Importance Of Data Visualization | Business Perspective

Every day, 2.5 quintillion bytes of data are generated, including user information on social media. Since data came into existence, data science has become very useful. Gradually businesses realized that just collecting data and analyzing it in the portion may cause them to miss an opportunity by not understanding the trend and pattern accurately; then, data visualization in business came into existence, and ever since, the trend has been hiking.

Making the decision-making process easy and efficient is the main objective of data visualization to identify and comprehend trends, patterns, and influencing factors in the data sets.

Importance of Data Visualization in Business

It is scientifically proven that charts and graphs help humans understand complex data more efficiently than statistical data. Data visualization makes it easy for decision-makers to explore and interpret patterns and trends with visual presentation.

Data visualization also assists businesses with the following:

• Data visualization assists in comparing department or overall performance between two years or quarters.
• Data visualization can help a business to identify the area that requires improvement.
• Identifying the influencing factor for customer behavior becomes easy with data visualization.
• Estimating sales volumes becomes easy with Data visualization in business.
• Data visualization can also assist in understanding the target market and the perfect time for a product or service.

Data Visualization Case study

Everyday use cases for data visualization in business include the following:

Data Visualization in Sales and marketing: Most businesses are now being operated online, which has given rise to new opportunities for many companies to reach a wider audience. But with a broader reach, the amount of data collected is also vast. As a result, the marketing and sales team must pay attention to the data collected from different sources and visualize them to understand the pattern or to reveal a trend to grab the opportunity in marketing.

Data Visualization in Trading: To buy or sell an asset, Finance professionals leverage data visualization to track the stock's performance within different periods, such as in a day, month, year, and five years. Apart from the regular line graph, data visualization in the trading app also shows the candlestick graph to check the fluctuation in time.

Data Visualization in Finance: Presenting financial data in a graphical format is more effective and logical than statistical information. Science has proved that people comprehend more quickly when provided with an image. Finance associates can utilize different types of charts for various purposes.

Data Visualization in Human Resources: Analyzing positive or negative trends in an employee's productivity, compensation, and company culture become easy for the Human Resources Department to improve employee engagement with Data visualization.

Data Visualization in Logistics: Data visualization assists logistics in determining the best global shipping paths reducing cost and increasing efficiency.

Data visualization tools democratize data and become accessible for workers throughout an organization.

Top 3 Data Visualization Tools For Business Purposes

With the help of data visualization tools, it becomes easy to convert the data into a much simpler form to check the influence of a specific factor on the data. This assists the organization in making the decision.

Here are the top 3 data visualization tools for the best data visualization in a business.

1. Tableau

Among all the data visualization tools, Tableau is the best. Tableau allows users to customize the data for different visualization. Graphical presentation in Tableau helps organizations to understand the information effectively.

2. Power BI

Microsoft developed Power BI is among the most efficient Data visualization platforms. Power BI is also available for mobile applications for data-driven decisions. Lively dashboards are formed from a combination of reports by sharing work in Power BI.

3. QlikView

Qlik Sense is a windows application for data visualization, charts, interactive dashboards, and analytics apps for local and offline usage.

Future Scope

Simultaneously as data science dominates industries, Data visualization services plays its part by assisting organizations in demonstrating the data in graphical format, making it efficient to make decisions.

Visualization of data makes more sense than looking at numbers. The IDC Worldwide global forecast predicts that organizational and consumer data will reach 175 zettabytes by 2025.

Organizations that heavily depend on data will only lag if they leverage data visualization for business objectives. In the competitive era of business, making crucial decisions quickly is more critical, and that can be possible with the help of data visualization.