Data Visualization driving management decision
Human psychology tends to visualize things for a longer duration if the raw studies are presented in the form of graphical representation. Charts or graphs transform even the most complex data into easy-to-understand relationships, instead of the textual representation of data. It brings an element of simplification and transparency which allows decision-makers to take meaningful actions wisely.
Data visualization is transforming figures and raw data into visual objects which gives us a clear idea of what the information means by giving it visual context through maps or graphs. By combining user-friendly and aesthetically pleasing features, this visualization makes research and data analysis much quicker and a powerful communication tool.
In today’s world, we are dealing with huge sets of data where there is a need for visualizing the graphical representation to make it easier to interpret. In such a scenario, tools become a prominent aid to management in understanding the significance of data through visuals like patterns, trends, dashboards, and charts. These tools enable enterprises to find and communicate opportunities for important data analysis.
According to an Experian report, 95% of U.S. organizations say that they use data to power business opportunities, and another 84% believe data is an integral part of forming a business strategy.
Data visualization helps businesses in taking critical decisions in sectors like demand and supply forecast, customer engagement, resource planning, sales forecasting, etc. With the aid of visualizing tools such as Tableau, Power BI is helping companies in building accessibility dashboards which largely helps in reporting of data transparency, accountability, better decision making among others. These tools are extremely powerful for visualizing massive amounts of data. Professional companies rely on this platform to derive meaning from data and use insights for effective storytelling. Organizations benefit by applying the use of dashboards to align with their objectives.
The above Power BI dashboard describes the trend of different latest technologies being used in the market currently. This data is being taken from the Kaggle Survey 2018, where more than 23 thousand developers worldwide participated in the survey. It also shows how the developers are adopting the new technologies based on the needs of the market.
Common data visualization used cases.
Healthcare: Efficient and meaningful data visualization is at the core of medical studies. It is also important for a lot of doctors, nurses, physicians as they use and interact with health interfaces on an everyday basis to create patient reports and related information.
Sales and marketing: Using visuals and reports, we may analyze several patterns and trends analysis such as market research analysis, customer analysis, cost analysis, and forecast. These findings serve as the base for sales and marketing.