In today’s Digitally connected world, a huge volume of data gets generated from various sources such as devices, systems, customer interactions, social media handles, sensors, equipment and more. It is important to view and consume this huge amount of data to derive insights in a simplified manner.
Data visualization helps represent data in various visual formats and helps communicate complex data relationships and data-driven insights in a way that is easy to understand. The data visualization is very important element of whole Data Analytics ecosystem and the Visual Data Analytics market expected to reach a whopping $5.71 billion by 2025.
In this blog we have shared our point of view of how data visualization helps enterprises become data driven.
Importance of Data Visualization
Making sense of the massive volumes of data at hand is challenging. Just collecting or processing this data is certainly not enough. It has to be cleaned, visualized, and presented in a way that conclusions can be made by business users who may not be trained in how to interpret complex data-sets and that’s precisely what data visualization does.
Data visualization helps translate organizational data into a visual context, making it easier for the human brain to pull insights. Presenting data in maps and graphs makes it easier for teams to identify patterns, trends, and outliers in large data sets – eventually increasing the accuracy, efficiency, and timeliness of business decision-making.
Some of examples of how use of data visualization can make data consumption easy are:
- Identify market or business trends and disruptions, view periods of spikes and troughs, and drive efforts to adapt to these trends. Businesses can use data visualization, for instance, to analyze their website traffic. Viewing data in a graphical format allows them to easily understand metrics and make reasonable conclusions.
- Monitor sales figures and break them down across revenue, percentage of closed deals, the status of ongoing deals, and more. Data visualization can help sales managers get an instant and comprehensive indication of overall sales performance while empowering them to drive targeted actions to overcome sales reps’ challenges or improve deal negotiation tactics.
- Evaluate equipment performance and understand the reasons for poor downtime. Using data visualization, teams can get a birds-eye view of how different machines function and pay special attention to asset depreciation and equipment downtime. Such insights can help them make maintenance decisions based on the asset’s availability and reliability.
- Understand customer preferences and curate a portfolio of products and services to cater to unique needs. Using data visualization, organizations can get a comprehensive view of customer preferences – right from what products they’ve purchased earlier, what channels they prefer, what their social media activity is, what other brands they interact with, and more – and make personalized offers to boost satisfaction.
Why Data Visualization Needs to Be Undertaken by Experts
Although critical, data visualization isn’t easy to implement. Despite the number of tools available in the market today, organizations need to take a careful and calculated approach to implementing data visualization, requiring the experience and expertise of skilled experts. Since organizations deal with humongous amounts of data that is constantly being generated from different sources, at different speeds and in different formats, all this data must be collected, analyzed, and then presented efficiently. Competent professions can help:
- Identify the best data visualization styles and guarantee optimized use of data across the business.
- Reduce the burden on in-house data analysts, allowing them to focus on critical business activities.
- Bring down the cost of data analysis and visualization by eliminating periodic investments in powerful computer hardware and software.
- Implement industry standards and best practices, allowing the organization to make the best business decisions.
- Have necessary processes and policies in place to govern and control the quality of different data and sources.
How Ellicium Can Help
Ellicium offers a comprehensive suite of data visualization services that helps organizations to fashion a meaningful display of their data. By focusing on the clarity, coherence, timeliness, and relativity of the business objective, these services use the latest technologies and best practices to consolidate and visualize data and enable businesses to have the edge over the competition. Using intuitive and easy-to-understand visualizations and dashboards, Ellicium can help convert data into insights and insights into action, empowering you with instant decision-making power. With Ellicium’s effective BI and analytics solutions, you can get real-time insights into your data and leverage innovative dashboard designs to make decisions that drive your business forward. More profoundly, experts at Ellicium can help you:
- Absorb information quickly and act on insights quickly – thus enabling decisions to be made with greater speed and fewer mistakes
- Proactively work towards improving the quality and relevance of data through continuous monitoring.
- Leverage the right visual for different aspects of the business to ensure it best expresses the insight at hand.
- Curate dashboards and reports that are not only intuitive but also foster engagement for better analysis
- Customize data views across different reports and graphs, making it easy for different teams to consume data in a format that’s most convenient for them
- Improve access to critical data while streamlining the opportunity to share insights with everyone involved
As businesses accumulate massive quantities of data, they need a way to quickly and easily get a complete overview of their data across different processes, departments, and locations. Data visualization delivers real-time insights into different data sets in a manner that’s easy to understand and act on. By providing a quick and effective way to analyze and communicate information visually, it helps businesses identify which factors impact operations and aspects that need more attention.
Let’s get started on your data visualization journey today.