How Data Visualization Makes Life Easier for Business Decision Makers
The success of any business relies on timely and informed decision making from the right people, who, in turn, depend on careful and timely analysis of business data. Considering that a business can have extensive volumes of data, it can get extremely difficult to make sense of it all. However, when this data is presented in the form of visuals instead of spreadsheets and tabular reports, it becomes much easier to analyze and interpret it. This is why effective data visualization counts as one of the most important decision-making tools.
While data visualization is not a new practice, it has become more accurate and sophisticated recently. Presented in the form of dashboards, these visuals allow you to stay competitive by making quick but accurate decisions. While there are a number of data visualization tools which can be used for business analysis, the most commonly used ones include:
Charts – Used most commonly for business decision-making are basic and advanced statistical charts, such as pie charts, bar charts and Pareto charts. These charts allow you to examine data and pick key information from them in a short time.
Status Indicators – Status indicators are used to get information about the business condition of a particular data unit. These indicators include symbols, traffic lights and gauges but mostly they are used together with contextual metrics which makes them more effective and easily comprehendible.
Maps – Maps use color coding to indicate the business performance of particular geographic areas telling you which areas need immediate attention. However, maps are usually used with other data visualization tools, such as charts to give more effective information.
Effectively created, integrated and implemented data visualization tools can make it a matter of minutes for decision makers to analyze large volumes of data and make quick, informed decisions when needed. If your business is currently not making use of these visuals, it is high time you invest in it to stay competitive.
For those who find the large BI tools too expensive to invest in, Visual.is is the perfect alternative. It is a data visualization solution which can provide them all the necessary data, presented in the most effective manner while keeping the costs affordable.