As we all become more dependent on digital technology, more and more data is being produced. And because data is translated into business information, business use cases for this resource never stop growing, data is the driving force for companies around the world.
Now, with more than 2.5 quintillion bytes of data (a quintillion equals one million trillion) generated daily, the number of insights a company can deliver from data-driven policies is staggering. However, turning information into workable strategies is another matter. This is where data visualization comes in.
Visualizing data is a way of collecting and communicating facts in an easy-to-use way. By recognizing its role, benefits and commercial applications, the business can be improved for the better.
What is data visualization?
It is simply the process of displaying information graphically. Graphs, graphs, scatter maps, heat maps, hierarchical maps and more are all forms of data visualization, which help business analysts interpret the meaning behind the facts. These media that emphasize the advancement of change as well as market behavior can make a big difference in marketing and improving business operations.
Data is only good if it is understandable. For example, if you store millions of data points related to your customers but do not have the means to visualize that data, your stored information will not be useful. All that will happen is to devour your budget through energy consumption and security costs. Visually visualizing information is the key to business success.
How do data visualization companies benefit?
These benefits stem from the transparency and clarity of effective data communication. No matter how effective your data collection strategy is, you will fail to make business improvements without effective visualization. This is because our humans are highly visual beings, and in fact the majority of the cortex or surface of the brain (more than 50%) is dedicated to the processing of visual information. It shows how much we rely on visual stimuli to make sense of the world around us. The same goes for data.
By leveraging the natural power of visual media to generate informative insights from data, companies have the power to transform their operations for the better. This is due to the nature of our relationship as humans to visual information. Making the most of this relationship makes communicating and implementing workable business strategies simpler and easier.
Here are some of the benefits it makes:
Improved knowledge acquisition
As our brain works in favor of visual processes, we tend to retain better information that is presented to us visually. In one recent study, this manifested in the cognitive absorption that cancer patients experienced when looking at whiteboard animations versus brochures. Animations increased the ability of these patients to absorb knowledge as they complemented education with presentable detail.
The idea itself, applied to business information, is what data visualization is all about. We process and capture visual data faster, so presenting business information to employees and customers in this way increases knowledge retention and success. Conversely, productivity and customer retention can also see a boost.
Improve communication and participation
Visual visualization enhances the workplace’s ability to communicate, understand, and communicate with data. For example, a study using different means of communication found that 67% of workers performed better when communicating with imagery rather than text alone.
Uncover business insights
Another essential benefit of visualizing data is its role in helping us change our perspective. It takes to approach any situation from different angles to create a more complete picture. However, data can take all sorts of forms from qualitative to quantitative, and the result can be chaotic if you look at it. With imagery, communication jumps more clearly off the screen or page, alerting professionals to useful business strategies.
The visual elements can even be automated to some extent with the appropriate software. Open source databases and AI analysis make this possible, bringing even the most challenging datasets ease and convenience. However, visually maximizing the potential of your data visualization still requires some important communication practices.
Increase your business opportunities with visual data
Improving business opportunities through data visualization should be the ultimate goal of all your data analytics endeavors. Getting there, however, requires a commitment to measurable goals and high-quality communication. Consider these tips to experience the full benefits of visual data:
Set clear data-driven business goals
Data-driven visual communication will only be useful if it is in line with business objectives. Setting clear goals by analyzing internal strengths, weaknesses, opportunities, and threats (including competitor data) helps you place the visual in the context of a larger story.
Tell a fascinating story
Data-driven insights rely on narrative. No matter what graphics you create, the story they tell is what helps you frame, develop improvement strategies, and communicate it across your team. The footage as well as the narrative is a recipe for improving the business that is going on.
Secure your private data
The integrity and authenticity of your data also affects the capabilities of your own footage. Create greater control with scalable data management policies, secure environments, and protected API access / exit procedures.