- October 3, 2016
- Posted by: Nabler Marketing
- Category: Data Visualization
Senior managers and business executives have to be adept at an array of skills today: an ability to implement sound business strategies, correlate trends, improve collaboration among teams, and so on. However, the ability to make impactful decisions is by far the most significant skill that is expected of business leaders. In order to do this, leaders have to be able to decipher data, connect the dots, and make smart decisions.
A business executive’s competitive edge today is data and the ability to decode data to devise data-driven decisions. To stay ahead of the competition, leaders have to be able to simplify data and make competent decisions quickly. The caveat to making these decisions lies in having access to relevant business data and being able to break it down to actionable outcomes for all the concerned stakeholders.
Data visualization tools and techniques equip business leaders with innovative methods to comprehend hidden information and opportunities. It helps executives focus on the big picture by offering a simple and visual representation of trends, opportunities, and trouble areas. This allows the relevant stakeholders to mutually identify the best success route, and to pinpoint the correlations between the essential components of a business framework.
Innovations in data visualization technology have progressed to the point where data visualizations have become an integral tool in the current corporate environment. Although there is a multitude of benefits that data visualization offers, we will take a look at the top benefits.
Assimilate data in innovative and constructive ways
Most business data reports that are collated for senior leaders consist of cryptic numbers and charts that fail to deliver meaning. Data visualization, on the other hand, presents vast amounts of information in easy to understand formats through percentages, graphs, meters, maps, and other indicators. This allows the decision makers to identify connections between wide-ranging information sets and empowers them with a new way to interpret data. It is a known fact that organizations that use data visualization technologies can find relevant data when they require it and do so in a more efficient manner than other companies.
Focus on what matters the most
For business leaders to make impactful decisions, they need to see everything at once and quickly zero in on the crucial aspects of the business. Instead of getting bogged down by data, COOs must leverage data for business advantage. Data visualization comes to the rescue by presenting them with a mixture of visualizations and contextual data. Subsequently, data is simplified because all the relevant insights are presented at one go with the key performance indicators being pushed to the forefront. Looking at these correlations or insights allows senior executives to identify the root cause of any problem and act quickly to address it.
Valuable insights on customer inclinations and the existing market conditions can be gathered through data visualization, which helps business leaders identify hidden business opportunities swiftly. Decision makers are then able to understand customer behavior trends and market conditions across several data sets much more quickly. Data visualization makes it possible for senior decision makers to differentiate outliers from a wide spectrum of patterns in a given set of data. Correlations between essential components of a business, their impact on revenues and other significant patterns can be exposed through creative visuals. Even the most complex data can be simplified with the help of bubble charts, geographical maps, scatter graphs, and treemaps. This aids and eases the decision-making process.
Interact with data
One of the key strengths of data visualization is the fact that it brings actionable insights to the fore in a manner that can be easily understood by all the relevant stakeholders. Traditional charts and graphs can only be viewed, but leaders can interact with data when using data visualization tools. For instance, a COO can not only look at the dashboard anytime but filter the results, narrow down the regions, use various features to extract only the segmented data and get many different outcomes from the same data sets.
Create a new business language
Being able to tell a compelling story out of raw data is another reason why senior executives should leverage the versatility of data visualization tools. By converting complex numbers to informative visualizations, organizational leaders can present the performance of respective departments in a relatively simple manner through infographics, charts, and graphs. Such presentations can be informative and can help executives tell an engaging narrative out of data.
Today, businesses executives have to not only deal with masses of complex data, but they also have to be able to convert them to smart business results. Data visualization equips them to do this task by providing them with a whole new way look at data. Consequently, senior leaders are able to better their performance by asking the right questions, utilizing the right methods to understand data and generate valuable analyses out of that data.