geographical locations or individual departments with ease. With a simple yet comprehensive view of the financial performance of the entire organization, it becomes easier to identify cost centers and profit centers so that leaders can take decision for business optimization.
Supply Chain Data Visualization
The supply chain dashboards help organizations and key decision-makers optimize inventory, streamline logistics, and meet deadlines all the time. Today’s popular data visualization tools, like Tableau, come along with a lot of features like built-in geocoding, data blending, cross-data source triggers, support for external mapping services, connectivity to web services, and built-in calculation support. This can help in generating comprehensive visualizations for logistics and fulfillment management.
Human Resource Data Visualization
HR dashboards are a great help for human resource departments in assessing the employee performance. These visualizations offer a complete picture of the employee ratings at different levels which make it easier to take decisions about hiring, training, and retaining the human resources. Visualization helps understand the characteristics of the employees such as their age group, gender, productivity levels, tasks, hours, and much more. Data visualizations can also help in succession planning and avoid gaps in major roles. With the use of HR dashboards, leaders can easily track the metrics for optimizing the workforce, the number of people working on a certain task, the average cost of workforce vs. business revenue, and much more.
Data visualizations are more than just dashboards with pictures; they speak a million words and offer great insights for making key business decisions. They help organizations with easy chunks of facts and forecasts that enable adoption and push the data-driven culture across all the levels of a business.