Data visualization : Decision Making Enabler

Data visualization; Decision Making Enabler

In the age of big data, 72% of businesses are currently collecting the data they will never be able to use. But that doesn’t mean that the data is not useful. It only means that data is not being used properly. Companies today are collecting data; data sets that are so large and unwieldy that they simply can’t be processed through traditional means (e.g. spreadsheets, tables). So as a decision maker or a business leader,

  • Are you getting blindfolded with your data?
  • Is your data showing the multidimensional business view and provide right insights? If not, the business decisions taken by you might put your business into the huge risk.

Data visualization matters

Customer is the ultimate king and businesses must analyze each customer footprint along with other functional get the 360-degree view of the business. These KPI’s could be around

  • Customer response to your new products
  • Customer churn rate
  • Customer acquisition cost
  • Gestation period for new customer acquisition
  • Do you know Leakages in your sales pipeline?
  • Inventory costs, re-ordering levels, inventory carrying costs and 100+ such KPI’s

To get answers to all these KPI’s in a single click and in single window, Data Visualization is needed. As it will help you in taking the data driven business decisions and not gut feeling. So, we call Data Visualization as a Decision-Making Enabler.

Ways in which data visualization helps to make better decisions

1. Multidimensional view of the data – Data Visualization tool provides the 360-degree view of the data in just few clicks which allows businesses to make the optimum use of their data and get valuable insights to make the business

2. Single source of truth – Data generated by businesses is speaking the truth about the business condition and Data visualization is helping to make it easier to understand and consumable for different stakeholders in the business value chain.

3. Intelligence at speed – Due to fast pace of business, decision makers are often expecting to make critical decisions in shorter period. If the decisions are not timely, there are high chances of loss of an opportunity.  Data Visualization can help drawing actionable insights from the large amount of data in short amount of time.

4. Ability to modify and interrelate with data – Data visualization presents the data In ways that can be easily understood by all interested parties. Whereas traditional charts and graphs are merely meant to be viewed, analysts can interact with data when the modern tools of visualization are at hand which have ability to interrelate with different datasets at a single time.

Five characteristics of a data visualization tool that helps to bring change

1. Accessibility – The tool should be easily accessible from different channels such as Web, Desktop and Mobile seamlessly.

2. Collaboration – Data visualization tool should be able to share the reports within the organization or outside the organization easily.

3. Rich chart library to give right meaning to the data – Right use of chart is very important to generate the needed insights. Data visualization tool should have a rich repository of different charts and should be able to present the data in aesthetically well to get the attention of the users.

4. Cost efficient – There are many tools available today, choosing a right tool within the budget is difficult but important. It should not be the extra burden on the business.

5. Security – Data security and governance should be a priority for any business. Data Visualization tool must be compatible to implement the row level security and have a control on the data sharing permissions based on the user types.

Intellify helps business leaders to make better decisions

Organizations these days work with multiple datasets. These datasets are often underutilized and slow down a company’s growth. Data visualization is essential to utilize these data to the fullest extent and accelerate a company’s growth. Intellify brings a range of solutions to tackle a company’s problems and provide customized solutions. With expertise in Business Intelligence, Data Analytics, Data Visualization service, and Artificial Intelligence, Intellify sets the stage for business transformation with the help of its expert leaders. It offers data storytelling, dashboarding and reporting functionalities to create a data-driven environment in any organization.