How Data Visualization Helps Business Growth?
“Today, it’s all about storytelling and infographics, and visuals are a key part of that. All researchers want to connect the reader with the data, and that’s what data visualizations and storytelling can do”.Derrak Richard, senior information designer, Market Strategies.
The average annual salary of a Tableau expert is around USD 110, 000.
Now that we are going through the fourth industrial revolution, which includes the Internet of Things (IoT), Artificial Intelligence (AI), Virtual Reality (VR), robotics, blockchain, Data Visualization has become crucial for each and every company.
Today, data has become more valuable than anything else. If your company fails to properly collect, control, and visualize data it may result in going out of business, regardless of how excellent it is.
Data visualization has become so crucial and popular, that it has formed an industry itself. There are numerous data visualization software programs and third-party tools that are intended to connect the data sources to the data visualization software.
What is Data Visualization?
We are surrounded by data across the globe. A huge amount of information is being generated every second and collected via data analysis in the business world these days. We need a way of converting this data into an interpretable format.
Simply put, the process of converting data into visual form is known as Data Visualization. It gives you a clear idea of what the information conveys by presenting it in a visual context which may be a graph or map. This makes you comprehend the data easily so that you can identify trends, outliers, and patterns in the large datasets.
Importance of Data Visualization
Irrespective of a business or career you are in, data visualization is crucial because it helps in delivering the data in the most efficient format possible. It is regarded as one of the most important processes of Business Intelligence. Data visualization is the process of collecting raw data, modeling it, and delivering the data in such a way that conclusions can be drawn.
Currently, data scientists are using machine learning algorithms to compile the data effectively such that visualizations are easy to understand and interpret.
Data visualization involves the usage of visual data so as to communicate information in such a way that it is universal, effective, and fast.
Benefits of Data Visualization
The data Visualization process helps an organization in better and effective decision-making with the help of interactive visual representation of data. Below are the points that show you the advantages of Data Visualization.
- Show Trends Over Time
The most obvious use of data visualization, and also one of the most valuable applications, it lets you show trends related to past and present. Trends over time make you realize where you are and what heights you can reach.
- Correlations in Relationship
If you don’t deploy data visualization, it is difficult to demonstrate correlations between the relationship of independent variables. By drawing conclusions related to the independent variables, you can make better decisions.
- Examining the Market
The process of data visualization includes taking information from different markets and providing insights so that you can determine which one to focus on and which one is to avoid. When you display this data on different charts and graphs, you can identify different opportunities available within the market.
Frequency is closely related to trends over time. It lets you examine the frequency or the rate at which customers purchase, the reviews given by the customers, and the actions of potential customers, which eventually helps in making customer acquisition strategies.
- Reaction to the Market
When you display the information clearly on a functional dashboard, it lets you obtain the information quickly and easily. As a result, a business can respond swiftly, avoiding mistakes.
- Risk and Reward
It requires expertise to observe risk metrics. When you visualize the information, you can focus on areas that may or may not require action.
Also Read: Best Business Intelligence Softwares
Importance of Data Visualization
Data Visualization allows you to convey a message regarding the business’s potential. Without the data visualization, it is challenging to convey the reports to the stakeholders related to the revenues of the business.
For quick and efficient decision-making, data visualization is at its heart. This is important because time is a crucial factor when you consider a market that is fueled by competition. Data visualization allows you to observe past trends and future predictions and change them in a user-readable format.
The importance of data visualization lies in the fact of showing the trends. It lets you make business strategies according to the trends.
Types of Data Visualization
There are various data visualization techniques offered by data visualization tools and the formats in which the information is presented visually. Some of the most common visualization formats are:
- Line graph
- Bar graph
- Pie charts
- Funnel chart
- Heat map
- Radar chart
Popular Data Visualization Tools
The best data visualization tools are easy to use, have excellent documentation, and are capable of handling huge data sets. Most of these tools are capable of giving images and interactive graphs in their output. Some of the most popular data visualization tools are:
It is popular for its excellent mapping capability, hundreds of data import options, free public version, and many video tutorials that let you know how to use the tool.
It is a fully-featured drag-and-drop visualization tool that enables you to create effective visualization of data that is used for marketing reports, social media posts, infographics, dashboards, maps, and more. It provides an API for importing additional data sources.
It is specifically designed for newsroom data visualization. Its free version is good for smaller sites. The tool also includes a built-in color blindness checker.
It has an excellent free plan. It allows you for creating basic charts and graphs and graphs which makes it an outstanding data visualization.
The article shows you how crucial data visualization has become for every organization. To become a data visualization specialist, you can go with an online business analysis certification course which helps you make a shining career.
Apart from getting a choice of learning at your own pace, you can take up the mode of learning of your choice as well. Also, the doubt sessions are carried out by industry experts to make sure that you are prepared well for getting certified.
Get yourself registered now!