What is Data Visualization?
Data visualization is the process of translating information into a graphical representation. Using charts, graphs, and infographics, complex relationships can be conveyed to a user in an easily digestible format. Data visualization is also an art and science, and it lies at the intersection of communication, information science, and design. Effective visualizations help a user to understand implications and make good decisions.
Simple forms of Data Visualization have been along for a long time but it’s most recently been identified as a key 21st century research skill. These include graphs, pie charts, maps, and even tables. Tables are generally used where users will look up a specific measurement, while charts of various types are used to show patterns or relationships in the data for one or more variables.
The advantage of uiltizing this solution is that it provides insights into complicated data sets by communicating their key aspects in more intuitive and meaningful ways. In today’s world there are numerous benefits of data visualization.
Let’s see some of them below:
• Enables people make fast decisions as graphical information is faster to process by the human brain
• We can communicate key findings in constructive and more meaningful ways
• Helps us understand the nuances between operations and results
• Easily identifys trends and predicts outcomes
How Do Businesses Use This to Their Advantage?
Nowadays companies generate and consume a lot of data. Making sense of that data promptly to support key business decisions is of huge importance. Businesses are now better equipped to make strategic decisions and mitigate risk. A study conducted by the Wharton School of Business study found that the use of data visualizations could shorten business meeting by 24%.
As per Bain & Company, companies with the most advanced analytics capabilities are:
• 2x more likely to be in the top quartile of financial performance within their industries
• 2x more likely to use data very frequently when making decisions
• 3x more likely to execute decisions as intended
• 5x more likely to make decisions much faster than market peers
Microsoft Power BI is one of the most popular and easy to use data visualization platforms. It connects dissimilar data sets, cleans them up and transforms them into a cohesive data model. It aims to provide interactive graphics and business intelligence capabilities with an interface simple enough for end-users to create their reports and dashboards.
iLink’s Data Analytics practice consists of experts in Data Strategy, Data Lakes, Data Warehouse, Business Intelligence, Machine Learning, and Data Science. Our deep functional expertise enables us to understand the underlying business challenges, customer needs and industry dynamics to connect the dots and deliver real-world insights. To learn more about how we can empower you with the right tools and knowledge required to gain a competitive edge, talk to an expert now