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9+1 Examples of How Dataviz can help business to be more efficient

by Azahara 2/Nov/2016

Visualization is one of the most primitive forms of communication known by people. That is why vision is the single main faculty that a person uses to communicate and share information.

Over time, new ways to visualize information have been found. So, in this sense, Data visualization (or Dataviz) becomes particularly important in Communication. Dataviz is viewed as a modern equivalent of visual communication by many disciplines. It involves the creation and study of the visual representation of data.

It is the information that has been abstracted in some schematic form, including attributes or variables for the units of information. In other way, Dataviz is the graphical display of abstract information for two purposes: sense-making (also named Data analysis) and communication.

This translation of the abstract into physical attributes of vision (length, position, size, shape or colour) can only succeed thanks to visual perception and cognition. So, Dataviz communicates information clearly and efficiently by statistical graphics, plots and information graphics. Numerical data may be encoded using dots, lines, or bars, to visually communicate a quantitative message.

Effective visualization could help users to analyse and to reason about data and evidence and it could make complex data more accessible, understandable and usable.

The most recognizable and utilized form of Dataviz is the basic chart. Line, bar, area and pie charts represent the most common types of this form. In addition, status indicators, like gauges, traffic lights or symbols, are also a commonly used.The main function of these is to allow decision makers to examine the data and reduce the time required to extract key information.

More advanced examples of Dataviz include bubble charts, spark line charts, geographical maps, tree maps, and many others. These more sophisticated visualizations are designed to display data in a specific function or industry.

In this context, Dataviz is becoming more important as businesses seek ways to use data to grow their market share or be more competitive worldwide. So, technological efficiency has also become one of the main objectives of businesses to achieve greater profitability and competitive advantage.

But how could they get it? The answer is accurate: adopting and improving in several key areas of technology management business. This is where Dataviz is really important.

The importance of Dataviz in business

Effective data visualization or Dataviz is an important tool in the decision making process. It allows business decision makers to quickly examine large amounts of data, expose trends and issues efficiently, exchange ideas with key players, and influence the decisions that will ultimately lead to success.

Specifically, it is important to stand out that business would be more efficient due to ten benefits which data visualization offers: 9+1 examples of use of how Dataviz can help business to be more efficient.

1. Insight into the target market

Using DataViz, it will be easier to understand the audience targeted. Through analysis of survey data customer´s behaviour or demographics web site, it would be possible know what this audience needs.

In fact, it is necessary to do this research before creating a particular content. Through market research, the business develops the entire content strategy around its audience’s interests and beliefs. Essentially, through its content marketing, this embodies the intended audience.

That way, the business will be more informed and better equipped to serve the market the best way possible. It is one of the most important examples, because it is a guarantee of success.

2. Easier decision making and improved focus

By keeping the important data front and centre at all times, goals and decisions can be based on facts, not hunches. Having the information in sight at all times, it would be easier to determine priorities within your tasked work.

The ability to make a good decision with available information, in this case, through Dataviz, is vital. When a business gains more experience making decisions, and when it becomes more familiar with the tools and structures needed for effective decision-making, it will improve its confidence. That way, improving the decision-making skills will benefit workers and business, in particular.

3. Determine what is trendy.

Detect and capitalize on trends and outliers that you can not readily identify in spreadsheets. The main goal is therefore, to determine what is influencing business success or failure. Using Dataviz, a business would capitalize on it.

In fact, capitalizing on the trend of the moment is often a quick way to be more efficient and competitive.

4. Gain a business strategy based on numbers

Track sales, number of units sold, followers, site visits and compare data to see trends over time. Dataviz would greatly improve the final reading of business strategy.

Numbers or quantified measures are one of the most accurate forms, and also transparent, to demonstrate the competitiveness and efficient of a business. In addition, the interpretation of the numbers is the key to running a business to its highest growth.

5. Visualize relationships and patterns between operational and business activities

One of the key benefits of Dataviz is how it enables users to more effectively see connections as they are occurring between operating conditions and business performance. Finding these correlations among the data has never been more important.

By providing a multi-faceted view of business and operating dynamics, Dataviz would allow the senior leadership team to see the resolution rates in the business and the impact in customer satisfaction. The ability to make these types of correlations allows the executives to identify the root cause of the problem and act quickly to resolve it.

6. Identify and act on emerging trends faster

The volume of data that companies are able to gather about customers and market conditions can provide business leaders new revenue and business opportunities, presuming they can spot the opportunities in the mountain of data.

Using Dataviz, decision makers are able to grasp shifts in customer behaviours and market conditions across multiple data sets much more quickly.

7. Manipulate and interact directly with data

One of the greatest strengths of Dataviz is how it brings actionable insights to the surface. Unlike one-dimensional tables and charts that can only be viewed, Dataviz tools enable users to interact with data.

Using Dataviz in real time and predictive analytics, a business executive could handle all the data required and from there, determine the most effective action for improvement / maintenance the business.

8. Absorb information in new and more constructive ways

Dataviz enables users to receive vast amounts of information regarding operational and business conditions.

Dataviz allows decision makers to see connections between multi-dimensional data sets and provides new ways to interpret data through the use of heat maps, fever charts, and other rich graphical representations.

9. Foster a new business language

Another advantage of using Dataviz is its ability to tell a story through visual data. In fact, many authors define DataViz as a way of telling stories through the visual.

In fact, DataViz is very present today in our lives because we are living in the age of images. It is important, therefore, to know the elements that a business would communicate: if the business does not know these elements, it could not communicate, and therefore the information will be incomplete and inefficient.

Everything we create is based on images, the visual need today for all, hence a business to visual language in its focus. With Dataviz, it could be possible to open up new ways of looking at business and operational data, enabling senior management to scale new heights in business performance.

10. Make user a part of the business

Dataviz would help user to understand the benefit of the solution and encourage them to tell you what they need most from the business. User feedback would provide the businesses with valuable insight into what they think about them. This insight could help to create new expectations or sensations to user.

User feedback is so important because it provides marketers and business owners with insight that they can use to improve their business and overall customer experience. So, it is one of the most important components of any successful business.

The Future of Dataviz

Web del Índice de Presencia Global. Real Instituto Elcano.

Elcano Global Presence Index. Elcano Royal Institute.

It’s obvious that we are wired to visualize information in a certain way. Understandingthose basic principles of Dataviz will help us craft outstanding visualizations and then,telling compelling stories.

The key to success in using Dataviz is ensuring that the most appropriate types of visualizations are used; the data is always put into perspective with contextual information allowing for the information to be understood and finally, that the data enable the user to take action based on the observations being made.

With a group of visuals tools, decisions can be made more quickly and with more confidence. That way, a business could continue growing efficiently.

TAGSBusiness IntelligenceData miningData visualization

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