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Tuesday, September 24, 2019

Executive Insights

What is Data Visualization and why it is so important.

Data visualization can be considered as a generic term to describe the significance of data. Correlations, trends, and patterns that may remain undetected, and unused textual data can be exposed and recognized easily for further investigations and utilization with data visualization software.

Nowadays, business uses a significant number of modern data visualization tools and techniques are available in the market that goes beyond the standard or regular graphs and charts. Just like MS Excel spreadsheets display data in more revealing ways such as pie charts, bars, dials, circles, gauges, infographics, dials and spark-lines, geographic maps, heat-maps, and fever and detailed-bar charts. You may also use images that have interactive capabilities, allowing the users to manipulate them or drill down the data for querying and analysis. You may use Macros to automate the generation of data visualization based on your inputs. Indicators have been designed to alert the users when data has been updated or predefined conditions occur can also be included.

Why is data visualization important?

Data visualization has become the de facto standard for establishing modern business intelligence in your company. In the modern world, it has become a necessary part in business decisions. It helps the stakeholders to find target market and make more profits. Virtually all BUSINESS INTELLIGENCE software has strong data visualization functionality.The success of the two vendors, Tableau and Qlik — both heavily emphasized on using data visualization, due to which other vendors has moved toward a more visual approach in their software.

Data visualization’s available tools have played an important role in making data and analytics accessible and making data-driven insights available to employees throughout an organization. These tools are easier to use than conventional statistical ways to do analysis or statistical analysis software or previous versions of business intelligence software. This gives rise to business in implementing data visualization tools on their own, without support from IT.

Data visualization tools also play a vital role in business big data like Hadoop and advanced data analytics projects. As businesses accumulated massive troves of data during the previous years of the business’ big data trend, they required a way to easily and quickly get the overview of their data. Visualization tools were proved to be a natural fit.

Data visualization is important for advanced analytics. When a data-scientist writes advanced prognostic analytics or machine learning algorithms, it becomes vital to ascertain the outputs to watch results and make sure that models are performing as they are thought to be. This is because visualizations of complex algorithms are generally easy to interpret as compared to numerical outputs.

Examples of data visualization

Data visualization tools can be used in many ways. One of its common use is BUSINESS INTELLIGENCE reporting tools. Users are able to set up visualization tools in generating automatic dashboard for tracking the company’s performance across key performance indicators and visually show the results.

Many business departments implement data visualization software to track their own initiatives. For example, a marketing team might implement the software to monitor the performance of an email campaign, tracking metrics like click-through rate, open rate and conversion rate.

As data visualization vendors enhance the functionality of these software, they are increasingly being used as front ends for more revealing business big data environments. In these settings, data visualization software helps the data scientists and engineers keep track of data sources and perform basic exploratory analysis of data sets prior to or after more detailed advanced analyses.

How data visualization works

Now a days most of the data visualization tools come with connectors to popular data sources, which includes the most common relational databases, Hadoop and a huge variety of cloud storage platforms. The visualization software pulls in data from these sources and applies a graphic type to the data.

Data visualization software provides the user to select the best method of presenting the data, but, increasingly, software automates this step. Some tools automatically use the data and interpret the shape of the data and detect correlations between certain variables and then place these discoveries into chart type that software determinees is optimal.

Typically, data visualization software provides a business dashboard interface which allows the users to perform multiple data visualizations of analysis into a single interface component, generally a website portal, like Toucan Toco who produces data visualization apps for decision makers in more than 100 Fortune 500 companies, including LVMH, Société Générale, BNP Paribas, Total, Renault, Euler.

Well, from the above discussion, it can be understood how the data visualization is important to enhance profits through your business and find the exact target market. A business is successful when it has huge profits and a business has huge profits when it has the right target market. And to find the right target market, you have to analyze the trends resulting in analytical reports and data visualization will help in visualizing these reports. Hence, Data Visualization is need of the day for any business.


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Dr. Amarendra Bhushan Dhiraj
Dr. Amarendra Bhushan Dhiraj is the CEO and editorial director at CEOWORLD magazine, the leading global business magazine written strictly for CEOs, CFOs, top managers, company directors, investors, senior executives, business leaders, and high net worth individuals.
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