What is data visualization?
Let’s face it, companies generate more data that they can manage and the world of data is changing in a big way, and customer expectations are changing accordingly. A massive amount of new data is generated daily, from website traffic statistics to data captured on mobile devices. Most businesses are sitting on a goldmine of data right in their own organizations, including customer records, accounting systems, and product profitability data. The ever-increasing power of computers and the availability of pay-as-you-go cognitive services means that computers can sift through huge amounts of data and find relationships that were too costly or impossible to discover in the past. Learning how to use these data could be the differentiation between success and mediocrity.
Data visualization software helps companies understand, analyze, and discover trends and data patterns by means of interactive charts, and reports. The value of the visualization is magnified when dashboards are created based on real-time data constructed from solid data models. Companies that understand their data and maintain it clean and accurate may truly take advantage of this software.
How can data visualization help me?
An image is worth a thousand words. Human brains process information much faster in charts and graphs than looking over reports and spreadsheets. When you present your information using visualization software, you can gain significant actionable insights about your business. Moreover, you may run scenarios that can help your company understand how your changes in your data impact your business.
Data visualization can also:
- Highlight business areas that may need improvement
- Identify what influences your customer’s buying decisions
- Determine product placing to maximize sales
- Predict sales based on factual historical data