Data visualization is not a new concept, large files with numbers are usually difficult to read, and patterns are hard to find. However, experts from many organizations believe that developing visual reports focused on creating stories around data is unnecessary; They think that data alone should be enough to make a decision. Visualizing supports this and simplifies the decision-making process.
Following are the main business benefits of data visualization technology.
1] Condensing an ocean of information:
According to an IDC report, the world will create 180 trillion gigabytes of data in 2025. Data visualization helps companies compress and control their growing data stores, transforming passive raw data into useful, actionable information.
2] Provides clearer understanding:
A large amount of information can be processed through visuals, giving you in-depth and accurate insights into important aspects of your business. In addition, it helps you to convey all this information clearly and effectively to your audience.
3] Helps decision-makers react to the market:
When a company’s KPIs (Key Performance Indicators) are accurately tracked and displayed on a functional real-time dashboard, analysts and decision-makers can respond quickly to any drastic changes and avoid avoidable errors.
4] Unifying the Business Vision:
Data visualization can help business professionals – from sales and marketing to IT – gain a shared perspective on key trends and issues. To achieve this, however, the business needs to integrate its ERP (Enterprise Resource Planning), CRM (Customer Relationship Management), and other data management systems to remove any data silos. The data can then be aggregated and made uniformly visible.
This is especially important for CEOs, directors, and other senior executives who need an overview of how the business is run. In today’s highly competitive business environment, finding the data correlation – and working on it – is the key to success.
Resource:
https://blog.datumize.com/top-five-advantages-of-data-visualization
https://www.dataversity.net/three-business-benefits-data-visualization/
https://www.grepsr.com/blog/why-data-visualization-is-critical-to-your-business/
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