No matter how immensely helpful it has become, there are still a few businesses in 2018 that don’t know what data visualization is all about. Some may already be using data visualization tools such as the basic ones that come bundled with office computers.
However, they may have no idea of how much progress it can help their enterprise achieve if they used the tools to their fullest potential. Regardless of the type and size of the business, it will do owners and entrepreneurs well to understand what is data visualization and what they can gain from it.
What is Data Visualization?
Data visualization is a process by which information, such as data and stats are converted into illustrative or graphical format. Among the most common visual formats of data include pie graphs, line charts and bar graphs. These types of information visuals can depict even large sets of data.
For larger and even more complex sets of data, on the other hand, there other types of data visuals to better render such information. These include histograms, scatter plots, box plots, heat maps, choropleths and Sankey keys.
The primary objective of data visualization method is to render information in pictorial or graphic format to make the data appear much more simple and easier to comprehend. For most people, making sense of information that is presented through visuals is far easier than looking at it in plain text or even in a worksheet.
How Has Data Visualization Helped Changed Businesses in 2018
Computer technology has continued to improve in the past few years and along with it the capabilities of computers that run data visualization apps.
Excel is hands down, the most popular data visualization tool. However, there are far more powerful tools that can even be operationally specific to your type of business.
These powerful data visualization software are usually provided and designed by data solutions providers like MicroStrategy. Here are a few ways that data visualization has helped businesses in 2018.
Improved and Enhanced Understanding of Data
Data that is rendered and communicated through pictographs are easier to grasp and comprehend. This takes the burden off of data scientists to explain the figures.
Some data visualization tools may even be enough to make the services of data scientists redundant in some businesses.
Even a glance at a data visual like a pie graph perhaps, and you’ll be able to understand that the chunks and slices represent a part of a whole. You’ll also be able to make a quick assessment of ratio and proportion in a pie graph. This quick deductive reasoning applies to all data visualization types.
Make Comparative Evaluation of Data Easier
Since data visualization enables you to understand the information easier, the same goes for comparing and evaluating the information. As an example, you can render actual sales and the goals that you have set for your business either in a bar chart or in a line graph side-by-side.
Such information will give you an idea if you are achieving or surpassing your goals and if your business strategy was effective.
Gain Vital Insight
If you can understand the data easily, it will also be easier for you to detect patterns and the variables that influence them. Armed with such an insight, you can then take measures to increase your revenues further or set buffers to prepare for possible setbacks.
Data visualizations can also reveal operational outliers that are bringing your stats down.
This information has certainly helped businesses change for the better in 2018. What makes data visualization even better is that you can also use it to spot emerging trends that you can take advantage of in the coming year as a way to grow your business.
In such a competitive market, having the ability to comprehend, conclude and strategize quickly may be the edge that you need against your competition.