5 BIG reasons how data visualization improves business decision making

Leaders need to make critical business decisions every day. And data visualization is a great supporting tool in this process. But, how data visualization improve decision making?

For that, you first need to understand what data visualization is.

Data visualization

Data visualization is a pictorial representation of data. It is the process of collating data from various sources, organizing it, analyzing it, and presenting it through charts and graphs. Thus, helping end-users to decipher complex data more quickly and accurately.

Let us see in detail how data visualization improves decision making.

Another way data visualisation helps firms make better decisions is by allowing them to create personalised reports and gain actionable insights.

These customisable reports allow you to connect with the data in a more personalised way. Furthermore, users can add or remove data fields to suit their needs.

Another significant advantage of employing visual data representation is that it is easily understood by all resources and parties concerned.

5 BIG reasons how data visualization improves business decision making

Fastens the decision making process

Around 65% of people are visual learners. When data is presented to us in the forms of graphs and charts, it becomes easily decipherable and has a longer-lasting impact on our minds. Thus, making it easier for decision-makers to understand the data and take action promptly.

Improves accuracy

Data analysts collate data from different sources, verify the same, analyze it and then present it. So, when a top-level manager reviews the same, he needn't spend time on authenticating the data source or analyzing the numbers. Instead, DataViz serves information on a platter in the form of dashboards and reports.

Real-time reports

We generate more than 2.5 quintillion bytes of data every day. So, it hardly takes time for data to become obsolete. But, to make relevant decisions that are in sync with market trends, decision-makers need access to real-time data. And data visualization precisely does that – it empowers the users with real-time data accessible from any device and location.

Personalized communications

Gone are those days when decision-makers had to go through 10 charts and graphs to see exactly what they needed. The modern DataViz tools have enhanced the users' experience of decision-making. Not only is data presented in a more interactive form, but different filters and slicers make the reports highly customized. Thus, users can interact with only relevant and specific data.

All-inclusive decision

Since BI tools can collate data from scattered locations and present it in a compiled dashboard, it becomes easier for business leaders to make holistic decisions. For example, which one would you prefer more – getting the sales data from all your channels in one place or going through individual reports and then trying to draw your marketing strategy? In short, data visualization helps in making more data-driven decisions. The traditional representation of data and the visual display of data are vastly different.

The crucial information is not highlighted in traditional data. To hand-pick important data, you must literally dig into the entire data set. Visuals, on the other hand, choose and accentuate the most significant metrics.

The ability to manipulate real-time data is one of the most important aspects of data visualisation. Advanced visualisations including as charts, graphs, bars, and more are used in actionable dashboards and reports. Business executives can use real-time information by leveraging crucial KPIs. They'll also be able to adapt and respond to market changes in order to stay ahead of the competition.

To Conclude

Great-decision making is the backbone of any business. Prompt, accurate, real-time, and holistic decisions always benefit businesses. So, don’t you want to try out and see how data visualization improves your decision making?