A Revolution has just begun
Throughout the ages, mankind has always tried to understand raw data with the help of relating pictures. As an example, we can see that the concept of maps and graphs dates back to the 17th century, but it’s until now,modern technology truly ignited the fire of data visualization, to facilitate complex business activities for organizations.With smart computers, it is now possible to iterate millions of calculations every second and represent the results with the help of charts or diagrams. It is also now possible to merge art and science together to show a fantastic pictorial-numerical landscape of the business activity. Today every organization is in relentless pursuit, to hone the capabilities of visual representation of data and equip themselves better for stiff competition.
There are various tools used by data visualization to communicate information clearly. These tools are coded through computer programs. Some of them are as follows:
- Exploratory data analysis
- Information design
- Interactive data visualization
- Plot data analysis
- Data science
- Descriptive statistics
- Inferential statistics
Data visualization is a process to make complex data, simple and more accessible to business analyst. Huge deluge of business data generated every second, is really tough to make sense of, with the help of traditional tools. Therefore, the need of the hour is an advance technology, which would nullify the problem of asymmetric information and breath superior business logic. CIOs around the world are adopting the latest data visualization techniques, which have bought a transformative impact on the business landscape.
Growing importance of data visualization in business houses
It is a known fact that, human brain processes datawhich are represented by pictures, charts and graphs, much faster than hundreds of lines of spreadsheet files. The nature of business has come to a point, that it is important for the business managers to experiment with different scenarios or models and best fit the one, which is more suited for the organization. This can only be possible, if they get a clear and full understanding of the micro-macro scenario of the business. They must be able to pin point the areas, which requires immediate attention. At the same time, business analystsare required to understand the factors responsible for change in consumer behavior, so that they can strategize their product better.With proper data management, there will be a decrease in reaction time, while dealing in business crisis management. Now, regardless of the magnitude and type of the industry, data visualization can help managers in the following manner:
- Comprehending of information quickly – By using visual methods of representing data like advanced charts and graphs, business managers can quickly analyze the data and come out with the most probable solution. Since, assimilation of information is carried out smoothly, there is considerable saving of time and money, in the process.
- Capturing the relationship and pattern amongst data– With the help of data visualization techniques, it is now possible to use advancedstatistical modeling techniques to understand the correlation amongst data and other parameters. Identifying correlation amongst data is very important, as the same helps to undertake remedial measures. It also helps the organization prioritize their activity and focus on the key areas.
- Capturing of trend reversal– Data visualization helps in the capturing of trend reversal for any given data set. This is extremely important for medium to large organization,to capture theongoing trend or any possible trend reversal, which might be an indicator to undertake, timely course correction measures.
- Data visualization techniques helps in the easy communication of the analyzed data, amongst different departments of the organization or also amongst the different stakeholders of the business.
Key Requirement for a successful data visualization
It is important to take the following few steps before implementing a data visualization project. This can only be possible if the organization engages a competent technology partner. The technology partner should have a firm understanding on the data science and also should be in line with the organizational vision. Some very important steps to be followed:
- Understanding the nature and size of the data.
- Determine the kind of result required out of the data visualization project.
- Determining the audience and aligning the best method of communicating the data.
- Keeping pace with data generation and its simultaneous analysis.