Data guides corporate strategies to improve processes, drive innovation, and identify emerging trends. But for many business users, the data remains inaccessible: it’s difficult to comprehend, hard to act on quickly, and lacks the level of transparency that would enable a competitive advantage.
A Forrester study outlines that 60-73% of the data within enterprises remains untapped. Accenture’s analysis complements these findings by reporting that only about 32% of the companies realize tangible value out of their data initiatives. Indeed, data remains opaque to most business users and, hence, doesn’t impact business outcomes as expected.
As it stands, unlocking the hidden value of data remains challenging for enterprises. Often, for instance, data is held up in the infrastructure silos and within complex tools and protocols. Business users are unable to access the data or get actionable insights from it. This makes complicates the process of deriving the holistic value of data for meticulous decision making.
Along those lines, this article sheds light on the various reasons businesses struggle to unlock the true potential of data and how data visualization can help.
Why Businesses Struggle to Unlock the True Potential of Data
A Sloppy Reactive Approach
Data Fragmentation Challenges
Data fragmentation impacts the quality and reliability of data. The workforce often comes across different versions of the same information stored in multiple locations, thus failing to get a single version of the truth. And to make matters worse, data is spread out across multiple tools and applications, making it difficult to understand and process.
Lack of Data Controls
Discovering Insights Through Data Visualization
In order to address the problems outlined above and unlock the hidden value of data, organizations need to look for a solution that makes data accessible and easy to understand for everyone. Data visualization offers just that.
Data visualization offers an effective way of communicating information universally using visuals. This practice helps businesses quickly identify different factors impacting customer behavior, determine the scope of improvement, detect areas that need attention, understand product placement, forecast sales volume, and more.
Here’s how data visualization helps:
Better Data Analysis
Decoding Complex Data
Precise Customer Sentiment Assessment
Fostering Data Interaction
How Ellicium’s Data Visualization Capabilities Unlock the Hidden Value of Data
At Ellicium, we help businesses create an ecosystem for data exploration, thus opening new doors to innovation. We harness the power of data visualization and dashboards to help enterprises in the following ways:
Improving Business Decisions
With Ellicium-powered visual analytics and reporting, enterprises can draw insights from the most complex datasets and dig into their business performance. This gives decision-makers a clear picture of the status of their business and the potential opportunities to boost sales and overall profitability. More profoundly, our data visualization services can help:
- Streamline complex data representations in the form of an understandable
format, like graphs and charts
- Create visual data models that augment the quality, efficiency, and accuracy of data
- Develop a holistic view of the performance of key business areas to detect
potential problems earlier on
- Decipher trends and identify errors in a systematic manner
Building the Ecosystem of Data Exploration
Intuitive dashboards, charts, and models enable more efficient data exploration, enabling businesses to tap into the power of trend analysis. As such, businesses remain equipped to
- Analyze current trends against historical events
- Detect variations in performance across different business areas
- Identify data trends and anomalies that could serve as a basis for improvement in sales forecasting
The Final Word
Data visualization enables quick information absorption, improves insights, and drives quick decisions. It depicts the next course of action in the pipeline to improve decisions in a seamless, comprehensive, and reliable manner
Drive effective data visualization initiatives with Ellicium’s visual analytics and reporting expertise.